BT Group (BT.A)

Sector:

Telecom Operators

Index:

FTSE 100

105.00p
   
  • Change Today:
      0.30p
  • 52 Week High: 158.85
  • 52 Week Low: 102.30
  • Currency: UK Pounds
  • Shares Issued: 9,952m
  • Volume: 14,805,893
  • Market Cap: £10,449m
  • RiskGrade: 170

Key Financials

  £ (Millions) £ (Millions) £ (Millions) £ (Millions) £ (Millions)
Growth Metrics 31-Mar-23 31-Mar-22 31-Mar-21 31-Mar-20 31-Mar-19
Annualisation Factor 1.0 1.0 n/a 1.0 1.0
Dividend Yield 5.3% 4.2% 0.0% 3.9% 6.9%
           
Continuing Operations          
PE Ratio - Adjusted 7.5 14.1 8.2 5.0 8.5
PE Ratio - Diluted 7.7
6.8		 14.6
9.2		 10.6
8.0		 6.8
5.5		 10.3
8.5
PEG - Adjusted 0.2 n/a n/a n/a n/a
PEG - Diluted 0.2
0.8		 n/a
4.6		 n/a
n/a		 n/a
n/a		 1.7
1.7
Return on Capital Employed 9.59%
11.67%		 11.17%
12.28%		 0.11%
0.14%		 11.28%
11.86%		 23.36%
26.26%
Operating Margin 12.66%
15.35%		 13.84%
15.21%		 12.13%
14.77%		 14.33%
15.72%		 14.61%
14.61%
           
Continuing & Discontinued Operations          
PE Ratio - Adjusted 7.5 14.1 811.4 5.0 8.5
PE Ratio - Diluted 7.7
6.8		 14.6
9.2		 1,050.4
788.9		 6.8
5.1		 10.3
8.5
PEG - Adjusted 0.2 0.0 n/a n/a n/a
PEG - Diluted 0.2
0.8		 0.0
0.0		 n/a
n/a		 n/a
n/a		 1.7
1.7

  £ (Millions) £ (Millions) £ (Millions) £ (Millions) £ (Millions)
Gearing 31-Mar-23 31-Mar-22 31-Mar-21 31-Mar-20 31-Mar-19
Net Gearing 161.83% 138.39% 186.98% 164.91% 149.60%

  £ (Millions) £ (Millions) £ (Millions) £ (Millions) £ (Millions)
Value Metrics 31-Mar-23 31-Mar-22 31-Mar-21 31-Mar-20 31-Mar-19
Price/Book Value 17.3 12.1 (9.1) 13.3 (5.2)
Price/Tangible Book Value 17.3 12.1 (9.1) 13.3 (5.2)
Price/ Cash Flow 2.1 3.0 2.6 1.9 5.2
Price/Revenue 0.69 0.86 71.21 0.51 0.94
Price/R&D n/a n/a n/a n/a n/a
Net Asset Value per Share (exc. Intangibles) 8.44p 15.07p (16.94p) 8.84p (42.55p)
Net Cash per Share n/a n/a n/a n/a n/a

  £ (Millions) £ (Millions) £ (Millions) £ (Millions) £ (Millions)
Annualised Fundamentals 31-Mar-23 31-Mar-22 31-Mar-21 31-Mar-20 31-Mar-19
Continuing Operations          
Revenue 20,681.00 20,850.00 215.32 22,905.00 23,428.00
EBITDA 7,437.00
7,993.00		 7,290.00
7,577.00		 69.99
75.69		 7,579.00
7,897.00		 3,423.00
3,423.00
Depreciation (4,818.00)
(4,818.00)		 (4,405.00)
(4,405.00)		 (43.88)
(43.88)		 (4,296.00)
(4,296.00)		 n/a
n/a
Net Interest (831.00)
(826.00)		 (922.00)
(821.00)		 (7.98)
(7.80)		 (897.00)
(752.00)		 (756.00)
(617.00)
Profit Before Tax 1,729.00
2,290.00		 1,963.00
2,351.00		 18.21
24.08		 2,353.00
2,664.00		 2,666.00
3,230.00
           
