New Street Research - Vodafone Group (VOD LN) Vodafone (Buy, 140p, +84%) Q1 results - Price increases supporting growth

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New Street Research

James Ratzer

EUR 8536.00 For Business Accounts Only

Vodafone (Buy, 140p, +84%) Q1 results - Price increases supporting growth

Vodafone’s Q1 results should make for pleasant reading for most people, especially given where sentiment has been. We see evidence of our thesis playing out with European service revenue growth exceeding our top-end expectations and returning to growth after 3 quarters of decline on the back of price increases.

24/07/2023 1 EN

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Vodafone Group

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New Street Research

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James Ratzer

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The company started seeing signs of recovery as subscriber losses begun to narrow and margins continue to improve. However, revenue and EBITDA still trailed expectations by 2% and 1% respectively.

As we expected, the UK merger completed this morning, so we wanted to take this opportunity to highlight the note we put out on Saturday, in which we published our new model (including the UK merger, and assuming Vodafone buys out the Hutchinson minority in 3 years’ time). The terms of the deal are as initially announced. We believe the value creation is +9p per share, included within our 120p price target. We still see >50% upside from current levels.

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Vodafone (Buy, 140p, +84%) Q1 results - Price increases supporting growth

Vodafone to Virgin spectrum sale: More details revealed

The company started seeing signs of recovery as subscriber losses begun to narrow and margins continue to improve. However, revenue and EBITDA still trailed expectations by 2% and 1% respectively.

Vodafone (Buy, 120p, +56%) Was 135p Target price/ model update: The UK ups and the German downs

Thai Telcos Auction concludes, no major surprises

VIPS 2Q25 Preview: Lowering 2Q Topline Estimates

Microsoft vs. OpenAI: Implications for investors?

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