New Street Research - British Telecom (BT) BT (Buy, 195p, +64%) Significant FCF upside on the way from tax break?

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New Street Research

James Ratzer

EUR 8536.00 For Business Accounts Only

BT (Buy, 195p, +64%) Significant FCF upside on the way from tax break?

It is being widely reported that the UK government today will announce that the temporary business tax break due to expire in 2026 could become a permanent fixture. This could be a very material benefit to BT and in this note we review the consequences.

22/11/2023 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.

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James Ratzer

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BT (Buy, 195p, +64%) Significant FCF upside on the way from tax break?

BT (Buy, 265p, +47%) Was 240p Upside beyond the mythical £3bn FCF target

BT (Buy, £2.40, +46%) Dig a bit deeper and it is better than the headlines

BT (Buy, £2.40, +45%) TNT Sports exit - what are the financial implications?

Thai Telcos Auction concludes, no major surprises

VIPS 2Q25 Preview: Lowering 2Q Topline Estimates

Microsoft vs. OpenAI: Implications for investors?

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