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BT Group (BT.A)

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Dod101
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Re: BT Group (BT.A)

#411556

Postby Dod101 » May 13th, 2021, 9:15 am

All pensions calculations are rather fuzzy to say the least. By the time the next pensions review takes place it is perfectly possible that life expectancy will have increased again and interest rates might have doubled.The stock market rightly says, 'So what?' What matters are the hard trading figures and these are not looking great.

Dod

dealtn
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Re: BT Group (BT.A)

#411559

Postby dealtn » May 13th, 2021, 9:25 am

Dod101 wrote:All pensions calculations are rather fuzzy to say the least. By the time the next pensions review takes place it is perfectly possible that life expectancy will have increased again and interest rates might have doubled.The stock market rightly says, 'So what?' What matters are the hard trading figures and these are not looking great.

Dod


What matters are the discounted likely values of the company cash flows, and their realisations over time. The cash flows of the pension scheme make up a huge percentage of those cash flows, and with a market cap of £16bn and a pension deficit of £8bn it is a nonsense to think changes in the deficit, and funding of it, are irrelevant.

Having said that I am very happy for the stockmarket to be ignorant and shrug it's metaphorical shoulders. That's how knowledge can be useful and wealth creating for the individual over the collective. Long may it continue.

Dod101
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Re: BT Group (BT.A)

#411562

Postby Dod101 » May 13th, 2021, 9:35 am

dealtn wrote:
Dod101 wrote:All pensions calculations are rather fuzzy to say the least. By the time the next pensions review takes place it is perfectly possible that life expectancy will have increased again and interest rates might have doubled.The stock market rightly says, 'So what?' What matters are the hard trading figures and these are not looking great.

Dod


What matters are the discounted likely values of the company cash flows, and their realisations over time. The cash flows of the pension scheme make up a huge percentage of those cash flows, and with a market cap of £16bn and a pension deficit of £8bn it is a nonsense to think changes in the deficit, and funding of it, are irrelevant.

Having said that I am very happy for the stockmarket to be ignorant and shrug it's metaphorical shoulders. That's how knowledge can be useful and wealth creating for the individual over the collective. Long may it continue.


I know, I know but I have never made money out of BT and will leave that to people more clever than I am.

Dod

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Re: BT Group (BT.A)

#418517

Postby idpickering » June 10th, 2021, 7:13 am

This RNS was put out this morning. It seems that Altice UK have bought 12% of BT.A. There was a comment on Bloomberg just now that this buy is not part of a take over bid.

Holding(s) in Company

https://www.investegate.co.uk/bt-group- ... 00094049B/

BT Group put this out regarding this issue;

BT Group statement re Altice's investment in BT

BT Group notes the announcement from Altice of their investment in BT and their statement of support for our management and strategy. We welcome all investors who recognize the long-term value of our business and the important role it plays in the UK. We are making good progress in delivering our strategy and plan.


https://www.investegate.co.uk/bt-group- ... 09044614B/

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Re: BT Group (BT.A)

#422861

Postby MrFoolish » June 27th, 2021, 2:29 pm

BT and satellite operator OneWeb have signed a deal to explore ways to provide broadband internet to remote areas of the UK and to people at sea.

https://www.bbc.co.uk/news/business-57629016

idpickering
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Re: BT Group (BT.A)

#423870

Postby idpickering » July 1st, 2021, 7:13 am

Openreach announces new long-term FTTP pricing

Openreach has announced a special offer for its wholesale Communications Provider (CP) customers which gives them long-term price certainty on its FTTP (Fibre-to-the-Premises) technology. Openreach is seeking to drive widespread adoption of ultrafast, ultra-reliable full fibre broadband .

The new offer has been developed after extensive engagement with its customers and aims to encourage adoption of the new technology through the following set of principles:

· Commitment: where CPs choose to purchase from Openreach they commit to using FTTP wherever it's available (including new provides and technology regrades) - rather than older services such as those based on Fibre-to-the-Cabinet or purely copper technology - with no volume or migration targets.

· Pricing certainty: Openreach will give pricing certainty for up to 10 years in return for this 'stop-sell' commitment

· Simplicity: A single national rental price will apply to the entire Openreach FTTP footprint

· Competitive prices: Prices will be competitive whilst offering a fair return for Openreach. CPs can tailor offers across a range of speed tiers and take-up of higher bandwidths will be encouraged with further rebates, whilst pricing is set by Ofcom on the lowest speed tier (40Mbps upstream, 10Mbps downstream) .

The offer will be open for participation between 1st October 2021 and 30th March 2022. The long-term pricing certainty will last until 30th September 2031 and be available across the entire FTTP footprint. Discounts are available to CPs where they choose to place new orders with Openreach and commit to making a percentage of those on the FTTP network, where available.


https://www.investegate.co.uk/bt-group- ... 00068017D/

daveh
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Re: BT Group (BT.A)

#431210

Postby daveh » July 29th, 2021, 12:44 pm

3rd qtr results:
https://www.investegate.co.uk/bt-group- ... 00078255G/

Philip Jansen, Chief Executive, commenting on the results, said

"Our operational performance remained strong and our EBITDA grew during the first three months of the year, reflecting improved trading across most of our business and the positive benefits of our plans to modernise BT. Our results were overall in line with our expectations during the quarter, with good performance in the UK offsetting challenging conditions in Global's markets.

