Member Info for fatprofits

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Oh dear....

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I don't own any BT shares, I've been bearish on BT for years as per my posts here, I usually only post here every few months.

Everything has a price etc...but very difficult to see much upside until more clarification is provided on the FY.

Will have a look back here then. Good fortune.

Upfront cost, £5 for SKY activation which is deducted from the first month's bill.

My other half also gets a £60 cashback through work.

Staying with EE for mobile.

I did give BT ab opportunity, but they were ..having problems with their systems..

The guy who answered UK (North East) was as good as clueless and neither did he offer a call back.

Off to SKY, £30 a month for their ultrafast broandband.

Well on a personal note I will call BT today to see what they

offer on my March 18 month contact ending.

As I'm paying £100 a month (which includes 2 mobiles)

I want to reduce that outlay significantly.

Before the recent bout (understatement) of inflation I

never paid much attention to bills, fortunate position I'm aware.

I can't be the only one who will seek to reduce what they shell out to BT - or other providers.

Makes no difference whether someone agrees or disagrees with me, I'm reiterating the numbers in BT's financial statements.

How you view those is subjective, my opinion is their debt trajectory is unsustainable and equity markets may see it in a similar light.

The SP

BT net debt increased by £649 Million at the H1.

On FY 2023 their net debt increased by another £1 bn.

Unsustainable.

IF cash flow covered CAPEX, the pension recovery payments And the dividend, net debt eould Not be increasing.

Let's see how it looks at the FY, but that's how it looks to me - current payout is unsustainable IMV.

Telcos a lowly rated sector atm

Take Orange SA. Yield of around 6.5%, which looks secure (no guarantees as always).

Orange with markedly lower debt kevels than BT - when

looking at debt in the context of either free cash flow or pre tax profit and a stronger longer term financial record.

Yet you can buy Orange SA at under 10X earnings.

BT is not at a give away share price imv, given dividend uncertainty and increasing net debt.

Until there is clarification very poor sentiment may well continue.

Dividend uncertainty yes would agree.

The regulator is not manipulating the BT share price,

other than that you make some good points.

I've mentioned the same a number if times...BT will not be allowed to become a cash machine.

* and it may be that I'm a mile out..

(Still no Edit function on LSE!).

The 3 nearest refinancings had a coupon of less than 3%,

one of those well under 2%.

BT will not have any issue refinancing, it's the rate they can

issue debt at - that is my point.

Like anyone else I can only give a best guess on the future dividend, profitability etc and it nay be that I'm a mike out.

However, it's indisputable that their net debt is increasing.

* because borrowings increasing year on year will ultimately impact their credit rating - and this largely determines the rate at which BT issue bonds.

You can look at the BT debt profile online.

* on the back of a 14% increases to many end consumers.

Dividend rebase incomming is my best guess.

It makes less than zero difference to the BT SP if he has an 'agenda' or not.

Unless you are saying ..his posts should be read within a particular context.

Better to ask . what's the buy case for BT