New Street Research - Vodafone Group (VOD LN) Vodafone (Buy, £1.30, +20%) Q3 26 – The pricing vs. volume dynamic in Germany

Report

New Street Research

James Ratzer

EUR 8482.00 For Business Accounts Only

Vodafone (Buy, £1.30, +20%) Q3 26 – The pricing vs. volume dynamic in Germany

Market reaction to Vodafone’s Q3 might be dominated by the weaker German broadband net adds figure, but we think the pricing trends look more encouraging and we see these as a reasonable set of results with all guidance reiterated.

05/02/2026 1 EN

Underlying

Vodafone Group

See profile

Provider

New Street Research

Provided by our team of experienced analysts, our work is idea driven, based on independence of thought, sector expertise, and firmly focussed on fundamentals and valuation.

New Street Research is an independent, partner-owned, research firm specialising in equity and debt research. Our equity research embraces the following sectors:

Pan European Telecom Services and Cable
US Telecoms, Cable, Satellite and Towers
Global Emerging Market Telecoms
Japan Telecoms
Asian Internet
Pan European Healthcare
Global healthcare thematic research

We provide debt research on:

Pan European Telecom Services and Cable

See profile

Analysts

James Ratzer

Other Reports on these Companies

New Street Research

European Telecoms for 2026 Industry action required for further outperformance

Over the past 3 years, the EU telecoms sector has had a great run – up >50%, despite modest underlying revenue/ EBITDA growth. This has almost entirely come from a deserved upwards re-rating in the multiple as the risk profile across the sector diminishes – which has been a key theme of ours in the past few years given improved regulation. So, we feel this has now largely played out.

EUR 8482.00

December 17, 2025 December 17, 2025 1 EN

New Street Research

Vodafone (Buy, 120p, +26%) Safaricom buyout: More FCF accretive than one might think

Vodafone and Vodacom have announced today that they will be taking control of Safaricom. Given the structure of the deal with Kenyan Government involving pre-paying dividends, we think the deal could offer better than expected accretion to Vodafone’s reported FCF for limited capital outflow.

EUR 8482.00

December 4, 2025 December 4, 2025 1 EN

CHTR: Buy It Now

We believe that positive EBITDA growth and strong FCF per share growth this year mean that Charter’s stock is due for a positive revaluation. In this note, we review changes to our estimates, and comparisons with guidance and consensus. We have also updated our target valuation for Charter. Our revised price target is $328 (+47% from the close). Please see separate notes reviewing results and thoughts following the earnings call. Our broadband subscriber and total EBITDA estimates remain nearly unchanged. We think there is upside to consensus estimates on EBITDA.

1h / 4m 1h / 4m 1 EN

Blair Levin

Blair Levin

NTIA Weighs in on Starlink BEAD Contract

As we discussed at the end of January, Starlink is requiring states to acknowledge that Starlink’s broadband service may not meet the metrics that were promised as part of the BEAD bid process. Now, NTIA has issued some FAQ’s addressing those proposed contract riders. In this note, we analyze what happens next.

EUR 8482.00

1h / 8m 1h / 8m 1 EN

James Ratzer

James Ratzer

BT (Neutral, £2.40, +18%) Q3 26 – Line loss analysis – what is driving the improvement? Is it sustainable?

BT’s Q3 results surprised us. Line loss guidance for the year was improved and despite a competitive consumer market, BT held consumer volumes flat with minimal ARPU erosion. In this note, we analyse both of these trends and in particular look at a bottom-up analysis of broadband KPI trends across the UK market.

EUR 8482.00

1h / 39m 1h / 39m 1 EN

Sign-up for free to access full reports immediately

Email Address*

Choose Password* ( 6 or more characters )

Due to regulatory restrictions regarding the distribution of financial research, this report is restricted to a specific region or investor type. Get access to exclusive reports by answering the questions below.

Select your country*

Get financial insights straight to your inbox

By clicking "register" you accept the Terms and Conditions & Privacy Policy

Already on ResearchPool?

Almost there...

Are you a professional investor?

Select your country

REGISTER

Create a free ResearchPool account to access full reports, get a personalised dashboard and follow providers or companies

In order to access this report please create an account.

LOGIN

Vodafone (Buy, £1.30, +20%) Q3 26 – The pricing vs. volume dynamic in Germany

European Telecoms for 2026 Industry action required for further outperformance

Vodafone (Buy, 120p, +26%) Safaricom buyout: More FCF accretive than one might think

CHTR: Buy It Now

NTIA Weighs in on Starlink BEAD Contract

BT (Neutral, £2.40, +18%) Q3 26 – Line loss analysis – what is driving the improvement? Is it sustainable?

Create a free ResearchPool account to access full reports, get a personalised dashboard and follow providers or companies

Sign-up for free to access full reports immediately

ResearchPool Subscriptions

Get the most out of your insights

Why subscribe?

How to subscribe

ResearchPool Subscriptions

This report is only available to subscribers

Why subscribe?

How to subscribe