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Https://www.proactiveinvestors.co.uk/companies/news/1046118/sell-bt-says-investment-bank-amid-openreach-concerns-1046118.html
AAAAAAAAAAAAHHHHHHHHHHHHH!!!!!!!!!!!!!!!
Saw that earlier, UBS are working really hard to dent sentiment in BT.
Haven’t they’ve been fined for fraudulent behavior before?
If had spare cash right now (I already spent what I had on another small tranche of BT stock) then I'd be buying up another lot... this stock imo is going to be a top performing equity this summer ☀️ - DYOR
They clearly have a agenda its so obvious, many other banks disagree and we will have further updates from them shortly.
I agree with UBS.
I recently cancelled my talktalk line for netomia/youfibre.
Price was cheaper, speeds were better.
When I was on the line to talktalk retentions the advisor said there had been a lot of calls going to youfibre.
This is a net loss for open reach.
They are having to roll out new infrastructure and sell the service for less.
I would personally not be buying BT.
i personally would buy more bt shares if i had the cash, page 40 on the attached shows arpu growth. jansen called openreach "an unstoppable machine"
so i fear for the talktalk retentions advisors job saying "a lot of calls going to youfibre" to customers, given that all calls are recorded and monitored (i hope he/she doesn't get a **********) .
this is a good read - just look at the revenue (table 3 page 49)..........interstellar, 55000 job cuts in the whole of bt by the end of the decade. results on the 16th may, openreach will shine again lets see what the other parts of bt do.
https://www.openreach.com/content/dam/openreach/openreach-dam-files/new-dam-(not-in-use-yet)/documents/regulatory-compliance/investor-brief-2023-online.pdf
I have thought for a long time now OFCOM, BT,s nemesis, has been behind all litigation, fines, court cases and share price destruction. As there is a class action ongoing against BT, OFCOM derived, is it not time for a class action against OFCOM by BT shareholders? Citing OFCOM,s constant and vindictive attacks on BT.
You can bet your house that the GOV will get their full corporation tax if BT has to pay a fine. It will be share holders that get the s...ty end of the stick again.
"I have thought for a long time now OFCOM, BT,s nemesis, has been behind all litigation, fines, court cases and share price destruction."
Well I think that is conspiracy theory nonsense... I get why these kind of things get traction & a bit of a following for a time period bit frankly I think that theory is codswallop.
Ofcom has to been to be giving a complaint by many thousands airtime & the due diligence checks and legal process to test if those claims being made are valid, or not... naturally the verdict can go either way depending on evidence provided by both parties to make, or fake, their case.
Naturally the law is perfect but it's the best system there is to test the validity (or not) of the claim(s) being made. We just have to await the outcome.
*but not bit
*seen not been
*naturally the law is NOT perfect, not naturally the law is perfect
Clearly I can't type today!
Ha, yeah savage had to study your post to decipher it , haho. I agree about conspiracy theories but don`t you think over last decade OFCOM have scrutinised every move BT have made. And not for the better. I grow weary of OFCOM`s constant fault finding and believe that the court case ongoing is brought by an ex OFCOM employee. Is this not akin to insider knowledge?
Anyhow codswallop or not BT will continue to be at the mercy of OFCOM unless present management grow some.
have a good weekend, same to all.
The weirdest OFCOM action I've seen, that makes me wonder about their attitude toward BT, is what happened with Jansen in respect of the end in tears comment.
https://www.ofcom.org.uk/news-centre/2023/openreach-independence-well-established#:~:text=The%20comments%20of%20BT's%20Chief,Ofcom%20and%20industry%20significant%20concern.
The Jansen comment was reported in Feb 2023
https://www.benton.org/headlines/bt-chief-warns-openreach-fibre-push-will-%E2%80%98end-tears%E2%80%99-rivals
https://www.ofcom.org.uk/__data/assets/pdf_file/0027/255528/letter-philip-jansen-to-melanie-dawes-060223.pdf
By the end of March, Jansen was on his way out of the door.
https://www.ispreview.co.uk/index.php/2023/03/bt-group-uk-reportedly-hunting-for-new-ceo-to-replace-jansen.html
It appears that Altnets can do as much goading as they want, but any kickback from BT and OFCOM are all over them. It wouldn't surprise me if Jansen went due to the "end in tears" comment, and the subsequent OFCOM delaying action on Equinox pricing following the comment.
OFCOM don't appear to be friendly toward BT and seem to treat them as if they're a Government department rather than a publicly traded company with shareholders.
