BT (Buy, 205p, +69%) Was 200p Why Sports exit is worth >£1bn - and supports the dividend
There have been recent concerns over BT’s cashflow and dividend – with particular doubts being cast over Sports-related cashflows and interest payments. So, we have dusted off our model, done a deep-dive on the Sports JV with Discovery given new disclosure – and we come away considerably more positive than we were previously and now believe the £542m earnout can be paid in full and we value BT’s entire exit from Sports at >£1bn.
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