2025-06-15-高盛-英国电信集团（BT）_英国电信集团（BT.L）_管理层会议强调消费者前景强劲（Openreach积极）_成本效率有进一步提升潜力_6页_249kb

BT Group (BT.L): Goldman Sachs analysts reiterate Buy rating based on strong consumer outlook and cost efficiency upside. Key points from the meeting with CFO Simon Lowth, Consumer CEO Claire Gillies, and new CEO Andrew Lee:

• Consumer segment: Performance improved in 4Q24, with broadband net adds turning positive for the first time in 5 years. Multi-brand strategy is working, with BT collaborating with EE, and future plans to include the Plusnet brand to enhance competition against TalkTalk.
• Openreach benefits: Stronger consumer success reduces line losses directly, as consumer wholesale relies on Openreach. BT may block new TalkTalk customers for non-prompt payments.
• Cost efficiencies: Potential for above-guidance digitalization benefits, including fiber upgrades and legacy copper network shutdown, not included in current 2030 cost savings plans.
• Valuation: Unchanged 12-month target of 290p, implying 57.6% upside. Key risks include UK competition, overbuild, and pension issues. Overall thesis on deregulation-driven free cash flow ramping remains intact.