New Street Research - Vodafone Group (VOD LN) New Street: Vodafone (BUY): Increased confidence in growth outlook following Business CEO meeting

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New Street Research

James Ratzer

New Street: Vodafone (BUY): Increased confidence in growth outlook following Business CEO meeting

Is Vodafone a value stock, or is it a growth stock? We think the market oscillates between the two depending on the most recent revenue trends, but after the Vodafone Business briefing and our follow-up meeting with CEO Vinod Kumar, we believe the market should perceive Vodafone more like a growth stock, and Vodafone should be valued accordingly.

22/03/2021 5 EN

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Vodafone Group

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New Street Research

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James Ratzer

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The company started seeing signs of recovery as subscriber losses begun to narrow and margins continue to improve. However, revenue and EBITDA still trailed expectations by 2% and 1% respectively.

As we expected, the UK merger completed this morning, so we wanted to take this opportunity to highlight the note we put out on Saturday, in which we published our new model (including the UK merger, and assuming Vodafone buys out the Hutchinson minority in 3 years’ time). The terms of the deal are as initially announced. We believe the value creation is +9p per share, included within our 120p price target. We still see >50% upside from current levels.

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New Street: Vodafone (BUY): Increased confidence in growth outlook following Business CEO meeting

Vodafone to Virgin spectrum sale: More details revealed

The company started seeing signs of recovery as subscriber losses begun to narrow and margins continue to improve. However, revenue and EBITDA still trailed expectations by 2% and 1% respectively.

Vodafone (Buy, 120p, +56%) Was 135p Target price/ model update: The UK ups and the German downs

Thai Telcos Auction concludes, no major surprises

VIPS 2Q25 Preview: Lowering 2Q Topline Estimates

Microsoft vs. OpenAI: Implications for investors?

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