Vodafone : Our assumptions for a JV in Italy, an opportunity to revalue Vodafone
>Our scenario: € 6bn in synergies in Italy (7p per Vodafone share + re-rating) - According to Bloomberg, Vodafone and Iliad are in talks about ‘tie-ups’. In our view, the most likely scenario for these discussions would be a JV. As a reminder, Vodafone rejected an offer from Iliad to acquire Vodafone Italy in early 2022 for € 11.3bn (7x EBITDAaL). In our scenario (see page 2), a tie-up could deliver at least € 5bn in synergies. Our assumptions include: i/ a valua...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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