Vodafone to Virgin spectrum sale: More details revealed

As part of the Vodafone-Three merger (VOD3UK), the merging companies committed to sell a portfolio of spectrum to VMO2. The details of that spectrum portfolio have now been formally disclosed by Ofcom, which has published a notification listing the frequencies that are due to be transferred (LINK). In this note, we run through the final decisions and implications for potential UK revenue share.

Sub-Saharan African Telecoms Good quarter, Vodacom price target to ZA...

The Sub-Saharan African (SSA) operators performed well in Q1 with service revenue trends accelerating, solid Fintech and sequentially stable margins.

Global EM Telcos M&A Cycle in-bound; buy the targets

With sentiment, leverage and cash flow all improving for EM Telcos we think we are approaching the point of the cycle where M&A is going to become more prevalent, and shift from bearish (in-market consolidation), to bullish (out of footprint). Investors should consider building portfolios based on likely targets. Who are they?

Credit Morning 06/02/2025

Flos B&B Italia: lower results and increased leverage in Q1|Announcement by the Gabonese Government to ban crude manganese export from 2029|Eutelsat is reportedly in talks with investors to raise € 1.5bn (Bloomberg)|

Morning Crédit 02/06/2025

Flos B&B Italia : résultats en repli et augmentation du levier auT1|Annonce du Gouvernement gabonais d’interdire les exportations de manganèse brut à partir de 2029|Eutelsat discuterait avec des investisseurs pour lever 1,5 md EUR (Bloomberg)|

The company started seeing signs of recovery as subscriber losses begu...

As we expected, the UK merger completed this morning, so we wanted to take this opportunity to highlight the note we put out on Saturday, in which we published our new model (including the UK merger, and assuming Vodafone buys out the Hutchinson minority in 3 years’ time). The terms of the deal are as initially announced. We believe the value creation is +9p per share, included within our 120p price target. We still see >50% upside from current levels.

Global EM Telcos & Towers Bull market continues – NSR GEM Top-10 June...

It was another very strong month for our picks as the EM Telco bull market continues. As we have been arguing for some time EM Telco is a much better space than it used to be, and the market has now started to understand this. This note also includes key news & other thoughts, to try to help investors generate alpha within the EM Telco space.

Vodafone (Buy, 120p, +56%) Was 135p Target price/ model update: T...

We don't usually aim to publish price target updates over the weekend, so please do forgive us, but with today being May 31st and Vodafone's desire to close the UK merger during H1 and at a month-end, we would like to think that the UK deal closing could be very imminent - and maybe even today.

GEM Telcos: Consolidation – THE theme driving improved trends for EM T...

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?

Vodafone Group: 1 director

A director at Vodafone Group bought 356,000 shares at 72p and the significance rating of the trade was 55/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the last two years clearly sho...

ODDO BHF SECURITIES LARGE CAPS MORNING NEWS 05/20/2025

Vodafone (Buy, 135p, +82%) FY 2025: Trying to move the debate on from ...

The broad theme of Vodafone’s results remains the same as in past periods: Germany has been disappointing and has been the main focus of the market, but other parts of the business have been able to offset it, with increasing weight now on Vodacom for FY26.

Vodafone : FY 2026 FCF guidance better than expected despite Germany

Vodafone : FY 2026 FCF guidance better than expected despite Germany

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

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

Vodafone (Buy, 135p, +87%) Vodafone CFO departing: Quick thoughts

Vodafone has announced that Luka Mucic will be stepping down as Vodafone CFO by year-end, after only taking on the role in September 2023. We run through some quick thoughts on this move here and set out our estimates ahead of results in 2 weeks time

Global EM Telcos Capex in steep decline; underpins EFCF growth

We analyze the capex history & outlook for Global EM Telcos. For this group capex is falling rapidly (-12% in 2024 in US$) as competitive intensity improves and markets consolidate. Excluding China and India, EM Telco capex is already down 23% from peak.

Global EM Telcos & Towers Still rising – NSR GEM Top-10 May ‘25 Updat...

Despite global volatility our EM Top Picks posted positive returns again in April and now up 34% YTD on average. As we have been arguing for some time EM Telco is a much better space than it used to be and this is now being reflected by the market it seems.

Vodafone (Buy, 135p, +93%) Vodacom upside undervalued

When talking about Vodafone with market participants, almost all of the discussion tends to be on Germany. However, this morning my colleague Chris has upgraded his estimates for Vodacom and we have increased our target from ZAR150 to ZAR180 – with the full details published here. We believe the positive benefits from Vodacom are being overlooked in the Vodafone share price and we re-visit that thesis in this note with an updated view on Vodafone.

Sub-Saharan African Telecoms Vodacom price target to ZAR180; Q4 24 re...

Q4 was a solid quarter for the Sub-Saharan African (SSA) operators with trends accelerating across the board. Trends are likely to accelerate further, mainly driven by Nigeria going from Zero to Hero.