Fleccy. You’re being too nice to Jansen for a momentary slip of the tongue as reason for his departure.
Hes gone because he was a waste of space who saw the SP halve in his tenure, and didn’t see a point in staying to leave on good performance because that was too far off for his liking. He was around 5 years, and had recovery been 12 months away he would have stayed, so it was on his watch, but recover isn’t 12 months off, so he went.
I think you’ve got a point about OFCOM.
At the time I wrote to my MP pointing out the fact you refer to.
Interesting that he gave me reasonable response that didn’t dismiss my concerns out of hand as I thought he might ,he also suggested that my letter had prompted him to some research on the topic.
If MPs get enough input from constituents about the demonstrable lack of impartiality of OFCOM it may help a little.
I think Jansen had/has the right strategy, it isn't his fault if the market can't see, or chooses to ignore, the plan.
He could have done more Fleccy
They're developing and testing new tech at Adastral Park, they're rolling out FTTP and 5G faster than anyone else, and finding cost savings as the transformation progresses. I'd be interested to know what more BT can do?
Plus Abject , back in 2020 Jansen suspended the divi for 18 months , then reinstated it at 7.7 pence per share. It had been previously 15.4 pence per share.
So not only did he half the share price during his tenure , he also halved the divi. Jansen has been a disaster for anyone investing in BT. If he failed to communicate his strategy to the markets adequately , then again the fault lies with him , he was rewarded in millions , and just look where he has left us. - desperately fighting to stay above £1.00 per share and talk of further divi cuts.
Jansen has been a disgrace , he has took the money and slithered of - good riddance to bad rubbish
Fleccy as phat said, pj was paid millions.
Halved divi
Bad strike management
All he has done is what any ceo could have done, roll our fttp.
He did nothing new, inspiring, transformational, or entrepreneurial, which is what the big bucks is paid for.
Jansen/BT have well telegraphed their strategy going back as far as 2019/20, it isn't his fault if the market chose to ignore the updates.
From 2019 results
"“Our aim is to deliver the best converged network and be the leader in fixed ultrafast and mobile 5G networks. We are increasingly confident in the environment for investment in the UK. We have already announced the first 16 UK cities for 5G investment. Today we are announcing an increased target to pass 4m premises with ultrafast FTTP technology by 2020/21, up from 3m, and an ambition to pass 15 million premises by the mid-2020s, up from 10 million, if the conditions are right, especially the regulatory and policy enablers."
https://www.bt.com/about/investors/financial-reporting-and-news/results-events-and-financial-calendar/2018-19#tab-18-19-accordion-1
Jansen had only been in the job for a couple of months at that point, obviously they've speeded things up since than entailing spending more on Capex. I'm not happy when my dividends are reduced, but I can see where the cash is going. I didn't work for BT, so I can only go off what I've seen and heard over the last 5 years, but I've agreed with Jansen's plan to rollout Fibre and 5G as fast as possible.
Yea - fully agree this was always a slow burner. So many “brokers” saying they should have installed fttp sooner! But they had to wait for the green light from Ofcom to get a “fair return on investment” to spend £15 billion.
Problem with fttp is BT have competition where it didn't have competition before. That's not great for business.
A few years ago virgin was the only real competitor, now you have countless independents with aggressive pricing rolling out FTTP and poaching customers.
Not only that the prices of these competitors is cheaper than BTs offering too.
On the landline side BT must be facing a lot of Pressures.
Fleccy
It’s BT’s strategy, handed over from PJ predecessor.
PJ’s job is to execute the strategy as well as further develop and extend strategy , for hand over to a successor.
Developing further strategy is what requires imagination , innovation and entrepreneurship. The job of a CEO. PJ hasn’t done that. He has only executed the existing strategy and there has been nothing implemented to stifle the share price decline or progress the dividend as is the policy.
Managing directors and directors execute strategy and meet KPI’s.
CEOs should innovate those strategies. Not just work on existing ones handed over, and see the share price flatline. He was a mediocre CEO.
Many people are happy with FTTC and won't be poached away. The speed my son gets from FTTC does everything he wants. why buy a F1 car to go to the local shop. His offer from a competitor for FTTP was slightly lower than BT from the FTTC but only for a year then it doubled. ( if BT was to lower prices just below competitors OFCOM would have a field day) I wonder if OFCOM employees are banned from buying Telco's shares ? oopS! back to subject in hand, The competition will struggle to take those away from FTTC when they already have the speeds that fulfill their needs.