Vodacom (Neutral, TP: ZAR140, +35%) Q2 24: Top line in line, but disappointing EBITDA and EPS
Vodacom reported a mixed set of results, service revenue came in in line with consensus but EBITDA and HEPS missed. Revenue trends in SA slightly improved in Q2 vs. Q1 but trends in International slowed. EBITDA trends (on a normalised basis) slowed in H1 24 vs. H2 23 but EBITDA performance is expected to be better next semester.
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