Vodafone Reported Slightly Weak 3Q Revenue; Reducing Local Shares and Increasing ADRs FVE
Vodafone reported fiscal third-quarter sales that were a bit below our expectations. We are reducing our fair value estimate for the local shares to GBX 250 from GBX 255 due to the recent strengthening of the British pound versus the euro, while we are increasing our fair value estimate for its ADRs to $35.50 from $33.50 due to the euro strengthening against the U.S. dollar. Our narrow moat rating remains unchanged and we believe the stock is undervalued. The firm reported revenue fell 3.6% in t...
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