Member Info for fatprofits

I get the logic, however then you will have pressure from both the regulator
and HMG to reduce end consumer costs.

Vital that BT partner with a powerful financial institution to help fund the
CAPEX requirements - news of which is expected around September time.
GS would have been a very nice allay - but that looks unlikely given today's news.

And thank you for the reply, appreciated.

oh lol, apologies.

That's dyslexia - the gift that keeps on giving and also in desperate need of
a new glasses prescription.

Intra-day 2021 high at circa £2.06, - 20% just under £1.65

Getting close to that.

Fleecy, you post a lot and as I have read just a small fraction I
don't wish to misrepresent your views...

is your bullish rational on BT that within 3/4 years there is a large payoff
from this CAPEX, that BT finally reach a promised land of robust retained
cash flow and happy share holders..?

You see what would concern me slightly is if this point is reached,
will HMG and the regulator then demand price cuts?.

The Tory party have done BT few favours over the years.

Partnering with someone like GS, with gold-plated ties to government
would have been astute.

They need to partner with someone HMG will not want to shaft to put it bluntly.

much value and reasonable risk/reward in the market ATM.

Added to OCI my largest holding.

The Vietnam investment trusts may present an opportunity as their developing
covid situation unfolds - those arguably are at the higher end of the risk spectrum.

Why did GS not partner with BT?.

Https://www.wsj.com/articles/goldman-sachs-backed-broadband-firm-nears-investment-deal-with-abu-dhabi-fund-11629704303

As they publish the consensus forward estimates on their investor site,
including on dividends, they may reasonably want to if there was
a policy change, whether that needs to happen I am less sure.

Plenty of companies have surprised with dividend cuts over the years.
with the market only being informed on the day.

I'm not so sure, very easy to delay for another 18 months

and say...more investment needed.

As you reference, heavy CAPEX with inflationary pressures is even more challenging.

rebased !. - I need another coffee.

* debased, although some may think debased is more apt!.

Is the very approx annual cost of the debased lower dividend.

Where is that money coming from, I don't see it
as it's out the door on CAPEX and the pension recovery payments.

Ultimately there has to be cashflow left
for a sustainable dividend, that's not the case ATM.

The reasonable question to ask is - with a multi year high CAPEX
requirement and pension recovery plan, when will BT generate adequate
cash flow to fund even a reduced dividend.

With the extra CAPEX and pension recovery plan there was NADA left
for dividends, without borrowing.

And paying dividends out of debt is la la land stuff.

Why people look at the top line pre tax profits and not the cash flow
statement is beyond me.

It's all in the accounts.

One of many, many factors.

More radical restructuring action should have been taken earlier
and the dividend payout was arguably too generous over a multi year timeframe,
particularly given the CAPEX and pension deficit recovery plans.

OFCOM until recently has been a big headwind.

Current equity markets are stuffed full of companies priced for perfection,
BT not one of those imv.

Usually find it interesting to hear ideas, particularly if someone
views something in a different way. And if holding a stock it's
often an idea to read different views, more cautious ones etc.
Rarely click a buy rec and I've been cautious on BT until
recently.

The current CEO spent approx £10 million buying shares over the last 2 years.
not looked at the stock holding requirement in the AR,
but assume he needs to hold a multiple of base salary - where required
a BOD member is often given 5 years to reach that level.

Luck to holders.

On Thursday.

sometime next year?.

A few on Thursday, looks interesting Imv.