BT: The J-curve cometh

Report Overview

BT: The J-curve cometh

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BT: The J-curve cometh

Contents

Contents

The nadir at last?

Revenue growth drops, EBITDA drops further

Broadband volumes resilient, pricing firm

Consumer fixed revenue hits nadir

Mobile suffers from lockdown

Openreach progress slowed (a bit) by lockdown

FTTP plan enlarged and accelerated, but to what end?

Confident short-term guidance, but little longer term

About Enders Analysis

About Venture Insights

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 broadband 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: BT’s mobile operating performance Figure 11: Openreach revenue growth Figure 12: Openreach FTTP net adds (000) Figure 13: Openreach ultrafast coverage premises net adds (000) Figure 14: Openreach full fibre build plans net adds, (m) Figure 15: BT Group guidance and results