Financials BT Group plc

Equities

BT.A

GB0030913577

Integrated Telecommunications Services

Real-time Estimate Cboe Europe Other stock markets 04:50:46 2024-06-13 EDT			5-day change	1st Jan Change
132.9 ^GBX	+2.69%		-0.36%	+7.34%

10:46am	European shares slide as Fed trims rate-cut projections	RE
10:12am	Fed's rate cut outlook dampens the mood in London

Valuation

Fiscal Period: März	2020	2021	2022	2023	2024	2025	2026	2027
Capitalization ¹	11,568	15,236	18,086	14,344	10,700	12,674	-	-
Enterprise Value (EV) ¹	29,537	33,038	36,095	33,203	10,700	32,885	33,366	33,121
P/E ratio	6.78 x	10.5 x	14.1 x	7.71 x	12.8 x	9.42 x	8.79 x	9.48 x
Yield	3.92%	-	4.23%	5.28%	-	6.3%	6.4%	5.98%
Capitalization / Revenue	0.51 x	0.71 x	0.87 x	0.69 x	0.51 x	0.61 x	0.6 x	0.6 x
EV / Revenue	1.29 x	1.55 x	1.73 x	1.61 x	0.51 x	1.58 x	1.59 x	1.58 x
EV / EBITDA	3.74 x	4.46 x	4.76 x	4.19 x	1.32 x	4.02 x	4.01 x	3.92 x
EV / FCF	13.6 x	31.2 x	27.7 x	25 x	-	24.9 x	21.4 x	19.8 x
FCF Yield	7.33%	3.21%	3.61%	4%	-	4.01%	4.68%	5.06%
Price to Book	0.79 x	1.31 x	1.18 x	0.98 x	-	0.94 x	0.9 x	0.86 x
Nbr of stocks (in thousands)	9,811,385	9,842,547	9,926,432	9,837,816	9,758,030	9,794,169	-	-
Reference price ²	1.179	1.548	1.822	1.458	1.096	1.294	1.294	1.294
Announcement Date	5/7/20	5/13/21	5/12/22	5/18/23	5/16/24	-	-	-

¹GBP in Million²GBP

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: März	2020	2021	2022	2023	2024	2025	2026	2027
Net sales ¹	22,824	21,370	20,845	20,669	20,835	20,873	20,963	20,991
EBITDA ¹	7,907	7,415	7,577	7,928	8,100	8,179	8,315	8,441
EBIT ¹	3,611	3,068	3,172	3,175	3,201	3,238	3,331	3,408
Operating Margin	15.82%	14.36%	15.22%	15.36%	15.36%	15.51%	15.89%	16.24%
Earnings before Tax (EBT) ¹	2,353	1,804	1,963	1,729	1,186	2,021	2,119	2,331
Net income ¹	1,734	1,472	1,274	1,905	855	1,368	1,531	1,655
Net margin	7.6%	6.89%	6.11%	9.22%	4.1%	6.55%	7.3%	7.88%
EPS ²	0.1740	0.1480	0.1290	0.1890	0.0860	0.1373	0.1472	0.1365
Free Cash Flow ¹	2,166	1,060	1,303	1,328	-	1,319	1,562	1,675
FCF margin	9.49%	4.96%	6.25%	6.43%	-	6.32%	7.45%	7.98%
FCF Conversion (EBITDA)	27.39%	14.3%	17.2%	16.75%	-	16.12%	18.79%	19.84%
FCF Conversion (Net income)	124.91%	72.01%	102.28%	69.71%	-	96.41%	102.03%	101.24%
Dividend per Share ²	0.0462	-	0.0770	0.0770	-	0.0815	0.0829	0.0773
Announcement Date	5/7/20	5/13/21	5/12/22	5/18/23	5/16/24	-	-	-

