Bt (BT.A)

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Company name:	Bt Group Plc
Company Description:	A group engaged in the supply of communications services & equipment; specifically IT & telecommunications services; broadband & internet; and converged fixed / mobile products and services
EPIC:	BT.A	Trading Currency:	GBX
Market Sector:	FE10	ISIN:	GB0030913577
Market Segment:	SET1	Share Type:	DE
WWW Address:	http://www.btplc.com/	Description:	ORD 5P
Industry Sector:	FIXED LINE TELECOMMUNICATIONS

Price	Price Change [%]	Bid	Offer	Open	High	Low	Volume
186.10	-2.65 [-1.40]	185.85	186.00	188.75	193.60	184.65	45,118,908
Market Cap. [m]	Shares In Issue [m]	Beta	EPS	DPS	PE Ratio	Yield	52-Wks-Range
18,456.56	9,917.55	0.12	14.80	-	12.57	-	206.60 - 120.45

Bt Key Figures

(at previous day's close)
Market Cap.	18,456.56	m
Shares In Issue	9,917.55	m
Prev. Close	188.75
PE Ratio	12.57
Dividend Yield	-	%
EPS - basic	14.80	p
Dividend PS	-	p
Dividend Cover	-
Cash Flow PS	60.13	p
Return On Equity (ROE)	12.60	%
Operating Margin	8.46	%
PEG Factor	-0.82
EPS Growth Rate	-15.43	%
Dividends PS Growth Rate	-	%
Net Debt	38,198.00	m
Gross Gearing	77.04	%
Quick Assets	11,406.00	m
Net Working Capital	2,697.00	m
Intangibles / Fixed Assets	46.51	%
Turnover PS	215.08	p
Pre-Tax Profit PS	18.19	p
Retained Profit PS	14.82	p
Cash PS	10.08	p
Net Cash PS	-80.73	p
Net Tangible Asset Value PS *	-65.95	p
Net Asset Value PS	117.76	p
Spread	0.15 (0.08%)
* Calculation based on Ordinary Capital figure as contained in last annual report, and the most recent shares in issue figure. Therefore the ratio might be exposed to inaccuracies.

Bt Balance Sheet

Share Price Performance

Sample Period ^†	High	Low
1 week	193.60	179.85
4 weeks	193.60	166.55
12 weeks	193.60	140.25
1 year	206.60	120.45

Share Price Chart (5 years)

Bt Historic Returns

Period ^†	Open	Change	%	Open Avg.	Avg. Daily Vol [m]	Total Vol [m]	VWAP
1 week	180.00	6.10	3.39	179.85	27.32		187.75
4 weeks	173.25	12.85	7.42	166.55	23.90		179.99
12 weeks	141.25	44.85	31.75	140.25	33.57		169.44
26 weeks	183.20	2.90	1.58	134.85	26.95		164.40
1 year	134.80	51.30	38.06	120.45	31.14		163.79
3 years	237.95	-51.85	-21.79	94.68	30.15		157.51
5 years	325.00	-138.90	-42.74	94.68	28.46		194.79
† periods calculated are whole weeks rather than calendar months

Bt Key Management Ratios

Bt Investment Ratios

(Market value analysis) at previous day's close
PQ Ratio	5.92
PE Ratio	12.57
Tobin's Q Ratio	0.36
Tobin's Q Ratio (excl. intangibles)	0.57
Dividend Yield	-	%
Market-to-Book Ratio	1.58
Price-to-Pre-Tax Profit PS	10.23
Price-to-Retained Profit PS	12.56
Price-to-Cash Flow PS	3.10
Price-to-Sales PS	0.87
Price-to-Net Tangible Asset Value PS	-2.82
Price-to-Cash PS	18.46
Net Working Capital PS	27.19
Price Pct to Working Capital PS	6.84	%
Earnings Yield	7.95	%
Average PE	11.02
Years in average	5
PE to PE average	114.12	%

