City analysts have decided that O, the rebranded BT Wireless, is worth less than half of BT's original valuation.
Investment bank Goldman Sachs is set to value O at just £7bn when it floats in November, compared with BT's hoped for £15bn. Previously, the lowest value assessment of the demerged firm, home to BT Cellnet and others, was £8bn.
Analysts are now pondering the value of O as a standalone company following the decline of telecoms shares.
O is expected to reveal later this week that it has secured a £3.5bn credit line with a total of six banks, and that it will share the cost of building its third-generation network in The Netherlands with a Dutch firm, similar to its deal in Germany with Deutsche Telekom.
Cotton seedling freezes to death as Chang'e-4 shuts down for the Moon's 14-day lunar night
Fortnite easily out-earns PUBG, Assassin's Creed Odyssey and Red Dead Redemption 2 in 2018
Meteor showers as a service will be visible for about 100 kilometres in all directions
Saturn's rings only formed in the past 100 million years, suggests analysis of Cassini space probe data
New findings contradict conventional belief that Saturn's rings were formed along with the planet about 4.5 billion years ago