¹GBP in Million²GBP

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: March	2020 S2	2021 S1	2021 S2	2022 S1	2022 Q3	2022 Q4	2022 S2	2023 Q1	2023 Q2	2023 S1	2023 Q3	2023 Q4	2023 S2	2024 Q1	2024 Q2	2024 Q3	2024 Q4	2024 S2	2025 Q1	2025 Q2	2025 Q3	2025 Q4	2026 Q1
Net sales	11,411	10,607	10,763	10,308	5,369	5,168	10,537	5,133	5,235	10,368	5,212	5,089	10,313	5,164	5,250	5,344	5,077	10,421	-	-	-	-	-
EBITDA	3,984	3,721	3,694	3,748	1,960	1,869	3,829	1,903	1,970	3,873	2,007	2,048	4,055	2,033	2,061	2,028	1,978	-	-	-	-	-	-
EBIT	1,809	1,569	1,499	1,579	-	-	1,593	482	1,048	1,541	-	-	1,634	-	-	-	-	-	-	-	-	-	-
Operating Margin	15.85%	14.79%	13.93%	15.32%	-	-	15.12%	9.39%	20.02%	14.86%	-	-	15.84%	-	-	-	-	-	-	-	-	-	-
Earnings before Tax (EBT)	1,020	1,062	742	1,009	528	426	954	482	349	831	476	422	898	-	-	-	-	-	-	-	-	-	-
Net income	666	856	616	431	455	388	843	422	471	893	427	585	1,012	-	-	-	-	-	-	-	-	-	-
Net margin	5.84%	8.07%	5.72%	4.18%	8.47%	7.51%	8%	8.22%	9%	8.61%	8.19%	11.5%	9.81%	-	-	-	-	-	-	-	-	-	-
EPS ¹	0.0670	0.0850	0.0620	0.0420	-	0.0400	0.0850	-	-	0.0880	-	-	0.1010	-	-	-	-	-	0.0351	0.0351	0.0293	0.0293	-
Dividend per Share ¹	-	-	-	0.0231	-	0.0539	0.0539	-	0.0231	0.0231	-	0.0539	0.0539	-	0.0231	-	-	-	-	0.0200	-	0.0200	-
Announcement Date	5/7/20	10/29/20	5/13/21	11/4/21	2/3/22	5/12/22	5/12/22	7/28/22	11/3/22	11/3/22	2/2/23	5/18/23	5/18/23	7/27/23	11/2/23	2/1/24	5/16/24	5/16/24	-	-	-	-	-

¹GBP

Estimates

Balance Sheet Analysis

Fiscal Period: March	2020	2021	2022	2023	2024	2025	2026	2027
Net Debt ¹	17,969	17,802	18,009	18,859	-	20,212	20,692	20,447
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	2.273 x	2.401 x	2.377 x	2.379 x	-	2.471 x	2.488 x	2.422 x
Free Cash Flow ¹	2,166	1,060	1,303	1,328	-	1,319	1,562	1,675
ROE (net income / shareholders' equity)	18.6%	14.2%	14.8%	14.5%	-	12.1%	11.7%	11.6%
ROA (Net income/ Total Assets)	4.67%	3.6%	4.85%	5.19%	-	3.58%	3.39%	3.8%
Assets ¹	37,131	40,866	26,271	36,673	-	38,213	45,153	43,544
Book Value Per Share ²	1.490	1.180	1.550	1.480	-	1.370	1.440	1.510
Cash Flow per Share ²	0.6300	0.5900	0.6000	0.6700	-	0.6100	0.6200	0.6000
Capex ¹	4,105	4,903	4,607	5,307	-	4,979	5,093	4,637
Capex / Sales	17.99%	22.94%	22.1%	25.68%	-	23.86%	24.29%	22.09%
Announcement Date	5/7/20	5/13/21	5/12/22	5/18/23	5/16/24	-	-	-

¹GBP in Million²GBP

Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for BT Group plc

Trading Rating

Investor Rating

ESG Refinitiv

B+

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

1.294 GBP

Average target price

1.907 GBP

Spread / Average Target

+47.35%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Other Integrated Telecommunications Services

	1st Jan change	Capi.
BT GROUP PLC	+7.34%	16.27B
CHINA MOBILE LIMITED	+14.74%	206B
VERIZON COMMUNICATIONS	+5.49%	167B
DEUTSCHE TELEKOM AG	+4.00%	121B
NIPPON TELEGRAPH AND TELEPHONE CORPORATION	-14.22%	79.86B
CHINA TELECOM CORPORATION LIMITED	+16.31%	70.07B
AMÉRICA MÓVIL, S.A.B. DE C.V.	+0.38%	51.98B
SAUDI TELECOM COMPANY	-8.29%	48.9B
CHARTER COMMUNICATIONS, INC.	-29.23%	39.62B
EMIRATES TELECOMMUNICATIONS GROUP COMPANY	-19.14%	37.88B

Other Integrated Telecommunications Services