Financials BT Group plc LIQUIDNET SYSTEMS

Equities

BT.

GB0030913577

Integrated Telecommunications Services

Real-time Estimate Cboe Europe Other stock markets 16:30:00 03/05/2024 BST			5-day change	1st Jan Change
105.1 ^GBX	0.00%		0.00%	0.00%

05-01	Deutsche Bank Lowers BT Group PT, Maintains Hold Rating	MT
05-01	UBS double upgrades AJ Bell to 'buy'	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	10,256	-	-
Enterprise Value (EV) ¹	32,998	29,537	33,038	36,095	33,203	29,812	30,535	31,177
P/E ratio	10.3 x	6.78 x	10.5 x	14.1 x	7.71 x	6.77 x	6.64 x	6.67 x
Yield	6.91%	3.92%	-	4.23%	5.28%	7.35%	7.4%	7.49%
Capitalization / Revenue	0.94 x	0.51 x	0.71 x	0.87 x	0.69 x	0.49 x	0.49 x	0.49 x
EV / Revenue	1.41 x	1.29 x	1.55 x	1.73 x	1.61 x	1.43 x	1.46 x	1.48 x
EV / EBITDA	4.46 x	3.74 x	4.46 x	4.76 x	4.19 x	3.68 x	3.7 x	3.73 x
EV / FCF	13.5 x	13.6 x	31.2 x	27.7 x	25 x	23.7 x	21.6 x	21.3 x
FCF Yield	7.39%	7.33%	3.21%	3.61%	4%	4.22%	4.62%	4.7%
Price to Book	2.17 x	0.79 x	1.31 x	1.18 x	0.98 x	0.71 x	0.67 x	0.64 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	1.051	1.051	1.051
Announcement Date	09/05/19	07/05/20	13/05/21	12/05/22	18/05/23	-	-	-

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	20,866	20,983	21,132
EBITDA ¹	7,392	7,907	7,415	7,577	7,928	8,106	8,242	8,355
EBIT ¹	3,846	3,611	3,068	3,172	3,175	3,317	3,418	3,474
Operating Margin	16.39%	15.82%	14.36%	15.22%	15.36%	15.9%	16.29%	16.44%
Earnings before Tax (EBT) ¹	2,666	2,353	1,804	1,963	1,729	2,160	2,231	2,260
Net income ¹	2,159	1,734	1,472	1,274	1,905	1,564	1,615	1,604
Net margin	9.2%	7.6%	6.89%	6.11%	9.22%	7.5%	7.7%	7.59%
EPS ²	0.2160	0.1740	0.1480	0.1290	0.1890	0.1553	0.1582	0.1575
Free Cash Flow ¹	2,440	2,166	1,060	1,303	1,328	1,258	1,412	1,465
FCF margin	10.4%	9.49%	4.96%	6.25%	6.43%	6.03%	6.73%	6.93%
FCF Conversion (EBITDA)	33.01%	27.39%	14.3%	17.2%	16.75%	15.52%	17.13%	17.53%
FCF Conversion (Net income)	113.02%	124.91%	72.01%	102.28%	69.71%	80.44%	87.44%	91.3%
Dividend per Share ²	0.1540	0.0462	-	0.0770	0.0770	0.0773	0.0778	0.0787
Announcement Date	09/05/19	07/05/20	13/05/21	12/05/22	18/05/23	-	-	-

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	5,181	3,036	-	-	-
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	2,020	-	-	-	-
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	31/10/19	07/05/20	29/10/20	13/05/21	29/07/21	04/11/21	04/11/21	03/02/22	12/05/22	12/05/22	28/07/22	03/11/22	03/11/22	02/02/23	18/05/23	18/05/23	27/07/23	02/11/23	01/02/24	-	-	-	-	-

¹GBP in Million²GBP

Estimates

Balance Sheet Analysis

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	11,035	17,969	17,802	18,009	18,859	19,556	20,279	20,921
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	2.461 x	2.504 x
Free Cash Flow ¹	2,440	2,166	1,060	1,303	1,328	1,258	1,412	1,465
ROE (net income / shareholders' equity)	21.5%	18.6%	14.2%	14.8%	14.5%	12.3%	11.6%	10.8%
ROA (Net income/ Total Assets)	5.86%	4.67%	3.6%	4.85%	5.19%	3.4%	3.36%	3.35%
Assets ¹	36,850	37,131	40,866	26,271	36,673	45,988	48,016	47,857
Book Value Per Share ²	1.030	1.490	1.180	1.550	1.480	1.480	1.560	1.640
Cash Flow per Share ²	0.4300	0.6300	0.5900	0.6000	0.6700	0.6500	0.6200	0.6400
Capex ¹	3,963	4,105	4,903	4,607	5,307	5,231	5,247	5,271
Capex / Sales	16.89%	17.99%	22.94%	22.1%	25.68%	25.07%	25%	24.95%
Announcement Date	09/05/19	07/05/20	13/05/21	12/05/22	18/05/23	-	-	-

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

1.051 GBP

Average target price

1.824 GBP

Spread / Average Target

+73.54%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Other Integrated Telecommunications Services

	1st Jan change	Capi.
CHINA MOBILE LIMITED	+7.48%	196B
VERIZON COMMUNICATIONS	+3.16%	164B
DEUTSCHE TELEKOM AG	-0.41%	115B
NIPPON TELEGRAPH AND TELEPHONE CORPORATION	-1.10%	93.15B
CHINA TELECOM CORPORATION LIMITED	+12.30%	71.91B
AMÉRICA MÓVIL, S.A.B. DE C.V.	+2.03%	59.65B
SAUDI TELECOM COMPANY	-7.67%	49.57B
EMIRATES TELECOMMUNICATIONS GROUP COMPANY	-17.62%	38.69B
CHARTER COMMUNICATIONS, INC.	-31.58%	37.74B

Other Integrated Telecommunications Services