BT Group : Un environnement 2025-2026 plus difficile ; Initiation à Sous-performance
Nous initions la couverture sur BT Group, l’opérateur historique télécom britannique, à Sous-performance et avec un objectif de cours de 118p (-17%). Nous pensons que plusieurs facteurs seront négatifs pour le titre cette année : 1/ le ralentissement de la croissance ; 2/ la montée en puissance de la concurrence (Virgin Media NetCo) et 3/ des FCF réels toujours faibles (et très en-dessous d’ une communication de « FCF normalisés » à 1,5 Md£).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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