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MarketScreener Homepage  >  Equities  >  London Stock Exchange  >  BT Group plc    BT.A   GB0030913577

BT GROUP PLC

(BT.A)
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Organisers of cancelled mobile conference play down compensation chances

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02/13/2020 | 06:20am EST
Banner of MWC20 is pictured at a bus stop along a street in Barcelona

Companies that have spent money on a major telecoms conference in Barcelona that has been cancelled after mass withdrawals due to the coronavirus outbreak cannot expect compensation under the organisers' standard insurance, they said on Thursday.

The GSMA telecoms body cancelled the Feb. 24-27 event on Wednesday despite assurances from local and national health officials that it would have been safe to hold it.

The GSMA takes out standard insurance cover on behalf of exhibitors. This does not cover the spread of communicable diseases unless health authorities issue travel restrictions, according to the event's website.

"This is a force majeure situation," GSMA Director General Mats Granryd told a news conference in the Spanish city, whose economy usually enjoys a $500 million boost from the event.

"We don't comment on insurance policies but clearly there is no way you can insure yourself out of a force majeure situation," he added.

Companies invoke force majeure when they cannot meet contractual expectations because of circumstances beyond their control.

Anchor European members of the GSMA, including Deutsche Telekom, Vodafone, BT and Nokia all pulled out of the event in recent days, forcing the GSMA's hand to cancel it.

The GSMA is a non-profit organisation.

(Reporting by Jordi Rubio and May Ponzo in Barcelona and Jose Elias Rodriguez in Madrid; writing by Isla Binnie; editing by Mark Potter)

Stocks mentioned in the article
ChangeLast1st jan.
BT GROUP PLC 0.10% 156.28 Delayed Quote.-18.79%
DEUTSCHE TELEKOM AG -0.76% 16.5 Delayed Quote.13.25%
NOKIA OYJ -0.14% 3.8035 Delayed Quote.15.40%
ORANGE -0.04% 13.435 Real-time Quote.2.40%
TELEFONICA S.A. -2.86% 6.11 End-of-day quote.-1.88%
VODAFONE GROUP PLC -0.08% 154.88 Delayed Quote.5.53%
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Financials (GBP)
Sales 2020 22 876 M
EBIT 2020 3 620 M
Net income 2020 1 999 M
Debt 2020 17 859 M
Yield 2020 9,85%
P/E ratio 2020 7,72x
P/E ratio 2021 7,51x
EV / Sales2020 1,45x
EV / Sales2021 1,51x
Capitalization 15 333 M
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Mean consensus OUTPERFORM
Number of Analysts 21
Average target price 222,37  GBp
Last Close Price 156,28  GBp
Spread / Highest target 111%
Spread / Average Target 42,3%
Spread / Lowest Target -16,8%
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Managers
NameTitle
Philip Eric Rene Jansen Chief Executive Officer & Executive Director
Jan Petrus du Plessis Chairman
Simon Jonathan Lowth Chief Financial Officer & Executive Officer
Howard Watson Chief Technology & Information Officer
Nicholas Charles Rose Senior Independent Non-Executive Director
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