"We're powering ahead with our network build programmes: Openreach has now built full fibre broadband to more than 5m premises with growing customer demand; EE has set out plans for 5G on demand anywhere in the UK by 2028. We've also reached a partnership agreement with our largest trade union, the CWU1, allowing us to keep our modernisation plans on track.

"We continue to invest in new strategic growth areas and have also today announced a strengthened strategic partnership with Microsoft that will see us accelerate co-innovation across all areas of our business, including enterprise voice and cyber security, supporting our growth strategy.

"With trading conditions expected to see some improvement through the year, we have confirmed our outlook and remain confident that BT is on a path to growth."



Key strategic developments:

• Openreach announced an offer for communications providers giving long-term price certainty on FTTP to drive widespread adoption of ultrafast, ultra-reliable full fibre broadband

• Announced long-term mobile network plans including: a 5G network that covers over 90% of the UK's landmass by 2028; 4,500 square miles of new rural 4G coverage by 2025; and retiring legacy 3G services by 2023

• Announced a strengthened strategic partnership with Microsoft to accelerate innovation across enterprise voice, cyber security and industry-focussed services

• Reached agreement with the CWU1 that recognises the need for change, ensures our colleagues continue to be treated fairly and with respect as we remain on track to modernise BT

• Announced the launch of our new SoHo (Single/Small office, Home office) unit in Enterprise

• Completed the sale of business units in Italy serving customers in the public administration and SME sectors

• Invested in Safe Security, a leader in cyber risk quantification, reflecting our increased focus on security

• Launched our Hope United campaign using the power of football to tackle online hate, as we continue to lead on the responsible use of technology

Strong operational performance with continued focus on our network growth:

• Openreach FTTP network now covers 5m premises; increased our rural FTTP target to 6.2m premises as part of our programme to reach 25m premises by the end of 2026

• Openreach announced it will stop selling legacy products to a total of 3m premises across 297 exchanges from April 2022

• Launched Home Essentials, an industry-leading social tariff available to 4.6m low income households

• Strong growth in FTTP connections and 5G-ready customer base in Consumer

• Revamped our converged Halo for business broadband bundles to provide 900Mbps full fibre and Unbreakable Wi-Fi

• Half of total Global orders won in the quarter were for products in our growth portfolio

Financials on track to deliver outlook and a path to growth:

• Revenue £5,071m, down 3%; revenue has grown in Consumer and Openreach, and remained flat in the SME sector, more than offset by declines in the Corporate and Public Sector segment in Enterprise and in Global

• Adjusted2 EBITDA £1,866m, up 3%; all units have delivered EBITDA growth, with the exception of Global

• Reported profit before tax £536m, down 4% despite higher adjusted2 EBITDA, primarily due to the prior year gain on disposal of our domestic Spanish operations

• Reported profit after tax £2m, down £446m, due to a one-off tax charge in the quarter to reflect the remeasurement of deferred tax balances following the enactment of the new UK corporation tax rate of 25% from April 2023

• Normalised free cash flow2 £(43)m, up 12%, due to improved EBITDA and lower cash tax payments, offset by higher cash capital expenditure

• Capital expenditure up 63% to £1,507m, primarily due to investment in spectrum; capital expenditure excluding spectrum payments up 9% to £1,011m, primarily due to FTTP provisioning activities, mobile network spend and non-network infrastructure due to the Better Workplace programme

• No change to FY22 or FY23 outlook


And the market doesn't like it down 7.5%. I can see why, profit down, revenue down, debt up and capital expenditure up (a lot at 63% though some of that may be a one off due spectrum purchases).

idpickering
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Re: BT Group (BT.A)

#435270

Postby idpickering » August 17th, 2021, 8:11 am

Adam Crozier appointed as Chairman of BT

BT Group plc ("BT") is pleased to announce that Adam Crozier will succeed Jan du Plessis as Chairman. Adam will join the Board as an independent non-executive director and Chairman Designate with effect from 1 November 2021 and will become Chairman with effect from 1 December 2021 when Jan will retire from the BT Board.


https://www.investegate.co.uk/bt-group- ... 00058180I/

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Re: BT Group (BT.A)

#454793

Postby daveh » November 1st, 2021, 12:23 pm

BT seem to have made their planned cost savings 18months early:

https://www.investegate.co.uk/bt-group- ... 40579054Q/

UPDATE ON BT'S £1BN COST SAVINGS TARGET

Further to weekend press speculation, BT confirms that it has delivered on its £1bn of gross annualised cost savings 18 months ahead of the March 2023 target.

dealtn
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Re: BT Group (BT.A)

#454807

Postby dealtn » November 1st, 2021, 1:09 pm

daveh wrote:BT seem to have made their planned cost savings 18months early:

https://www.investegate.co.uk/bt-group- ... 40579054Q/

UPDATE ON BT'S £1BN COST SAVINGS TARGET

Further to weekend press speculation, BT confirms that it has delivered on its £1bn of gross annualised cost savings 18 months ahead of the March 2023 target.


