Vodafone : The bull case scenario in the event of a sale of Vantage Towers
>Calculation of the impact on Vodafone’s valuation - According to Bloomberg, Vodafone has received offers for all or part of its 82% stake in Vantage Towers, a possible scenario judging by the M&A activity in the sector. Vodafone has indicated its interest in monetising its towers activity whilst at the same time retaining joint control. On our estimates, Vantage Towers is valued at ~20x 2022e EV/EBITDAaL (multiples adjusted for the stakes in Inwit and Cornerstone) vs...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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