New Street Research - Vodafone Group PLC (ADR) (VODJ) New Street: Vodacom (Neutral, TP: ZAR150, +6%) Q4 22 Quick Take: Slower quarter but roughly in line, MT guidance in line too

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New Street Research

Chris Hoare

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New Street: Vodacom (Neutral, TP: ZAR150, +6%) Q4 22 Quick Take: Slower quarter but roughly in line, MT guidance in line too

Vodacom has reported a slower quarter, with trends slowing down across the board. This is roughly in line with expectations once we adjust for the one offs in EBITDA.

16/05/2022 1 EN

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Vodafone Group PLC (ADR)

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US92857W3088 United Kingdom

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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:

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Chris Hoare

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New Street: Vodacom (Neutral, TP: ZAR150, +6%) Q4 22 Quick Take: Slower quarter but roughly in line, MT guidance in line too

EMEA & African Telcos & Towers - High Yield Review – Initiate Coverage on Axian Telecom and Liquid Intelligent Technologies, plus VEON, IHS Towers & Helios

Vodacom (Neutral, TP: ZAR130, +35%) Q1 25 – Good start to the year, strong Egypt SR and encouraging SA prepaid

Vodacom (Neutral, TP: ZAR140, +46%) Q3 24 Quick Take: Decent quarter

Alphabet (GOOGL, Buy, $213 target) Forget Chrome, 3P payments are the heart of the issue

SATS: DBS merger breaks

3Q24 Broadband Trends: FWA capacity limits; FWA demand limits

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