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

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New Street Research

James Ratzer

EUR 8943.00 For Business Accounts Only

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

The FT has reported that BT could sell its 50% stake in TNT Sports to WBD – maybe this week alongside FY results on Thursday.

We assess the potential financial implications of this as it might be positive vs. market perception but could be negative vs. our valuation.

19/05/2025 1 EN

Underlying

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
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Pan European Telecom Services and Cable

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Analysts

James Ratzer

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

EU TELCOS: What a recessionary scenario might look like

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

NVLink Fusion - Some early thoughts.

SATS and Carr’s Endgame

Vodacom (Buy, TP: ZAR180, +38%) Q4 25 – Decent Q4, MT guidance upgraded

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