BT Group : Tougher market conditions for 2025-2026; Initiating at Underperform
We are initiating coverage of BT Group, the UK telecoms market incumbent, at Underperform with a target price of 118p (-17%). We think that a couple of factors will weight on the shares this year: 1/ slowing growth; 2/ the ramp-up in competition (Virgin Media NetCo), and; 3/ weak real FCF (well below “normalised FCF” guidance of £ 1.5bn).BT is a communications services company, delivering products and services with industry-specific communications solutions and consulting expertise. Co.'s principal activities include: networked IT services; local, national and international telecommunications services; broadband and internet products and services; and converged fixed/mobile products and services. Co. operates five lines of businesses: BT Global Services, BT Business, BT Consumer, BT Wholesale and Openreach, providing services to around 6,500 large corporate and public sector customers, in more than 170 countries worldwide.
Oddo Securities provides securities brokerage and research services. The company offers equity, economic, and derivatives research and credit analysis services. It focuses on insurance, automotive, building materials, pharmaceuticals, telecommunications, information technology, and agri-food industries.
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