New Street Research - Vodafone Group Plc (VOD) Vodacom (Buy, TP: ZAR150, +25%) Investor Day 2025; bullish mid-term EBITDA guide

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New Street Research

Chris Hoare

EUR 9556.00 For Business Accounts Only

Vodacom (Buy, TP: ZAR150, +25%) Investor Day 2025; bullish mid-term EBITDA guide

Vodacom hosted its Investor Day and outlined a bullish medium term guidance. The company endeavours to grow revenue and EBITDA at a CAGR of at least 6% and double digits respectively from FY25 through FY30. The topline trajectory is in-line with us and consensus while EBITDA guidance was well ahead. Compared to our current OpFCF forecasts, the numbers suggest at least 13%-18% upside. We share our brief thoughts and what this implies for Vodafone Group below. Vodacom remains as one of our GEM Top Picks.

19/02/2025 1 EN

Underlying

Vodafone Group Plc

Vodafone Group provides mobile and fixed telecommunication services including: access charges, voice and video calls, messaging, interconnect fees, fixed and mobile broadband and related services such as providing televisual and music content, connection fees and equipment sales. Co. provides a range of consumer products and services including mobile, fixed voice, broadband and television, financial as well as other services to operators outside its footprint. Co. also provides a range of enterprise products and services including total communications such as mobile, fixed and a suite of converged communications services, internet of things, cloud and hosting and carrier services.

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GB00BH4HKS39 London Stock Exchange United Kingdom

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Analysts

Chris Hoare

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Vodacom (Buy, TP: ZAR150, +25%) Investor Day 2025; bullish mid-term EBITDA guide

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