Added to YB: 2026-06-16
Pitch date: 2026-06-12
BT-A.L [neutral]
BT Group plc
-3.57%
current return
Author Info
No bio for this author
Company Info
BT Group plc provides communications products and services in the United Kingdom, Europe, the Middle East, Africa, the Americas, and the Asia Pacific.
Market Cap
GBP 20.6B
Pitch Price
GBP 2.10
Price Target
N/A
Dividend
3.97%
EV/EBITDA
5.96
P/E
19.40
EV/Sales
2.10
Sector
Diversified Telecommunication Services
Category
value
Theodosian Capital | Stocks Update 12/6/2026 - BT/A – Annual Report thoughts; UK sector M&A
BT-A.L (update): FY26 annual report. BTPS pension members down to 254k (-6k y/y), IAS 19 liabilities £36.3bn vs £57.7bn 5yrs ago, derisking over time. Avg headcount 84k (-5k). Copper recoveries 9,147t aids cash. £18bn bonds, 10.8yr maturity, 4.4% coupon. FTTP capex ends 2026, enabling debt reduction from 2027—value creative. 11.5x fwd P/E. UK broadband M&A wave: VodafoneThree bidding TalkTalk; BT could roll up alt-nets accretively.
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