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Vodafone Group PLC VOD

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Stock XLON Rating as of
GBX 73.28 +3.30 (4.72%)
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As of Delayed Price Closed
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Company Report

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Vodafone Earnings: In Line With Guidance; Maintaining Fair Value Estimate

Javier Correonero

No-moat Vodafone’s fiscal 2024 results came slightly ahead of guidance in organic terms, with EUR 13.4 billion in EBITDA after leases compared with the EUR 13.3 billion outlook, a 5.8% organic decline year on year. Vodafone expects EUR 11 billion in adjusted EBITDAaL in 2025 after the divestments of Italy and Spain. We are maintaining our GBX 125 fair value estimate and see the shares as undervalued, although we do not see any near-term catalyst in place.

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Price vs Fair Value

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VOD is trading at a 813% premium.
Price
GBX 73.28
Fair Value
GBX 238.00
Uncertainty
Medium
1-Star Price
GBX 483.62
5-Star Price
GBX 14.60
Economic Moat
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Capital Allocation
Khpdtpmn

Bulls Say, Bears Say

Bulls

The new CEO, Margherita della Valle, is making bold and right capital allocation decisions, divesting underperforming businesses that have been a drag for the past decade and cutting dividends.

Bears

Regulation remains very tough for European telecoms, preventing effective consolidation and constantly encouraging the entrance of new players that drop prices.

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Trading Information

Previous Close Price
GBX 69.98
Day Range
GBX 69.56–73.76
52-Week Range
GBX 62.71–90.76
Bid/Ask
GBX 70.00 / GBX 74.00
Market Cap
GBX 1.98 Tril
Volume/Avg
187.5 Mil / 112.7 Mil

Key Statistics

Price/Earnings (Normalized)
10.89
Price/Sales
0.63
Dividend Yield (Trailing)
10.53%
Dividend Yield (Forward)
9.07%
Total Yield
10.53%

Company Profile

Vodafone operates mobile and fixed-line networks and businesses in more than 20 countries. Its largest market is Germany, where it is the second mobile operator after Deutsche Telekom and owns a cable network after acquiring Kabel Deutschland in 2013 and Liberty Global Germany in 2019. In the UK it acts mainly as a mobile operator, being the second largest player after BT Group. In 2024 Vodafone divested its Spanish and Italian divisions, given their low returns on invested capital.
Sector
Communication Services
Industry
Telecom Services
Stock Style Box
Large Value
Total Number of Employees
93,095
Website
https://www.vodafone.com

Competitors

Valuation

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Metric
VOD
DTEGY
ORAN
Price/Earnings (Normalized)
 10.8913.7611.10
Price/Book Value
 0.391.880.87
Price/Sales
 0.630.980.64
Price/Cash Flow
 1.612.862.35
Price/Earnings
VOD
DTEGY
ORAN

Financial Strength

Metric
VOD
DTEGY
ORAN
Quick Ratio
 0.860.860.68
Current Ratio
 0.891.010.83
Interest Coverage
 5.222.463.80
Quick Ratio
VOD
DTEGY
ORAN

Profitability

Metric
VOD
DTEGY
ORAN
Return on Assets (Normalized)
 1.87%2.67%2.84%
Return on Equity (Normalized)
 4.81%13.98%9.89%
Return on Invested Capital (Normalized)
 3.75%4.95%9.61%
Return on Assets
VOD
DTEGY
ORAN
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