New Street Research - Vodafone Group (VOD LN) Vodafone (Buy, 160p, +73%) Was 180p The note we didnt want to write

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New Street Research

Ben Rickett ...

James Ratzer

EUR 8536.00 For Business Accounts Only

Vodafone (Buy, 160p, +73%) Was 180p The note we didn't want to write

While most of the recent dynamics in the European telecoms sector have been reasonably supportive for the industry (ie improving prices, supportive regulation and declining energy prices), our call on the Vodafone share price recently has been wrong. We had hoped Vodafone might be able to beat consensus estimates based on price rises and cost management.

17/04/2023 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.

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 Telecom Services and Cable

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Analysts

Ben Rickett

James Ratzer

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Vodafone (Buy, 160p, +73%) Was 180p The note we didn't want to write

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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