New Street Research - Vodafone Group (VOD LN) Vodafone (Buy, 150p, +95%) H1 24 - Highest EU service revenue growth in 15 years

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New Street Research

James Ratzer

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Vodafone (Buy, 150p, +95%) H1 24 - Highest EU service revenue growth in 15 years

Vodafone’s Q2/ H1 results all look pretty solid – with the stand-out feature coming from a sharp recovery in German revenue trends as the price rise lands better than expected. This led to EU service revenue growth of +1.5% - the highest growth since 2008 (yes 15 years ago - that’s not a typo).

14/11/2023 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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Analysts

James Ratzer

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Vodafone (Buy, 150p, +95%) H1 24 - Highest EU service revenue growth in 15 years

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

FWA: Should wireline operators be worried?

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

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

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