Bt Financial Ratios

(Leverage Ratios)
Debt Ratio	72.11	%
Debt-to-Equity Ratio	2.59
Debt-to-Equity Ratio (excl. Intgbl)	-4.62
Debt-to-Equity Market Value	1.64
Net Gearing	75.08	%
Net Gearing (excl. Intangibles)	116.97	%
Gross Gearing	77.04	%
Gross Gearing (excl. Intangibles)	120.03	%
Gearing Under 1 Year	17.70	%
Gearing Under 1 Year (excl. Intgbl)	27.58	%
Assets/Equity	4.36
Cash/Equity	8.56
(Liquidity Ratios)
Net Working Capital to Total Assets	5.30	%
Current Ratio	1.30
Quick Ratio (Acid Test)	1.27
Liquidity Ratio	0.11
Cash & Equiv/Current Assets	8.54	%
(Solvency Ratios)
Enterprise Value	47,648.56	m
CFO/Sales	0.28
CFO/Attributable Profit	4.05
CFO/Assets	0.12
CFO/Debt	0.15
Total Debt/Equity Market Value	2.12
Total Debt/Sales	1.84
Total Debt/Pre-Tax Profit	21.73
Total Debt	39,198.00	m
Total Debt/Net Current Assets	14.53	%
(Dodds - Graham Ratios)
3 yr Compound Earnings Growth	-	%
5 yr Compound Earnings Growth	-	%
10 yr Compound Earnings Growth	-	%
Earn drops > 5% in 10yrs	10

Beta (60-Mnth)	Beta (36-Mnth)
0.1235	0.0857

Bt Operating Ratios

(Profitability Ratios)
Return On Capital Employed (ROCE)	4.31	%
Return On Assets (ROA)	2.83	%
Net Profit Margin	6.90	%
Assets Turnover	0.41
Return On Equity (ROE)	12.60	%
Return On Investment (ROI)	3.51	%
Dividend Payout Ratio	-	%
Plowback Ratio	100.00	%
Growth from Plowback Ratio	11.13	%
Net Income Of Revenues	6.89	%
(Asset Utilisation Multiples)
Shareholders Equity Turnover	1.61
Fixed Assets Turnover	0.53
Current Assets Turnover	1.80
Net Working Capital Turnover
Inventory Turnover	71.46
(Other Operating Ratios)
Total Assets-to-Sales	2.44
Debtors-to-Sales	21.22	%
Debt Collection Period	77.46	Days

