Q2 EBITDA was slightly better than expected, down by only 3% yoy despite an expected 7% revenue decline. As a result the EBITDA outlook for 2020/21 has been slightly raised.
We have a Buy on the stock which offers significant upside potential to our target price as it has not recovered since mid-March and is still down by 50% ytd. Now that the dividend has been cut, we continue to believe that BT merits a much higher share price.
29 Oct 2020
A lower EBITDA decline than in Q1 and the outlook slightly raised
BT Group plc (BT:SWX), 0 | BT Group plc (BTAN:MEX), 0 | BT Group plc (BTGOF:OTC), 0 | BT Group plc (BT.A:LON), 109 | BT Group plc (BTQ:STU), 0
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A lower EBITDA decline than in Q1 and the outlook slightly raised
BT Group plc (BT:SWX), 0 | BT Group plc (BTAN:MEX), 0 | BT Group plc (BTGOF:OTC), 0 | BT Group plc (BT.A:LON), 109 | BT Group plc (BTQ:STU), 0
- Published:
29 Oct 2020 -
Author:
Jean-Michel Salvador -
Pages:
3
Q2 EBITDA was slightly better than expected, down by only 3% yoy despite an expected 7% revenue decline. As a result the EBITDA outlook for 2020/21 has been slightly raised.
We have a Buy on the stock which offers significant upside potential to our target price as it has not recovered since mid-March and is still down by 50% ytd. Now that the dividend has been cut, we continue to believe that BT merits a much higher share price.