Report
Allan C. Nichols
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BT Group Reported in Line Fiscal 2019 Results, but Weaker Guidance; Shares Undervalued

BT Group reported fiscal year-end results that were in line with our expectations, and we don’t anticipate any significant changes to our GBX 360 per local share fair value estimate. Our narrow moat remains intact, and we believe the shares are undervalued.
Revenue declined 1% year over year with an adjusted EBITDA margin of 31.6%, right where we projected. However, guidance for fiscal 2020 calls for a revenue decline of 2% versus our expectation of flat revenue, and an EBITDA margin of 31.8% ag...
Underlying
BT Group PLC ADS

Provider
Morningstar
Morningstar

Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. The company offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors.

Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.

We have operations in 27 countries.

Analysts
Allan C. Nichols

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