Upgrading BT Group's Moat Trend to Stable; FVE Unchanged; Shares Remain Undervalued
We are maintaining BT Group’s narrow moat rating and upgrading its moat trend to stable from negative. Our fair value estimate remains unchanged. We think the acquisition of EE has strengthened BT’s moat due to it being the only operator that owns both fixed-line and wireless telephone networks. As the owner of both networks, it controls the upgrade schedule, so it knows what areas will first be built out with new services, whether that is fiber-to-the-home (FTTH), G.fast, or 5G. It can target f...
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