New Street Research - Vodafone Group (VOD LN) Vodafone (Buy, 120p, +56%) Was 135p Target price/ model update: The UK ups and the German downs

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New Street Research

James Ratzer

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Vodafone (Buy, 120p, +56%) Was 135p Target price/ model update: The UK ups and the German downs

We don't usually aim to publish price target updates over the weekend, so please do forgive us, but with today being May 31st and Vodafone's desire to close the UK merger during H1 and at a month-end, we would like to think that the UK deal closing could be very imminent - and maybe even today.

31/05/2025 1 EN

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Vodafone Group

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James Ratzer

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The company started seeing signs of recovery as subscriber losses begun to narrow and margins continue to improve. However, revenue and EBITDA still trailed expectations by 2% and 1% respectively.

As we expected, the UK merger completed this morning, so we wanted to take this opportunity to highlight the note we put out on Saturday, in which we published our new model (including the UK merger, and assuming Vodafone buys out the Hutchinson minority in 3 years’ time). The terms of the deal are as initially announced. We believe the value creation is +9p per share, included within our 120p price target. We still see >50% upside from current levels.

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The broad theme of Vodafone’s results remains the same as in past periods: Germany has been disappointing and has been the main focus of the market, but other parts of the business have been able to offset it, with increasing weight now on Vodacom for FY26.

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The company started seeing signs of recovery as subscriber losses begun to narrow and margins continue to improve. However, revenue and EBITDA still trailed expectations by 2% and 1% respectively.

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Vodafone (Buy, 120p, +56%) Was 135p Target price/ model update: The UK ups and the German downs

The company started seeing signs of recovery as subscriber losses begun to narrow and margins continue to improve. However, revenue and EBITDA still trailed expectations by 2% and 1% respectively.

Vodafone (Buy, 135p, +82%) FY 2025: Trying to move the debate on from Germany

The company started seeing signs of recovery as subscriber losses begun to narrow and margins continue to improve. However, revenue and EBITDA still trailed expectations by 2% and 1% respectively.

Global EM Telcos & Towers Bull market continues – NSR GEM Top-10 June ‘25 Update

Sarana Menara Nusantara (Buy, IDR 1,500, +165%) Q1 25 Quick Take: Slower trends but margin seeing signs of stabilisation

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