BT Group PLC

BT.A: XLON (GBR)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
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Downgrade Six Europe Telecom Firms to No Moat Ratings; Efficient Scale Eroded; Regulation Unhelpful

Javier Correonero

Jul 11, 2025

We are updating our moat ratings for eight European telecom stocks. European telecom companies lack the scale and pricing of international peers. Network redundancies and little cross-border synergies are common, and the regulatory landscape is not supportive of competitive advantages.

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BT Group PLC

Downgrade Six Europe Telecom Firms to No Moat Ratings; Efficient Scale Eroded; Regulation Unhelpful

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