Bt Dividends

Announcement Date	Type	Curr.	Dividend Amount	Period Start	Period End	Ex Date	Record Date	Payment Date	Total Dividend Amount
31 Oct 2019	Interim	GBX	4.62	31/03/2019	31/03/2020	24/12/2019	27/12/2019	03/02/2020	4.62
09 May 2019	Final	GBX	10.78	31/03/2018	31/03/2019	08/08/2019	09/08/2019	09/09/2019	15.40
01 Nov 2018	Interim	GBX	4.62	30/03/2018	30/09/2018	27/12/2018	28/12/2018	04/02/2019	-
10 May 2018	Final	GBX	10.55	31/03/2017	31/03/2018	09/08/2018	10/08/2018	03/09/2018	15.40
02 Nov 2017	Interim	GBX	4.85	30/03/2017	30/09/2017	28/12/2017	29/12/2017	05/02/2018	-
11 May 2017	Final	GBX	10.55	31/03/2016	31/03/2017	04/09/2017	05/09/2017	04/09/2017	15.40
27 Oct 2016	Interim	GBX	4.85	30/03/2016	30/09/2016	29/12/2016	30/12/2016	06/02/2017	-
05 May 2016	Final	GBX	9.60	31/03/2015	31/03/2016	11/08/2016	12/08/2016	05/09/2016	14.00
29 Oct 2015	Interim	GBX	4.40	30/03/2015	30/09/2015	24/12/2015	29/12/2015	08/02/2016	-
07 May 2015	Final	GBX	8.50	31/03/2014	31/03/2015	13/08/2015	14/08/2015	07/09/2015	12.40
30 Oct 2014	Interim	GBX	3.90	30/03/2014	30/09/2014	29/12/2014	30/12/2014	09/02/2015	-
08 May 2014	Final	GBX	7.50	31/03/2013	31/03/2014	13/08/2014	15/08/2014	08/09/2014	10.90
31 Oct 2013	Interim	GBX	3.40	30/03/2013	30/09/2013	23/12/2013	27/12/2013	03/02/2014	-
10 May 2013	Final	GBX	6.50	31/03/2012	31/03/2013	07/08/2013	09/08/2013	02/09/2013	9.50
01 Nov 2012	Interim	GBX	3.00	30/03/2012	30/09/2012	24/12/2012	28/12/2012	04/02/2013	-
10 May 2012	Final	GBX	5.70	31/03/2011	31/03/2012	08/08/2012	10/08/2012	03/09/2012	8.30
03 Nov 2011	Interim	GBX	2.60	30/03/2011	30/09/2011	28/12/2011	30/12/2011	06/02/2012	-
12 May 2011	Final	GBX	5.00	31/03/2010	31/03/2011	10/08/2011	12/08/2011	05/09/2011	7.40
12 Nov 2010	Interim	GBX	2.40	30/03/2010	30/09/2010	29/12/2010	31/12/2010	07/02/2011	-
13 May 2010	Final	GBX	4.60	31/03/2009	31/03/2010	11/08/2010	13/08/2010	06/09/2010	6.90
12 Nov 2009	Interim	GBX	2.30	30/03/2009	30/09/2009	23/12/2009	29/12/2009	08/02/2010	-
14 May 2009	Final	GBX	1.10	31/03/2008	31/03/2009	12/08/2009	14/08/2009	07/09/2009	6.50
13 Nov 2008	Interim	GBX	5.40	30/03/2008	30/09/2008	29/12/2008	30/12/2008	09/02/2009	-
31 Mar 2008	Final	GBX	10.40	31/03/2007	31/03/2008	20/08/2008	22/08/2008	15/09/2008	15.80
07 Feb 2008	Interim	GBX	5.40	01/10/2006	31/03/2007	26/12/2007	28/12/2007	11/02/2008	-
17 May 2007	Final	GBX	10.00	31/03/2006	31/03/2007	22/08/2007	24/08/2007	17/09/2007	15.10
13 Nov 2006	Interim	GBX	5.10	30/03/2006	30/09/2006	27/12/2006	29/12/2006	12/02/2007	-
18 May 2006	Final	GBX	7.60	31/03/2005	31/03/2006	16/08/2006	18/08/2006	11/09/2006	11.90
10 Nov 2005	Interim	GBX	4.30	30/03/2005	30/09/2005	28/12/2005	30/12/2005	13/02/2006	-
19 May 2005	Final	GBX	6.50	31/03/2004	31/03/2005	03/08/2005	05/08/2005	05/09/2005	10.40
10 Nov 2004	Interim	GBX	3.90	30/03/2004	30/09/2004	29/12/2004	31/12/2004	07/02/2005	-
20 May 2004	Final	GBX	5.30	31/03/2003	31/03/2004	04/08/2004	06/08/2004	06/09/2004	8.50
13 Nov 2003	Interim	GBX	3.20	30/03/2003	30/09/2003	28/12/2003	30/12/2003	09/02/2004	-
22 May 2003	Final	GBX	4.25	31/03/2002	31/03/2003	06/08/2003	08/08/2003	08/09/2003	6.50
07 Nov 2002	Interim	GBX	2.25	30/03/2002	30/09/2002	29/12/2002	31/12/2002	10/02/2003	-
16 May 2002	Final	GBX	2.00	31/03/2001	31/03/2002	07/08/2002	09/08/2002	09/09/2002	2.00
10 May 2001	Final	GBX	-	31/03/2000	31/03/2001	-	-	-	8.70
09 Nov 2000	Interim	GBX	8.70	30/03/2000	30/09/2000	27/12/2000	03/01/2001	12/02/2001	-
18 May 2000	Final	GBX	13.20	31/03/1999	31/03/2000	14/08/2000	18/08/2000	18/09/2000	21.90
11 Nov 1999	Interim	GBX	8.70	30/03/1999	30/09/1999	29/12/1999	06/01/2000	14/02/2000	-
19 May 1999	Final	GBX	12.30	31/03/1998	31/03/1999	16/08/1999	20/08/1999	20/09/1999	20.40
12 Nov 1998	Interim	GBX	8.10	30/03/1998	30/09/1998	29/12/1998	05/01/1999	15/02/1999	-
20 May 1998	Final	GBX	11.45	31/03/1997	31/03/1998	03/08/1998	07/08/1998	21/09/1998	19.00

