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.
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