What a difference a few weeks makes. When Tempus peered at BT after its annual results in May, the pluses and minuses seemed finely poised. Now the balance of risk has moved decidedly to the positive.
There have been two significant events. On June 10, Patrick Drahi, the French-Israeli-Moroccan billionaire, revealed a 12.1 per cent stake in BT, making him the biggest shareholder. And last week Philip Jansen, the chief executive, effectively called the bottom of the market in the shares, saying that four or five years’ decline were over and that he could see a path to growth on the back of “super-heavy investment”.
Drahi confirmed that he supported BT’s strategy and held management in “high regard”. He said that he had
