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Share Price: 136.40

Bid: 136.35

Ask: 136.50

Change: 1.40 (1.04%)

Spread: 0.15 (0.11%)

Open: 135.55

High: 136.40

Low: 134.95

Prev. Close: 135.00

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Broker snap: Nomura hails 'impressive' cost reduction at BT

Fri, 01st Feb 2013 10:10

Nomura has reiterated its 'buy' rating and 280p target price for telecoms group BT Group, saying that the firm's third-quarter results have reversed recent negative revenue momentum.The broker noted that BT has improved its underlying growth (excluding transit) rate from -5.5% to -3.1% in the quarter ended December 31st, "backed up by a range of robust, if not exceptional, operational key performance indicators".Revenues came in at £4.51bn, down 6.0% year-on-year but in line with Nomura's forecasts. Meanwhile, clean earnings before interest, tax, depreciation and amortisation (EBITDA) at £1.55bn were 1.6% better than the broker's estimate. This was helped by a reduction in underlying operating capital expenditure.The broker said: "BT caveats that Global Services, which drove the majority of the variance, benefited from the timing of costs and so we do not expect material extrapolation of the benefit. However, BT has initiated a major new restructuring, which is set to cost a few hundred million pounds (to be expensed in Q4 and FY14) and will be targeted at the Global Services unit in particular. "We expect this plan will allow them to argue that the current impressive cost reduction can be retained for the next two years. If this is confirmed, this may support further earnings upside for consensus."Nomura said it continues to support BT's investment case and highlights its leverage to improving structural growth at an attractive valuation.Shares were up 5.15% at 261.4p by 10:10.BC

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