Report Overview
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BT: A bumpy road
- PublisherEnders Analysis.
- Publish Date February 17, 2021
- Sector Broadband, BT UK, Fibre Broadband, Fixed Line (Internet and Voice), Mobile and Wireless Technology, Sports, SVOD.
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Contents
Mixed quarter, short-term bumps, longer-term promise
Launch of ‘Digital’ has its risks
Revenue growth improves, but EBITDA worsens
Broadband volumes booming, but due to price aggression
Consumer fixed revenue still declining sharply
Mobile still weak, will get worse before better
Openreach recovers, fibre building nicely
Ofcom statement looms, responses are key
Guidance maintained, which is good in context
Figures and Tables
Figure 1: BT Group revenue and EBITDA growth
Figure 2: Revenue growth
Figure 3: BT Group revenue and EBITDA growth
Figure 4: Year-on-year absolute change in EBITDA (£m)
Figure 5: Broadband net adds (000)
Figure 6: Consumer fixed monthly churn
Figure 7: Broadband entry level dual-play pricing, new customers (£/month)
Figure 8: Broadband high speed pricing, new customers (£/month)
Figure 9: BT Consumer fixed operating performance
Figure 10: Q3 fixed revenue decline causation breakdown
Figure 11: BT’s mobile operating performance
Figure 12: Openreach revenue growth
Figure 13: Openreach FTTP net adds
Figure 14: Openreach ultrafast coverage premises net adds (000)
Figure 15: BT Group guidance and results