Financials BT Group plc

Equities

BT.A

GB0030913577

Integrated Telecommunications Services

Market Closed - London S.E. Other stock markets 11:35:15 2024-05-17 am EDT			5-day change	1st Jan Change
134.2 ^GBX	+1.24%		+27.37%	+8.62%

May. 17	BT GROUP : UBS reiterates its sell recommendation	CF
May. 17	Jefferies says buy Tritax Big Box post merger	AN

Valuation

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	21,963	11,568	15,236	18,086	14,344	13,101	-	-
Enterprise Value (EV) ¹	32,998	29,537	33,038	36,095	33,203	10,700	33,453	33,812
P/E ratio	10.3 x	6.78 x	10.5 x	14.1 x	7.71 x	12.8 x	9.56 x	8.84 x
Yield	6.91%	3.92%	-	4.23%	5.28%	5.77%	6.06%	6.03%
Capitalization / Revenue	0.94 x	0.51 x	0.71 x	0.87 x	0.69 x	0.51 x	0.63 x	0.62 x
EV / Revenue	1.41 x	1.29 x	1.55 x	1.73 x	1.61 x	0.51 x	1.6 x	1.61 x
EV / EBITDA	4.46 x	3.74 x	4.46 x	4.76 x	4.19 x	1.32 x	4.09 x	4.07 x
EV / FCF	13.5 x	13.6 x	31.2 x	27.7 x	25 x	26.4 x	25 x	22.6 x
FCF Yield	7.39%	7.33%	3.21%	3.61%	4%	3.79%	4.01%	4.42%
Price to Book	2.17 x	0.79 x	1.31 x	1.18 x	0.98 x	0.9 x	0.93 x	0.85 x
Nbr of stocks (in thousands)	9,850,954	9,811,385	9,842,547	9,926,432	9,837,816	9,758,302	-	-
Reference price ²	2.230	1.179	1.548	1.822	1.458	1.342	1.342	1.342
Announcement Date	5/9/19	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: March	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	23,459	22,824	21,370	20,845	20,669	20,835	20,906	21,016
EBITDA ¹	7,392	7,907	7,415	7,577	7,928	8,100	8,186	8,311
EBIT ¹	3,846	3,611	3,068	3,172	3,175	3,201	3,294	3,382
Operating Margin	16.39%	15.82%	14.36%	15.22%	15.36%	15.36%	15.75%	16.09%
Earnings before Tax (EBT) ¹	2,666	2,353	1,804	1,963	1,729	1,186	2,165	2,250
Net income ¹	2,159	1,734	1,472	1,274	1,905	855	1,373	1,563
Net margin	9.2%	7.6%	6.89%	6.11%	9.22%	4.1%	6.57%	7.44%
EPS ²	0.2160	0.1740	0.1480	0.1290	0.1890	0.0860	0.1404	0.1519
Free Cash Flow ¹	2,440	2,166	1,060	1,303	1,328	1,239	1,340	1,495
FCF margin	10.4%	9.49%	4.96%	6.25%	6.43%	5.94%	6.41%	7.11%
FCF Conversion (EBITDA)	33.01%	27.39%	14.3%	17.2%	16.75%	15.29%	16.37%	17.99%
FCF Conversion (Net income)	113.02%	124.91%	72.01%	102.28%	69.71%	78.8%	97.6%	95.65%
Dividend per Share ²	0.1540	0.0462	-	0.0770	0.0770	0.0775	0.0813	0.0809
Announcement Date	5/9/19	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 S1	2020 S2	2021 S1	2021 S2	2022 Q1	2022 Q2	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
Net sales ¹	11,413	11,411	10,607	10,763	5,070	5,238	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	5,189	10,421	-	-	-
EBITDA ¹	3,923	3,984	3,721	3,694	1,866	1,882	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	2,025	-	-	-	-
EBIT	1,802	1,809	1,569	1,499	-	-	1,579	-	-	1,593	482	1,048	1,541	-	-	1,634	-	-	-	-	-	-	-	-
Operating Margin	15.79%	15.85%	14.79%	13.93%	-	-	15.32%	-	-	15.12%	9.39%	20.02%	14.86%	-	-	15.84%	-	-	-	-	-	-	-	-
Earnings before Tax (EBT)	1,333	1,020	1,062	742	-	473	1,009	528	426	954	482	349	831	476	422	898	-	-	-	-	-	-	-	-
Net income	1,068	666	856	616	-	429	431	455	388	843	422	471	893	427	585	1,012	-	-	-	-	-	-	-	-
Net margin	9.36%	5.84%	8.07%	5.72%	-	8.19%	4.18%	8.47%	7.51%	8%	8.22%	9%	8.61%	8.19%	11.5%	9.81%	-	-	-	-	-	-	-	-
EPS ²	0.1070	0.0670	0.0850	0.0620	-	-	0.0420	-	0.0400	0.0850	-	-	0.0880	-	-	0.1010	-	-	0.0357	0.0324	-	-	-	-
Dividend per Share ²	0.0462	-	-	-	-	0.0231	0.0231	-	0.0539	0.0539	-	0.0231	0.0231	-	0.0539	0.0539	-	0.0231	-	0.0192	-	-	0.0192	-
Announcement Date	10/31/19	5/7/20	10/29/20	5/13/21	7/29/21	11/4/21	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	-	-	-

¹GBP in Million²GBP

Estimates

Balance Sheet Analysis

Fiscal Period: Marzo	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	11,035	17,969	17,802	18,009	18,859	19,556	20,353	20,711
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	1.493 x	2.273 x	2.401 x	2.377 x	2.379 x	2.413 x	2.486 x	2.492 x
Free Cash Flow ¹	2,440	2,166	1,060	1,303	1,328	1,239	1,340	1,495
ROE (net income / shareholders' equity)	21.5%	18.6%	14.2%	14.8%	14.5%	12.3%	11.7%	11.1%
ROA (Net income/ Total Assets)	5.86%	4.67%	3.6%	4.85%	5.19%	3.4%	3.58%	3.39%
Assets ¹	36,850	37,131	40,866	26,271	36,673	46,226	38,365	46,094
Book Value Per Share ²	1.030	1.490	1.180	1.550	1.480	1.480	1.440	1.570
Cash Flow per Share ²	0.4300	0.6300	0.5900	0.6000	0.6700	0.6200	0.6100	0.6300
Capex ¹	3,963	4,105	4,903	4,607	5,307	5,200	4,763	4,908
Capex / Sales	16.89%	17.99%	22.94%	22.1%	25.68%	24.92%	22.78%	23.35%
Announcement Date	5/9/19	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

1.342 GBP

Average target price

1.828 GBP

Spread / Average Target

+36.14%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Other Integrated Telecommunications Services

	1st Jan change	Capi.
BT GROUP PLC	+8.62%	16.65B
CHINA MOBILE LIMITED	+14.74%	208B
DEUTSCHE TELEKOM AG	+1.15%	118B
NIPPON TELEGRAPH AND TELEPHONE CORPORATION	-11.90%	82.11B
CHINA TELECOM CORPORATION LIMITED	+19.25%	71.25B
AMÉRICA MÓVIL, S.A.B. DE C.V.	+4.19%	61.11B
SAUDI TELECOM COMPANY	-5.20%	50.52B
CHARTER COMMUNICATIONS, INC.	-29.76%	39.32B
EMIRATES TELECOMMUNICATIONS GROUP COMPANY	-18.02%	38.12B
BCE INC.	-10.37%	31.35B

Other Integrated Telecommunications Services