New Street Research - Vodafone Group PLC (ADR) (VODJ) Vodacom (Neutral, TP: ZAR130, +35%) Q1 25 – Good start to the year, strong Egypt SR and encouraging SA prepaid

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New Street Research

Chris Hoare

EUR 8975.00 For Business Accounts Only

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

Vodacom has reported a good start to the year with a small revenue beat vs. consensus and trends improving across the board. Medium-term guidance has been reiterated and Q1 SR growth is trending slightly above the guide.

24/07/2024 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:

Pan European Telecom Services and Cable
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Pan European Telecom Services and Cable

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Analysts

Chris Hoare

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

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

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

Meta Platforms (META, Buy, $595 target) The long-term strategic rationale for Metaverse? Disintermediate AAPL and GOOGL

Tesla Deliveries: China drives growth; steady share gains in the rest of the world

Verizon & AT&T Model and Valuation Updates

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