Vodafone reaches an agreement to merge its Indian wireless business with Idea Cellular's.
Vodafone reported fiscal first-quarter revenue that was a bit light, but we are maintaining our GBX 240 fair value estimate for the local shares. We are increasing our fair value estimate for the ADR to $31 from $30.50 due to the continued strengthening of the euro versus the dollar. The firm's reported revenue declined 3.3% due to currency moves and the deconsolidation of its Dutch operation following its merger with Ziggo versus our full-year projection of a drop of 2%. However, service revenu...
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