BT Group’s first-quarter revenue fell short, down 3% year on year, but EBITDA only declined by 1% thanks to Openreach’s growth. Shares rose 7% on the FTSE 100. Workforce decreased by 5% to 113,000 employees. Fiber-to-the-home subscribers increased by 566,000. Fair value estimate raised to GBP 200 per share.

BT Group faces competition in the UK market despite strong execution. CityFibre’s new financing of GBP 2.3 billion for fiber expansion poses midterm pressure. Reports of a potential takeover by Bharti persist. CEO hints at Openreach spinoff post full fiber upgrade, which could drive consolidation and unlock shareholder value.

Read more at Morningstar: Executing Well in a Competitive Market; Fiber Rollout and Cost Reductions Tracking Well