BT (Neutral, 220p, +19%) H1 26: Let’s focus on Starlink & Openreach
Financial and KPI results were broadly in line with expectations and all financial guidance has been reiterated. Therefore, in this note we focus more on two specific angles – 1) How to digest the Openreach line losses and why FY26 might not be “peak line losses” and 2) What to make of the new Starlink deal announced, which we think could have interesting longer-term implications.
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
Unfortunately, this report is not available for the investor type or country you selected.
Browse all ResearchPool reportsReport is subscription only.
Thank you, your report is ready.
Thank you, your report is ready.