Vodafone (Buy, 135p, +107%) Model update - German EBITDA could just grow in FY26
Following Vodafone’s results earlier today, we now publish an updated model to reflect their comments.We reduce our price target from 150p to 135p (4.8x EBITDAaL), but still believe that Vodafone’s “ambition” to grow German EBITDA in FY26 could just be possible.
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