New Street Research - British Telecom (BT) BT (Buy, £2.00, +77%) Q3 results: New CEOs first day record FTTP build

Report

New Street Research

James Ratzer

EUR 8957.00 For Business Accounts Only

BT (Buy, £2.00, +77%) Q3 results: New CEO's first day & record FTTP build

BT has reported Q3 results marginally ahead of consensus expectations and all FY24 financial guidance has been re-iterated. Today is also the first day in the job for new CEO, Allison Kirkby, so in this note, we look ahead to what she could be focused on for the FY results in May and we review the Q3 trends in more detail and what stands out.

01/02/2024 1 EN

Underlying

British Telecom

See profile

Provider

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
Japan Telecoms
Asian Internet
Pan European Healthcare
Global healthcare thematic research

We provide debt research on:

Pan European Telecom Services and Cable

See profile

Analysts

James Ratzer

Other Reports on these Companies

New Street Research

EU TELECOMS REFRESH: Can the outperformance continue?

When was the last time we could write that the EU Telecoms sector has been the second best performing sector in the market YTD? As a result, this raises the question of whether the outperformance can continue. We believe regulation will ultimately determine the answer to this question.

EUR 8957.00

September 26, 2024 September 26, 2024 1 EN

New Street Research

Cityfibre/ Sky/ BT: Our take A deal we have been expecting for some time

Cityfibre has announced a new wholesale agreement with Sky this morning – a headline we have been waiting for over the past 3 years. Therefore, we think both our BT and Cityfibre models are well prepared for this. In this note, we run through the potential impact from the deal and its details. We then look at what next steps we should be expecting from here. (Our Cityfibre model is also available on request for those interested).

EUR 8957.00

August 20, 2024 August 20, 2024 1 EN

New Street Research

BT (Buy, 225p, +60%) Bharti deal will trigger more buying in the market

Given our recent note on Drahi switching the way he owns his BT shares, the Bharti Global announcement to buy his 24.5% stake is very timely. In this note, we run through the mechanics of how we think this will work, and what this might mean.

EUR 8957.00

August 12, 2024 August 12, 2024 1 EN

NSR Policy: It’s the Election, Stupid (or Is It?): Comparing Harris and Trump on Leadership

This fifth note evaluates the nature of leadership, particularly at the FCC, the FTC and the DOJ, and how that plays into the likely policy outcomes.

EUR 8957.00

September 27, 2024 September 27, 2024 1 EN

Jonathan Chaplin

Jonathan Chaplin

Altice Pre-3Q24 Model Update

This report covers changes to our model to incorporate recent management commentary at investor conferences. We have increased broadband losses estimate. We also lowered revenue and EBITDA slightly. The company needs to stabilize EBITDA and reduce leverage. Progress on the first remains sluggish and the second won’t be easy. We remain on the sidelines.

EUR 8957.00

September 27, 2024 September 27, 2024 1 EN

Jonathan Chaplin

Jonathan Chaplin

T-Mobile selling 3.45GHz portfolio

We just learned that T-Mobile is selling the remainder of its 3.45GHz portfolio to Columbia Capital. The transaction was filed with the FCC 10 days ago; we just picked up on it. This follows a swap in which T-Mobile got 2.5GHz licenses in exchange for some of its 3.45GHz licenses back in May. T-Mobile is now out of 3.45GHz entirely. Our quick thoughts in this very brief note.

EUR 8957.00

September 27, 2024 September 27, 2024 1 EN

Sign-up for free to access full reports immediately

Email Address*

Choose Password* ( 6 or more characters )

Due to regulatory restrictions regarding the distribution of financial research, this report is restricted to a specific region or investor type. Get access to exclusive reports by answering the questions below.

Select your country*

Get financial insights straight to your inbox

By clicking "register" you accept the Terms and Conditions & Privacy Policy

Already on ResearchPool?

Almost there...

Are you a professional investor?

Select your country

REGISTER

Create a free ResearchPool account to access full reports, get a personalised dashboard and follow providers or companies

In order to access this report please create an account.

LOGIN

BT (Buy, £2.00, +77%) Q3 results: New CEO's first day & record FTTP build

EU TELECOMS REFRESH: Can the outperformance continue?

Cityfibre/ Sky/ BT: Our take A deal we have been expecting for some time

BT (Buy, 225p, +60%) Bharti deal will trigger more buying in the market

NSR Policy: It’s the Election, Stupid (or Is It?): Comparing Harris and Trump on Leadership

Altice Pre-3Q24 Model Update

T-Mobile selling 3.45GHz portfolio

Create a free ResearchPool account to access full reports, get a personalised dashboard and follow providers or companies

Sign-up for free to access full reports immediately

ResearchPool Subscriptions

Get the most out of your insights

Why subscribe?

How to subscribe

ResearchPool Subscriptions

This report is only available to subscribers

Why subscribe?

How to subscribe