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

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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.

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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

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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