New Street Research - Vodafone Group (VOD LN) Vodafone (Buy, 135p, +87%) The Rule of Three: 3% EBITDA growth at 3x EBITDA with 3 big deals

Report

New Street Research

James Ratzer

EUR 9547.00 For Business Accounts Only

Vodafone (Buy, 135p, +87%) The Rule of Three: 3% EBITDA growth at 3x EBITDA with 3 big deals

Vodafone’s FY results have less to unpack than usual, with Spain and Italy now treated as discontinued items, as a sign of the ongoing simplification of the group. New guidance given for FY25 looks supportive and is marginally ahead of consensus.

14/05/2024 1 EN

Underlying

Vodafone Group

See profile

Provider

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.

New Street Research is an independent, partner-owned, research firm specialising in equity and debt research. Our equity research embraces the following sectors:

Pan European Telecom Services and Cable
US Telecoms, Cable, Satellite and Towers
Global Emerging Market Telecoms
Japan Telecoms
Asian Internet
Pan European Healthcare
Global healthcare thematic research

We provide debt research on:

Pan European Telecom Services and Cable

See profile

Analysts

James Ratzer

Other Reports on these Companies

New Street Research

Vodafone (Buy, 140p, +100%) Post call thoughts: What is needed to hit EBITDA guidance

Vodafone’s H1 earnings call recently wrapped up with the stock having sold off during and after the call. We review our thoughts on this and in this note show some further analysis on what would be required to meet the FY EBITDA guidance based on the new comments given in the call.

EUR 9547.00

November 12, 2024 November 12, 2024 1 EN

New Street Research

Vodafone (Buy, 140p, +100%) H1 25 - Questions still lingering in Germany

Vodafone has reported their H1 results, and although headline numbers were in line with expectations and all guidance has been reiterated.

EUR 9547.00

November 12, 2024 November 12, 2024 1 EN

New Street Research

Altice International (Over weight) Digi (Equal weight) NOS (Neutral, TP: €3.7, +10%) Vodafone (Buy, TP: £1.4, +94%) One week on: How is Digi doing in Portugal? Can FWA solve for a lack of fixed infrastructure?

Digi launched in Portugal, one week ago – read our take HERE. In this report we look at how the launch has been received in Portugal (including a run-through of tariff changes by the incumbents).

EUR 9547.00

November 12, 2024 November 12, 2024 1 EN

LG Uplus (Buy, TP: KRW 19,000, +71%) New Corporate Value Up Plan, modestly positive

Yesterday, LG Uplus announced its new Corporate Value Up plan, in conjunction with the appointment of a new CEO in 2025, Hong Bum-Sik who is the company’s current head of corporate strategy. We think the plan is modestly positive but not as transformational as KT’s. Our brief thoughts below.

EUR 9547.00

39m 39m 1 EN

Jin Yoon

Jin Yoon

BEKE 3Q24 Results: Favorable Policy Measures to Drive Meaningful Sequential Recovery in 4Q

What’s new: KE Holdings’ reported 3Q24 revs that were largely in line with consensus and our expectations. Transaction volume could see meaningful sequential recovery in 4Q mainly driven by favorable policy measures introduced since late Sep. We maintain our PT at USD26. Analysts: Jin Yoon

1h / 15m 1h / 15m 1 EN

Jin Yoon

Jin Yoon

PDD 3Q24 Results: Investments to Drag Near Term Margins

What’s new: PDD’s reported 3Q24 results that were below consensus and our expectations. PDD will continue to invest substantial resources to support high-quality merchants on the platform which may drag margins in the near term. We maintain our PT at USD150. Analysts: Jin Yoon

1h / 16m 1h / 16m 1 EN

Sign-up for free to access full reports immediately

Email Address*

Choose Password* ( 6 or more characters )

Due to regulatory restrictions regarding the distribution of financial research, this report is restricted to a specific region or investor type. Get access to exclusive reports by answering the questions below.

Select your country*

Get financial insights straight to your inbox

By clicking "register" you accept the Terms and Conditions & Privacy Policy

Already on ResearchPool?

Almost there...

Are you a professional investor?

Select your country

REGISTER

Create a free ResearchPool account to access full reports, get a personalised dashboard and follow providers or companies

In order to access this report please create an account.

LOGIN

Vodafone (Buy, 135p, +87%) The Rule of Three: 3% EBITDA growth at 3x EBITDA with 3 big deals

Vodafone (Buy, 140p, +100%) Post call thoughts: What is needed to hit EBITDA guidance

Vodafone (Buy, 140p, +100%) H1 25 - Questions still lingering in Germany

Altice International (Over weight) Digi (Equal weight) NOS (Neutral, TP: €3.7, +10%) Vodafone (Buy, TP: £1.4, +94%) One week on: How is Digi doing in Portugal? Can FWA solve for a lack of fixed infrastructure?

LG Uplus (Buy, TP: KRW 19,000, +71%) New Corporate Value Up Plan, modestly positive

BEKE 3Q24 Results: Favorable Policy Measures to Drive Meaningful Sequential Recovery in 4Q

PDD 3Q24 Results: Investments to Drag Near Term Margins

Create a free ResearchPool account to access full reports, get a personalised dashboard and follow providers or companies

Sign-up for free to access full reports immediately

ResearchPool Subscriptions

Get the most out of your insights

Why subscribe?

How to subscribe

ResearchPool Subscriptions

This report is only available to subscribers

Why subscribe?

How to subscribe