Vodafone Group PLC

VOD: XLON (GBR)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	GBX 165.00	Gqpw	Cvjhdyr

Mixed Trends in Vodafone’s Trading Update; Maintaining Our GBX 125 Fair Value Estimate

Javier Correonero

Feb 1, 2023

Vodafone’s service revenue grew organically by 1.8% in its third fiscal quarter, but only thanks to its African operations, which grew by 3.5% compensating for a 1.1% decline in Europe. We remain at the lower end of management guidance of EUR 15.0 billion to EUR 15.2 billion in adjusted EBITDA (after leases) for the fiscal year ending in March 2023. We maintain our GBX 125 fair value estimate.

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