New Street Research - Vodafone Group (VOD LN) Vodafone (Buy, 135p, +91%) Q1 25 - Assessing a revised outlook for Germany

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New Street Research

James Ratzer

EUR 9617.00 For Business Accounts Only

Vodafone (Buy, 135p, +91%) Q1 25 - Assessing a revised outlook for Germany

Vodafone’s Q1 results are now boosted by some additional (and supportive) EBITDA disclosure, but the ongoing fly in the ointment is still their German broadband KPI trend which remains unresolved.

25/07/2024 1 EN

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Vodafone Group

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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.

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Pan European Telecom Services and Cable

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James Ratzer

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Vodafone (Buy, 135p, +91%) Q1 25 - Assessing a revised outlook for Germany

European Telecoms: The Year Ahead 2025 Ongoing regulatory support allowing for superior FCF growth

Altice International (Equal Weight) Digi (Equal Weight) NOS (Neutral, TP: €3.7, +9%) Vodafone (Buy, TP: £1.4, +96%) One month on: An update on Digi in Portugal. Downgrade Altice International to Equal Weight

Vodafone-Three UK merger approved Our Quick Take

OpenAI: o3 is a game changer - a few steps away from AG. After the $1bn-to-train model, the $1m-inference model.

Airtel Africa (Buy, TP: GBp200, +85%) Second share buyback program

Takeaways from our conversation with VerticalScope (FORA-TO, Not rated)

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