New Street: Vodacom (Neutral, TP: ZAR140 (from ZAR117), +6%) Decent outlook, but not enough to drive a re-rating
Covid led elasticity of demand for services allowed the SA telco industry to weather the storm of reduced data tariffs over the last year, with revenue growth accelerating sharply despite the forced reduction in data tariffs.Vodacom is an investment holding company. Through its subsidiaries, Co. is engaged in the provision of a range of communications products and services including but not limited to voice, messaging, converged services, broadband and data connectivity. Co.'s segments comprised of: Corporate, which include the holding companies of Co. which do not relate to specific operating segment; South Africa, which include information relating to the South African-based cellular network, service provider and other business segments; and International, which include information relating to the non-South African-based cellular networks in Tanzania, Mozambique, Lesotho and the Democratic Republic of Congo.
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