BT pay­out ‘not’ threat­ened

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NU­MIS HAS ruled out any threat to BT’s (BT.A) div­i­dends and has crunched the num­bers to prove the point.

‘BT’s un­der­ly­ing free cash flow is much more sub­stan­tial than some as­sert, so the div­i­dend is not un­der threat,’ states John Karidis.

His cal­cu­la­tions based on pen­sion obli­ga­tions, one-offs and cap­i­tal ex­pen­di­ture sug­gest free cash flow will cover 2019 and 2020 in­come by 1.7 and 1.8-times. (SF)

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