New Street Research - Vodafone Group (VOD LN) Vodafone (Buy, 140p, +100%) Our take on the new look Vodafone

Report

New Street Research

James Ratzer

EUR 9330.00 For Business Accounts Only

Vodafone (Buy, 140p, +100%) Our take on the new look Vodafone

Vodafone has confirmed its pre-announced €8bn deal with Swisscom, so the real new news today is the revised outlook for cash return and changes in the management structure. We summarise our thoughts here.

15/03/2024 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

German FTTH/ altnet deep-dive update Dynamics still supportive for the larger players

We update our forecasts for the German FTTH/ broadband market. Although we now forecast slower broadband market growth in Germany than previously, we believe the dynamic remains attractive for the larger players: DT & Vodafone

EUR 9330.00

April 22, 2024 April 22, 2024 1 EN

New Street Research

FWA: Should wireline operators be worried?

The Vodafone-Three UK proposed merger is now moving to a Phase 2 enquiry and one of their major arguments for the merger focuses on offering increased FWA services.

EUR 9330.00

April 12, 2024 April 12, 2024 1 EN

MTN (Buy, TP: ZAR130, +42%) MTN Ghana – Q1 24: Good start to the year

MTN Ghana has reported a good set of Q1 results. Service revenue growth accelerated and continued to grow well above inflation. EBITDA trends slowed but remain solid. Capex intensity was down vs. Q1 last year. Medium guidance for Service Revenue growth (“high twenties %”) has been reiterated. The macro is expected to remain challenging in 2024. However, there has been an encouraging slow down in inflation over Q1.

EUR 9330.00

1h / 27m 1h / 27m 1 EN

Soomit Datta

Soomit Datta

AMX (Buy, TP: $24, +25%) Why a seemingly (quite) healthy Telco just filed for Chapter 11. Twice.

WOM Chile filed for Chapter 11 last month (April 1), followed a couple of weeks later by a local filing for WOM Colombia. Two filings in one month. Colombia’s relatively modest financing difficulties were likely sealed by the Chilean filing and we review events in Chile to work out how a seemingly successful scaled wireless operator (close to 25% market share of service revenue, 37% EBITDA margins) ended up here.

EUR 9330.00

1h / 30m 1h / 30m 1 EN

James Ratzer

James Ratzer

Liberty Global (Neutral) Q1 24 - The challenge of subscriber momentum

After the excitement of the strategic announcements in Q4, this is a quieter quarter with all FY financial guidance re-iterated. However, some of the issues that concerned shareholders with the Q4 results persist in the Q1 results: weak KPIs at VMO2 and VodafoneZiggo with limited signs of growth on the new UK nexfibre footprint. On a more positive note, Swiss broadband adds recovered to growth for the first time in a year and could help to support momentum into the Q4 demerger

EUR 9330.00

1h / 34m 1h / 34m 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, 140p, +100%) Our take on the new look Vodafone

German FTTH/ altnet deep-dive update Dynamics still supportive for the larger players

FWA: Should wireline operators be worried?

MTN (Buy, TP: ZAR130, +42%) MTN Ghana – Q1 24: Good start to the year

AMX (Buy, TP: $24, +25%) Why a seemingly (quite) healthy Telco just filed for Chapter 11. Twice.

Liberty Global (Neutral) Q1 24 - The challenge of subscriber momentum

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