New Street Research - British Telecom (BT) BT (Buy, 265p, +47%) Was 240p Upside beyond the mythical £3bn FCF target

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New Street Research

James Ratzer

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

BT’s target to reach £3bn FCF by the end of the decade has almost become mythical in status. Initially set back in 2021, is it the longest-standing piece of guidance (ever) in the telecoms sector? Quite possibly – and yet we are only half-way there.

16/06/2025 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:

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Analysts

James Ratzer

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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?

Sub-Saharan African Telecoms Good quarter, Vodacom price target to ZAR185; Q1 25 review

VEON (Buy, TP: $65/ADR, +70%) Share Buyback restarted, good buying opportunity – Quick take

SATS v. Carr State of (the) Play: Curtain Raises on Act II

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