Vodafone (Buy, 140p, +100%) Post call thoughts: What is needed to hit EBITDA guidance

Vodafone’s H1 earnings call recently wrapped up with the stock having sold off during and after the call. We review our thoughts on this and in this note show some further analysis on what would be required to meet the FY EBITDA guidance based on the new comments given in the call.

Vodafone (Buy, 140p, +100%) H1 25 - Questions still lingering in Germany

Vodafone has reported their H1 results, and although headline numbers were in line with expectations and all guidance has been reiterated.

Altice International (Over weight) Digi (Equal weight) NOS (Neutral, TP: €3.7, +10%) Vodafone (Buy, TP: £1.4, +94%) One week on: How is Digi doing in Portugal? Can FWA solve for a lack of fixed infrastructure?

Digi launched in Portugal, one week ago – read our take HERE. In this report we look at how the launch has been received in Portugal (including a run-through of tariff changes by the incumbents).

Digi (Equal Weight) Q3 24: Capex up; Belgium/Portugal updates (not good for incumbents)

Digi has reported a good set of Q2 numbers vs expectations, with EBITDAaL +11% ahead of consensus. 2024 capex guidance has though been lifted for the third quarter in a row, and new guidance for 2025 is well ahead of our model.

MTN (Buy, TP: ZAR130, +57%) Q3 24: Solid, SR growth back on track with MT guidance

MTN has reported a solid set of Q3 results with service revenue and EBITDA trends accelerating and service revenue trending back in line with the MT guidance.

Cisco 1FQ25: Order growth accelerating, momentum on multiple fronts. Buy, $64 TP