Bt Fundamentals

	31 Mar 2018 (GBP)		31 Mar 2019 (GBP)		31 Mar 2020 (GBP)		31 Mar 2021 (GBP)
turnover	23,723.00	100.00%	23,428.00	100.00%	22,905.00	100.00%	21,331.00	100.00%	m
pre tax profit	2,616.00	11.03%	2,666.00	11.38%	2,353.00	10.27%	1,804.00	8.46%	m
attributable profit	2,032.00	8.57%	2,159.00	9.22%	1,734.00	7.57%	1,472.00	6.90%	m
retained profit	509.00	2.15%	655.00	2.80%	214.00	0.93%	1,470.00	6.89%	m
eps - basic (p)	20.50		21.80		17.50		14.80
eps - diluted (p)	20.40		21.60		17.40		14.60
dividends per share	15.40		15.40		4.62		-

Bt Balance Sheet

	31 Mar 2018 (GBP)		31 Mar 2019 (GBP)		31 Mar 2020 (GBP)		31 Mar 2021 (GBP)


	31 Mar 2018 (GBP)		31 Mar 2019 (GBP)		31 Mar 2020 (GBP)		31 Mar 2021 (GBP)
ASSETS
fixed assets	17,000.00	39.76%	17,835.00	38.53%	18,474.00	34.81%	19,397.00	38.13%	m
intangibles	14,719.00	34.42%	16,297.00	35.21%	21,001.00	39.57%	18,220.00	35.81%	m
fixed investments	4,622.00	10.81%	1,693.00	3.66%	1,600.00	3.02%	1,557.00	3.06%	m
current assets - other	-	-%	89.00	0.19%	5,930.00	11.17%	5,565.00	10.94%	m
stocks	239.00	0.56%	369.00	0.80%	300.00	0.57%	297.00	0.58%	m
debtors	5,651.00	13.22%	8,338.00	18.01%	4,213.00	7.94%	4,841.00	9.52%	m
cash & securities	528.00	1.23%	1,666.00	3.60%	1,549.00	2.92%	1,000.00	1.97%	m

TOTAL	42,759.00	100%	46,287.00	100%	53,067.00	100%	50,877.00	100%	m

LIABILITIES
creditors - short	10,185.00	23.82%	9,602.00	20.74%	10,986.00	20.70%	9,006.00	17.70%	m
creditors - long	22,270.00	52.08%	26,518.00	57.29%	27,318.00	51.48%	30,192.00	59.34%	m
creditors - other	-	-%	-	-%	-	-%	-	-%	m
subordinated loans	-	-%	-	-%	-	-%	-	-%	m
insurance funds	-	-%	-	-%	-	-%	-	-%	m

TOTAL	32,455.00	75.90%	36,120.00	78.03%	38,304.00	72.18%	39,198.00	77.04%	m

EQUITY
ord cap, reserves	10,304.00	24.10%	10,167.00	21.97%	14,763.00	27.82%	11,679.00	22.96%	m
prefs, minorities	-	-%	-	-%	-	-%	-	-%	m

TOTAL	10,304.00	24.10%	10,167.00	21.97%	14,763.00	27.82%	11,679.00	22.96%	m

OTHER
NAV Basic	-		-		-		-
NAV Diluted	-		-		-		-

Bt Cash Flow Statement

	31 Mar 2018 (GBP)	31 Mar 2019 (GBP)	31 Mar 2020 (GBP)	31 Mar 2021 (GBP)
Operating CF	4,927.00	4,256.00	6,271.00	5,963.00	m
Pre-Financing CF	94.00	456.00	621.00	2,723.00	m
Retained CF	19.00	1,090.00	-186.00	-496.00	m

Bt Brokers

Name	Activity	Type	Mnemonic	Code
Evolution Securities Limited	Market Maker(MME)	Broker/Dealer	EVO	EVBGGB21MMT
Winterflood Securities Ltd	Market Maker(MME)	Broker/Dealer	WINS	WNTSGB2LBIC