Mar 21, 2019
BT Group/Openreach: let there be light
For long, foot-dragging years the UK's dominant telecoms group promised to deliver ultrafast internet data speeds for less cost through metal wire. The company's market value has nearly halved over three years, reflecting worries of adding another 7m homes at a cost of around £2.4bn. The dividend yield is nearly 7 per cent. Last year, the figure was more than 50 per cent for Spain and 15 per cent for France. Goldman Sachs has backed CityFibre to connect 5m homes by 2024 at a cost of £2.5bn. Openreach better get a move on. With costs continuing to fall, BT can price its fibre service to expand profitably without damaging the dividend.
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