New Street Research - British Telecom (BT) BT (Buy, £2.40, +46%) Dig a bit deeper and it is better than the headlines

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New Street Research

James Ratzer

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

Going into these results, we believe that two numbers were in focus – the Openreach line losses and the new FY26 guidance. In this note we dig into both of these in more detail and highlight why having TalkTalk as a major ISP on the Openreach network is causing them specific issues driving some of the higher line losses.

22/05/2025 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
Japan Telecoms
Asian Internet
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Global healthcare thematic research

We provide debt research on:

Pan European Telecom Services and Cable

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Analysts

James Ratzer

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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?

EU TELCOS: What a recessionary scenario might look like

OpenAI buying out John Ive’s io Don’t underestimate the move

CelcomDigi – Q1 25 Quick Take: Topline recovery delayed by prepaid softness

A closer look at Cox footprint

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