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BT — full-year earnings 11 May
BT will be glad to put the past year behind it. The Italian fraud scandal was just the most high-profile of a series of difficult events that rocked the firm, including pension problems and arguments with regulators. The year ahead could also be a difficult one, given that it faces competition from resurgent competitors such as Vodafone and Sky, and at precisely the moment when it is going to have to pay more to improve infrastructure in a number of key divisions.
Earnings per share (EPS) are expected to come under pressure, and even the undemanding 11 times forward PE rating on which the company trades seems to offer little in the way of comfort.
BT shares have steadily declined since early 2016, and a gap down in January took them below 300p. A rally into March ran out of steam around 350p, and then another decline brought 300p back into play once more. The shares are bouncing from here, with 321p a first target, and then on to the 340p-350p zone.