Financials BT Group plc Deutsche Boerse AG

Equities

BTQ

GB0030913577

Integrated Telecommunications Services

Market Closed - Deutsche Boerse AG Other stock markets 03:50:03 2024-07-16 pm EDT			5-day change	1st Jan Change
1.65 ^EUR	-0.60%		+0.61%	+15.38%

Jul. 11	BT Group plc Approves Final Dividend for Fiscal Year 2024, Payable on 11 September 2024	CI
Jul. 05	BT: successfully aggregates 5G frequency bands with Nokia	CF

Valuation

Fiscal Period: March	2020	2021	2022	2023	2024	2025	2026	2027
Capitalization ¹	11,568	15,236	18,086	14,344	10,700	13,483	-	-
Enterprise Value (EV) ¹	29,537	33,038	36,095	33,203	30,179	33,625	34,002	33,817
P/E ratio	6.78 x	10.5 x	14.1 x	7.71 x	12.8 x	9.9 x	9.13 x	9.1 x
Yield	3.92%	-	4.23%	5.28%	7.3%	5.93%	6.06%	5.82%
Capitalization / Revenue	0.51 x	0.71 x	0.87 x	0.69 x	0.51 x	0.65 x	0.64 x	0.64 x
EV / Revenue	1.29 x	1.55 x	1.73 x	1.61 x	1.45 x	1.61 x	1.62 x	1.61 x
EV / EBITDA	3.74 x	4.46 x	4.76 x	4.19 x	3.73 x	4.11 x	4.09 x	4 x
EV / FCF	13.6 x	31.2 x	27.7 x	25 x	23.6 x	25.2 x	21.5 x	17.9 x
FCF Yield	7.33%	3.21%	3.61%	4%	4.24%	3.98%	4.64%	5.6%
Price to Book	0.79 x	1.31 x	1.18 x	0.98 x	0.86 x	1.02 x	0.97 x	0.92 x
Nbr of stocks (in thousands)	9,811,385	9,842,547	9,926,432	9,837,816	9,758,030	9,795,434	-	-
Reference price ²	1.179	1.548	1.822	1.458	1.096	1.376	1.376	1.376
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: March	2020	2021	2022	2023	2024	2025	2026	2027
Net sales ¹	22,824	21,370	20,845	20,669	20,835	20,859	20,965	21,038
EBITDA ¹	7,907	7,415	7,577	7,928	8,100	8,173	8,315	8,449
EBIT ¹	3,611	3,068	3,172	3,175	3,201	3,251	3,352	3,469
Operating Margin	15.82%	14.36%	15.22%	15.36%	15.36%	15.59%	15.99%	16.49%
Earnings before Tax (EBT) ¹	2,353	1,804	1,963	1,729	1,186	1,772	1,943	2,126
Net income ¹	1,734	1,472	1,274	1,905	855	1,386	1,536	1,662
Net margin	7.6%	6.89%	6.11%	9.22%	4.1%	6.65%	7.33%	7.9%
EPS ²	0.1740	0.1480	0.1290	0.1890	0.0860	0.1390	0.1507	0.1512
Free Cash Flow ¹	2,166	1,060	1,303	1,328	1,280	1,337	1,579	1,893
FCF margin	9.49%	4.96%	6.25%	6.43%	6.14%	6.41%	7.53%	9%
FCF Conversion (EBITDA)	27.39%	14.3%	17.2%	16.75%	15.8%	16.36%	18.99%	22.4%
FCF Conversion (Net income)	124.91%	72.01%	102.28%	69.71%	149.71%	96.43%	102.81%	113.88%
Dividend per Share ²	0.0462	-	0.0770	0.0770	0.0800	0.0816	0.0834	0.0802
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 ¹	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	5,162	-	-	-	-
EBITDA ¹	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	-	2,019	-	-	-	-
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 ²	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 ²	-	-	-	0.0231	-	0.0539	0.0539	-	0.0231	0.0231	-	0.0539	0.0539	-	0.0231	-	0.0569	-	-	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 in Million²GBP

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	19,479	20,142	20,518	20,334
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	2.273 x	2.401 x	2.377 x	2.379 x	2.405 x	2.465 x	2.468 x	2.407 x
Free Cash Flow ¹	2,166	1,060	1,303	1,328	1,280	1,337	1,579	1,893
ROE (net income / shareholders' equity)	18.6%	14.2%	14.8%	14.5%	13.5%	11.5%	12.1%	11.9%
ROA (Net income/ Total Assets)	4.67%	3.6%	4.85%	5.19%	3.48%	2.56%	3.38%	3.38%
Assets ¹	37,131	40,866	26,271	36,673	24,571	54,050	45,411	49,130
Book Value Per Share ²	1.490	1.180	1.550	1.480	1.270	1.350	1.420	1.500
Cash Flow per Share ²	0.6300	0.5900	0.6000	0.6700	0.6000	0.6300	0.6500	0.6600
Capex ¹	4,105	4,903	4,607	5,307	4,969	5,062	5,041	4,747
Capex / Sales	17.99%	22.94%	22.1%	25.68%	23.85%	24.27%	24.05%	22.56%
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

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

1.376 GBP

Average target price

1.948 GBP

Spread / Average Target

+41.50%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Other Integrated Telecommunications Services

	1st Jan change	Capi.
CHINA MOBILE LIMITED	+16.51%	216B
VERIZON COMMUNICATIONS	+9.95%	174B
DEUTSCHE TELEKOM AG	+9.47%	128B
NIPPON TELEGRAPH AND TELEPHONE CORPORATION	-7.54%	83.35B
CHINA TELECOM CORPORATION LIMITED	+25.94%	76.7B
AMÉRICA MÓVIL, S.A.B. DE C.V.	+2.86%	56.4B
SAUDI TELECOM COMPANY	-3.71%	51.7B
CHARTER COMMUNICATIONS, INC.	-15.76%	47.16B
EMIRATES TELECOMMUNICATIONS GROUP COMPANY	-17.62%	38.31B

Other Integrated Telecommunications Services