Revenue per Share 210.97p 211.33p 2.17p 231.72p 236.36p
Pre-Tax Profit per Share 17.64p
23.36p		 19.90p
23.83p		 0.18p
0.24p		 23.80p
26.95p		 26.90p
32.59p
Market Capitalisation £ (Millions) 14,533.53 18,161.93 15,352.14 11,752.42 22,223.94
Enterprise Value (EV) £ (Millions) 36,732.53 38,074.93 36,276.14 35,299.42 37,236.94
EBITDA/EV 20.25%
21.76%		 19.15%
19.90%		 0.19%
0.21%		 21.47%
22.37%		 9.19%
9.19%
Operating Margin 12.66%
15.35%		 13.84%
15.21%		 12.13%
14.77%		 14.33%
15.72%		 14.61%
14.61%
Capital Employed £ (Millions) 26,696.00 25,831.00 23,015.00 28,807.00 14,647.00
Return on Capital Employed 9.59%
11.67%		 11.17%
12.28%		 0.11%
0.14%		 11.28%
11.86%		 23.36%
26.26%
Invested Equity Capital £ (Millions) 16,503.00 17,695.00 13,535.00 16,802.00 12,156.00
           
Earnings per Share - Basic 19.40p
22.01p		 12.90p
20.29p		 14.80p
19.77p		 17.50p
21.53p		 21.80p
26.34p
Earnings per Share - Diluted 18.90p
21.46p		 12.50p
19.75p		 14.60p
19.44p		 17.40p
21.36p		 21.60p
26.18p
Earnings per Share - Adjusted 19.40p 12.90p 18.90p 23.50p 26.30p
Earnings per Share Growth - Basic 50%
8%		 -13%
3%		 -15%
-8%		 -20%
-18%		 6%
5%
Earnings per Share Growth - Diluted 51%
9%		 -14%
2%		 -16%
-9%		 -19%
-18%		 6%
5%
Earnings per Share Growth - Adjusted 50% -32% -20% -11% -6%
PE Ratio - Diluted 7.7
6.8		 14.6
9.2		 10.6
8.0		 6.8
5.5		 10.3
8.5
PEG - Diluted 0.2
0.8		 n/a
4.6		 n/a
n/a		 n/a
n/a		 1.7
1.7
Tax Rate (9.84%) 35.10% 18.49% 25.94% 19.01%
Dividend Cover 2.52
2.86		 1.68
2.64		 n/a
n/a		 5.09
4.66		 1.71
1.71
Interest Cover 2.93
3.58		 3.10
3.82		 3.25
4.04		 3.50
4.35		 4.37
5.96
           
Continuing & Discontinued Operations          
Earnings per Share - Basic 19.40p
22.01p		 12.90p
20.29p		 0.15p
0.20p		 17.50p
23.46p		 21.80p
26.34p
Earnings per Share - Diluted 18.90p
21.46p		 12.50p
19.75p		 0.15p
0.20p		 17.40p
23.27p		 21.60p
26.18p
Earnings per Share - Adjusted 19.40p 12.90p 0.19p 23.50p 26.30p
Earnings per Share Growth - Basic 50%
8%		 8,535%
10,070%		 -99%
-99%		 -20%
-11%		 6%
5%
Earnings per Share Growth - Diluted 51%
9%		 8,382%
9,966%		 -99%
-99%		 -19%
-11%		 6%
5%
Earnings per Share Growth - Adjusted 50% 6,662% -99% -11% -6%
PE Ratio - Diluted 7.7
6.8		 14.6
9.2		 1,050.4
788.9		 6.8
5.1		 10.3
8.5
PEG - Diluted 0.2
0.8		 0.0
0.0		 n/a
n/a		 n/a
n/a		 1.7
1.7
Dividend Cover 2.52
2.86		 1.68
2.64		 n/a
n/a		 5.09
5.08		 1.71
1.71
Return on Equity (ROE) 11.54%
13.08%		 7.20%
11.31%		 0.11%
0.15%		 10.32%
13.80%		 17.76%
21.48%
Operating Cash Flow per Share 68.59p 59.90p 60.20p 63.44p 42.94p
Gross Cash Flow per Share cn/a cn/a cn/a cn/a cn/a
Cash Incr/Decr per Share (3.14p) (2.11p) (0.051p) (1.88p) 11.00p
Capital Expenditure per Share n/a n/a n/a n/a n/a
Dividend per Share 7.70p 7.70p n/a 4.62p 15.40p
Dividend per Share Growth n/a n/a n/a (70.00%) n/a
Dividend Yield 5.3% 4.2% 0.0% 3.9% 6.9%
Shareholders Funds 14,514.00 15,296.00 11,679.00 14,763.00 10,167.00
Net Borrowings £ (Millions) 23,488.00 21,168.00 21,837.00 24,345.00 15,210.00
Net Asset Value per Share (inc. Intangibles) 8.44p 15.07p (16.94p) 8.84p (42.55p)

