BT Group: Getting Nearer To The Point Of FCF Inflection

  • I remain bullish on BT Group as we approach a free cash flow inflection, driven by fiber rollout, cost savings, and reduced competitive pressure. Management projects normalized FCF to reach GBP2 billion in FY27, with strong cost-cutting and fiber expansion supporting further margin growth. Accelerated fiber deployment strengthens BTGOF's market position, reduces churn, and capitalizes on weakened alt-net competitors for potential consolidation.