New Street Research - Vodafone Group (VOD LN) Vodafone to Virgin spectrum sale: More details revealed

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New Street Research

James Ratzer

EUR 8721.00 For Business Accounts Only

Vodafone to Virgin spectrum sale: More details revealed

As part of the Vodafone-Three merger (VOD3UK), the merging companies committed to sell a portfolio of spectrum to VMO2. The details of that spectrum portfolio have now been formally disclosed by Ofcom, which has published a notification listing the frequencies that are due to be transferred (LINK).

In this note, we run through the final decisions and implications for potential UK revenue share.

19/06/2025 1 EN

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Vodafone Group

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James Ratzer

Other Reports on these Companies

New Street Research

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.

EUR 8721.00

June 2, 2025 June 2, 2025 1 EN

New Street Research

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

We don't usually aim to publish price target updates over the weekend, so please do forgive us, but with today being May 31st and Vodafone's desire to close the UK merger during H1 and at a month-end, we would like to think that the UK deal closing could be very imminent - and maybe even today.

EUR 8721.00

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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

Eutelsat (Sell, €1.0, -60%) French army provides some reinforcement

Transgene Sponsored Research Strong TG4050 Data Presented at ASCO

Transgene - Strong TG4050 Data Presented at ASCO (Sponsored Research, TP EUR 2.60, 12pgs)

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