  £ (Millions) £ (Millions) £ (Millions) £ (Millions) £ (Millions)
Gearing - inc Intangibles 31-Mar-23 31-Mar-22 31-Mar-21 31-Mar-20 31-Mar-19
Shareholders' Funds inc Intangibles 14,514.00 15,296.00 11,679.00 14,763.00 10,167.00
Net Borrowings £ (Millions) 23,488.00 21,168.00 21,837.00 24,345.00 15,210.00
Net Gearing 161.83% 138.39% 186.98% 164.91% 149.60%
Cash & Near Cash 392.00 777.00 1,000.00 1,549.00 1,666.00
Cash 2.70% 5.08% 8.56% 10.49% 16.39%
Gross Borrowings 23,880.00 21,945.00 22,837.00 25,894.00 16,876.00
Gross Gearing 164.53% 143.47% 195.54% 175.40% 165.99%
Borrowings Under 5 years 23,880.00 21,945.00 22,837.00 25,894.00 16,876.00
Under 5 years 164.53% 143.47% 195.54% 175.40% 165.99%
Borrowings Under 1 year n/a n/a n/a n/a n/a
Under 1 year n/a n/a n/a n/a n/a

  £ (Millions) £ (Millions) £ (Millions) £ (Millions) £ (Millions)
Gearing - exc Intangibles 31-Mar-23 31-Mar-22 31-Mar-21 31-Mar-20 31-Mar-19
Shareholders' Funds exc Intangibles 827.00 1,487.00 (1,678.00) 874.00 (4,218.00)
Net Borrowings £ (Millions) 23,488.00 21,168.00 21,837.00 24,345.00 15,210.00
Net Gearing 2,840.15% 1,423.54% n/a 2,785.47% n/a
Cash & Near Cash 392.00 777.00 1,000.00 1,549.00 1,666.00
Cash 47.40% 52.25% (59.59%) 177.23% (39.50%)
Gross Borrowings 23,880.00 21,945.00 22,837.00 25,894.00 16,876.00
Gross Gearing 2,887.55% 1,475.79% 1,360.97% 2,962.70% 400.09%
Borrowings Under 5 years 23,880.00 21,945.00 22,837.00 25,894.00 16,876.00
Under 5 years 2,887.55% 1,475.79% (1,360.97%) 2,962.70% (400.09%)
Borrowings Under 1 year n/a n/a n/a n/a n/a
Under 1 year n/a n/a n/a n/a n/a

  £ (Millions) £ (Millions) £ (Millions) £ (Millions) £ (Millions)
Cover 31-Mar-23 31-Mar-22 31-Mar-21 31-Mar-20 31-Mar-19
Quick Ratio 0.88 0.95 1.12 1.06 1.05
Current Ratio 0.91 0.98 1.15 1.09 1.09

Key

* GAAP

a. Includes discontinued activities

b. Based on operating cash flow before tax

c. Not disclosed under IFRS

d. Includes non-current assets

Note 1: Prices and trades are provided by Digital Look Corporate Solutions and are delayed by at least 15 minutes.

Note 2: RiskGrade figures are provided by RiskMetrics.

Note 3: Above ratios are on a 'per annum' basis, adjusted for corporate actions and based on the fundamentals of the primary listed security.

Note 4: Under IFRS, all figures are based on 'Continuing' operations unless otherwise stated.

Note 5: Normalised ratios are shown in blue text

Note 6: Forecast figures based on normalised accounts.

 

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