Report
Stephane Beyazian

Vodafone : Better service growth but still cost pressure in Spain, Italy and Germany

>FY 2024 guidance confirmed above consensus despite low FCF in H1 2024 - Vodafone reported H1 2024 revenues of € 21,940m (cons € 21,502m) and H1 2024 EBITDAaL of € 6,380m (cons € 6,331m). FCF in H1 2024 are low with a € 2.0bn loss but which includes seasonal working capital outflow (€ 3.4bn), a spectrum of € 0.2bn and restructuring charges of € 0.3bn – we observed a similar pattern in H1 2023 (€ 3bn loss) and H1 2022 (€ 1bn loss). However, Vodafone confirms FY 2024 gu...
Underlying
Vodafone Group Plc

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.

Provider
Oddo BHF
Oddo BHF

​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.

Analysts
Stephane Beyazian

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