Let's hope they don't take their foot off the gas.

More interestingly the company informs it has strengthened its group of advisors appointing Robey Warshaw in addition to Goldman Sachs. The fact that the binding commitment from Altice not to launch a takeover bid expires on December 10th can't be a co-incidence, surely?

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Re: BT Group (BT.A)

#455456

Postby idpickering » November 4th, 2021, 7:22 am


dealtn
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Re: BT Group (BT.A)

#455488

Postby dealtn » November 4th, 2021, 9:16 am

dealtn wrote:
daveh wrote:BT seem to have made their planned cost savings 18months early:

https://www.investegate.co.uk/bt-group- ... 40579054Q/

UPDATE ON BT'S £1BN COST SAVINGS TARGET

Further to weekend press speculation, BT confirms that it has delivered on its £1bn of gross annualised cost savings 18 months ahead of the March 2023 target.


Let's hope they don't take their foot off the gas.



As hoped

• Brought forward FY25 target of £2bn gross annualised savings to FY24 with further savings in FY25, within the expected cost of £1.3bn; Group peak capex from FY23 now expected to be £4.8bn, down from £5bn previously

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Re: BT Group (BT.A)

#455714

Postby tjh290633 » November 4th, 2021, 8:09 pm

I'm beginning to think that my top-up on Tuesday at about 143p was a good idea.

TJH

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Re: BT Group (BT.A)

#455806

Postby dealtn » November 5th, 2021, 8:51 am

https://www.rns-pdf.londonstockexchange ... 1-11-3.pdf

Pensions (Note 6 to the condensed consolidated financial statements)
The gross IAS 19 deficit has increased from £5.1bn at 31 March 2021 to £5.3bn at 30 September 2021. This mainly reflects a 29bps fall in the real discount rate, partially offset by positive asset returns and deficit contributions over the period. Net of deferred tax, the deficit has increased from £4.2bn at 31 March 2021 to £4.3bn at 30 September 2021.

idpickering
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Re: BT Group (BT.A)

#461754

Postby idpickering » November 29th, 2021, 9:17 am

Reliance considering bid for UK telecom firm BT in early talks.

Reliance Industries Ltd is considering an offer for British telecom company BT Group Plc, the Economic Times reported on Monday, citing unnamed sources familiar with the matter.

Reliance might make an unsolicited offer to buy into BT Group or will try to get a controlling share in it, the report said.

Alternatively, the Indian company may propose to work with BT’s networking or fibre optic arm and fund its expansion.


https://www.business-standard.com/artic ... 202_1.html

BT.A up over 8% as I type.

Ian, (Who has no holdings in this share ;) ).

idpickering
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Re: BT Group (BT.A)

#465632

Postby idpickering » December 14th, 2021, 7:44 am

BT statement re Altice's increased voting interest

The Board of BT Group has been notified that Altice UK has increased its interest in BT Group's voting share capital from 12.1% to 18.0%.

The Board and management of BT Group will continue to operate the business in the interest of all shareholders and remains focussed on the successful execution of its strategy and building on recent performance momentum.


https://www.investegate.co.uk/bt-group- ... 13135698V/

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Re: BT Group (BT.A)

#465679

Postby Breelander » December 14th, 2021, 10:56 am

Altice's statement regarding BT Group plc

Altice UK has restated its position to the Board of BT that it does not intend to make an Offer for BT and will be bound by that statement for the purposes of Rule 2.8 of the UK's Takeover Code.
https://www.investegate.co.uk/altice-uk ... 00065125V/

Bouleversee
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Re: BT Group (BT.A)

#465876

Postby Bouleversee » December 14th, 2021, 9:17 pm

Why should that announcement send the s. p. down so much?

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Re: BT Group (BT.A)

#465894

Postby tjh290633 » December 14th, 2021, 11:07 pm

Bouleversee wrote:Why should that announcement send the s. p. down so much?

Presumably because take-over bids are ruled out for 6 months at least, so short-termists hoping for one may have decided to chance their luck elsewhere.

TJH

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Re: BT Group (BT.A)

#466003

Postby dealtn » December 15th, 2021, 11:24 am

tjh290633 wrote:
Bouleversee wrote:Why should that announcement send the s. p. down so much?

Presumably because take-over bids are ruled out for 6 months at least, so short-termists hoping for one may have decided to chance their luck elsewhere.

TJH


Not quite. This party confirms it does not intend to make a takeover bid (although there are 4 exemptions to this). Other parties can make a takeover bid also.


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