New Street Research - British Telecom (BT) BT (Buy, 180p, +42%) Q3 results: Playing a game of Whack-A-Mole

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New Street Research

James Ratzer

EUR 8822.00 For Business Accounts Only

BT (Buy, 180p, +42%) Q3 results: Playing a game of Whack-A-Mole

Overall financial results were broadly in line with expectations, but just as these numbers show a sharp improvement in Openreach lines (which had been the concern of the past two quarters), now we see a sharper decline in consumer pricing trends suggesting landing the headline price rises could be tougher than expected.

02/02/2023 1 EN

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British Telecom

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New Street Research

Provided by our team of experienced analysts, our work is idea driven, based on independence of thought, sector expertise, and firmly focussed on fundamentals and valuation.

New Street Research is an independent, partner-owned, research firm specialising in equity and debt research. Our equity research embraces the following sectors:

Pan European Telecom Services and Cable
US Telecoms, Cable, Satellite and Towers
Global Emerging Market Telecoms
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Pan European Telecom Services and Cable

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Analysts

James Ratzer

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BT (Buy, 180p, +42%) Q3 results: Playing a game of Whack-A-Mole

EU TELCOS: What a recessionary scenario might look like

UK Telecoms Access Review What now happens beyond 2031? BT (Buy, £2.40, + 48%)

BT (BUY): Q3 25 - Our Take and model update post Openreach KPIs

T-Mobile: Quick thoughts following the 1Q25 call

Comcast Post-1Q25 Model Update

CMCSA: Quick thoughts following the call 1Q25

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