Spread Research - Vodafone Group PLC (ADR) (VODJ) VodafoneZiggo 1Q18 - Main KPIs trending in the right direction

Report

Spread Research

Jean-Rene Meduri

VodafoneZiggo 1Q18 - Main KPIs trending in the right direction

Mobile revenue (-8.5% yoy) strongly declined primarily due to MTRs cuts (July 2017) and "roam like at home" regulation (June 2017). However, mobile customer net-adds were quite encouraging. Unlike in previous quarters, VodafoneZiggo gained 4.9k customers (vs. -81k in 4Q17 and -60k in 1Q17) and this time did better than its main competitor – the incumbent KPN (-70k qoq).

11/05/2018 3 EN

Underlying

Vodafone Group PLC (ADR)

See profile

US92857W3088 United Kingdom

Provider

Spread Research

Spread Research is France's first Rating Agency, registered by ESMA (European Securities and Markets Authority) and a leading European Independent Credit Research firm, founded in 2004 and based in Lyon, France. Our experienced team offer key research services using a wide range of investment strategies and research methodologies for the High Yield, Emerging Markets, Convertibles and Loan Markets.

See profile

Analysts

Jean-Rene Meduri

Other Reports on these Companies

New Street Research

GEM Telcos: Consolidation – THE theme driving improved trends for EM Telcos – how far can it go?

Earlier this month we published on how Global EM Telco Capex is falling rapidly, in large part driven by consolidation. On average EM Telco markets have fallen from a peak of 7 players to under 3. We expect many to end up with 2, or even a single network. How much further far might this cut capex?

EUR 8600.00

May 27, 2025 May 27, 2025 1 EN

New Street Research

Vodacom (Buy, TP: ZAR180, +38%) Q4 25 – Decent Q4, MT guidance upgraded

Vodacom has reported a decent set of Q4 numbers with a nice acceleration in service revenue but a small slowdown in EBITDA trends.

EUR 8600.00

May 19, 2025 May 19, 2025 1 EN

New Street Research

Global EM Telcos & Towers – On Fire - NSR GEM Top-10 April 25 Update. IHS target to $7.7.

Our picks were on fire in March, with our top EM Telcos now up 27% YTD on average. This note also includes key news & other thoughts catalysts, help investors generate alpha within the EM Telco space.

EUR 8600.00

April 2, 2025 April 2, 2025 1 EN

Gamenet 2q18 - sport payout change offsets regulation impact, goldbet to boost profitability

Gamenet, Italy’s No. 3 gaming firm, reported good 2Q18 results with stable sales yoy at €148m and EBITDA up 9% yoy to €21m, giving a 14.5% LTM margin as of June 2018 against 13.2% as of December 2017. Once again, Gamenet has adjusted its sport betting payout (winnings returned to players), lowering it to 80.3% during the quarter from 85.7% last year, to mitigate the impact from the tightening of regulation on gaming machines initiated in May 2017.

EUR 200.00

August 2, 2018 August 2, 2018 3 EN

Joan Sehim

Joan Sehim

INTRALOT- Special Comment

We initiated coverage in February with an Underweight recommendation on the Intralot 6.75% 2021 and 5.25% 2024 bonds, concluding that the group’s emerging profile and recent bad track record in tenders would weigh on bond prices. Since then, the 2021 and 2024 bonds have lost around 20-25 points to 86.375 and 78.375 respectively, now yielding at a high 10-12% to worst. The freefall started in May amid concerns over the group’s vulnerably to the Argentinean peso and Turkish lira (around 29% EBITDA), on top of contract losses in Morocco and South Carolina - in favor of Sisal and IGT respectively ...

EUR 200.00

August 1, 2018 August 1, 2018 3 EN

Benjamin Sabahi

Benjamin Sabahi

IQVIA- 2Q18 Comments

The world’s largest provider of healthcare information reported strong numbers for 2Q18. Reported revenues increased by 9% yoy in 2Q18 and +7.7% excluding FX. This was above market expectations and an intensification of the positive trends seen in 4Q17 (+5.5%) and 1Q18 (+5.2%) excluding FX impacts. This was down to a mix of accelerated organic growth coupled with M&A contributions, fully reflecting the investments in the next generation of clinical trials.

EUR 200.00

August 1, 2018 August 1, 2018 3 EN

Sign-up for free to access full reports immediately

Email Address*

Choose Password* ( 6 or more characters )

Due to regulatory restrictions regarding the distribution of financial research, this report is restricted to a specific region or investor type. Get access to exclusive reports by answering the questions below.

Select your country*

Get financial insights straight to your inbox

By clicking "register" you accept the Terms and Conditions & Privacy Policy

Already on ResearchPool?

Almost there...

Are you a professional investor?

Select your country

REGISTER

Create a free ResearchPool account to access full reports, get a personalised dashboard and follow providers or companies

In order to access this report please create an account.

LOGIN

VodafoneZiggo 1Q18 - Main KPIs trending in the right direction

GEM Telcos: Consolidation – THE theme driving improved trends for EM Telcos – how far can it go?

Vodacom (Buy, TP: ZAR180, +38%) Q4 25 – Decent Q4, MT guidance upgraded

Global EM Telcos & Towers – On Fire - NSR GEM Top-10 April 25 Update. IHS target to $7.7.

Gamenet 2q18 - sport payout change offsets regulation impact, goldbet to boost profitability

INTRALOT- Special Comment

IQVIA- 2Q18 Comments

Create a free ResearchPool account to access full reports, get a personalised dashboard and follow providers or companies

Sign-up for free to access full reports immediately

ResearchPool Subscriptions

Get the most out of your insights

Why subscribe?

How to subscribe

ResearchPool Subscriptions

This report is only available to subscribers

Why subscribe?

How to subscribe