Vodafone : A mixed bag (guidance cut but better German net adds and savings)
>The bad news: guidance cut, German margin down - 1/ FY 2023 guidance is tweaked by 2-4% with EBITDAaL now expected at € 15.0-15.2bn (but now in line with the consensus at € 15.1bn, ODDO BHF € 15.2bn) and FCF revised down by 4% at € 5.1bn (also in line with the consensus at € 5.14bn); 2/ Pressure on EBITDAaL reflects pressure in German customer base and costs (EBITDA -7% y-o-y in H1-23 vs Deutsche Telekom Germany +3% and Telefonica Deutschland +5%) and in Italia...Vodafone Group provides mobile and fixed telecommunication services including: access charges, voice and video calls, messaging, interconnect fees, fixed and mobile broadband and related services such as providing televisual and music content, connection fees and equipment sales. Co. provides a range of consumer products and services including mobile, fixed voice, broadband and television, financial as well as other services to operators outside its footprint. Co. also provides a range of enterprise products and services including total communications such as mobile, fixed and a suite of converged communications services, internet of things, cloud and hosting and carrier services.
Oddo Securities provides securities brokerage and research services. The company offers equity, economic, and derivatives research and credit analysis services. It focuses on insurance, automotive, building materials, pharmaceuticals, telecommunications, information technology, and agri-food industries.
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