Vodafone (Buy, 140p, +94%) Was 150p Is the discount justified? Model update
After the H1 results and the stock going ex-dividend last week, we publish our new model and in this note we review our thesis. Given the impact of both of these issues, we lower our fair value from 150p to 140p (4p from ex-dividend and 6p from forecast changes), but see no real change to our core thesis, ie an improving regulatory environment across Europe should help all telecoms names including Vodafone, and while there is a clear headwind ahead from German cable TV losses, there are also tailwinds from energy and the 1&1 contract.
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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
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- Pan European Healthcare
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We provide debt research on:
- Pan European Telecom Services and Cable
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