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Vodafone Group PLC ADR VOD Stock Quote

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Lowering Vodafone Fair Value Estimate to GBX 125; Germany and Italy Main Detractors to Performance

Javier Correonero Equity Analyst

Analyst Note

| Javier Correonero |

We are lowering our Vodafone fair value estimate to GBX 125 from GBX 135, after the company reported weaker-than-expected results in the first half of the fiscal year. Headwinds are mainly coming from Germany and Italy. In Germany, Vodafone has underperformed during the past six months. This is a company-specific problem rather than an overall market deterioration, as Deutsche Telekom and Telefonica O2D reported healthy results a few weeks ago, with organic service revenue growth of 2.7% and 3.7%, respectively. The company attributed the weaker results in Germany to commercial underperformance and some revenue pressures. The Italian business also performed weakly, with EBITDA after leases, or EBITDAaL, declining 6.6% organically in the first half of the year. Telecom Italia also reported strong EBITDAaL declines last week as the Italian market remains highly competitive. We have trimmed our margin and revenue assumptions in Germany and Italy for 2023, resulting in the fair value estimate decline. Our adjusted EBITDAaL forecast for this fiscal year remains in the lower end of management’s guided range, around EUR 15.0 billion.

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Key Statistics VOD

Company Profile VOD

Business Description

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 U.K. and Italy, it acts as a mobile operator, while in Spain, it offers converged services after the acquisition of cable operator Ono in 2014. Vodafone also has operations in several Central European and African countries, which combined represent around one third of revenue.

Vodafone House, The Connection
Newbury, Berkshire, RG14 2FN, GBR
Industry Telecom Services
Employees 95,008

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FAQs for Vodafone Group PLC ADR Stock

Yes. VOD has a forward dividend yield of 8.89%. See VOD’s full dividends and stock split history on the Dividend tab.
Dividend yield allows investors, particularly those interested in dividend-paying stocks, to compare the relationship between a stock’s price and how it rewards stockholders through dividends. The formula for calculating dividend yield is to divide the annual dividend paid per share by the stock price.

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VOD’s market cap is 28.72 Bil.
Market capitalization is calculated by taking a company’s share price and multiplying it by the total number of shares. It’s often used to measure a company’s size. In the Morningstar Style Box, large-cap names account for the largest 70% of U.S. stocks, mid-cap names account for the largest 70–90%, and small-cap names are the remaining 10% of companies.

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VOD’s stock style is Large Core.
Style is an investment factor that has a meaningful impact on investment risk and returns. Style is calculated by combining value and growth scores, which are first individually calculated.

High-growth stocks tend to represent the technology, healthcare, and communications sectors. They rarely distribute dividends to shareholders, opting for reinvestment in their businesses. More value-oriented stocks tend to represent financial services, utilities, and energy stocks. These are established companies that reliably pay dividends.

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VOD’s price/sales is 0.62.
Price/sales represents the amount an investor is willing to pay for a dollar generated from a particular company’s sales or revenues.

VOD’s price/forward earnings is 9.00.
Forward P/E gives some indication of how cheap or expensive a stock is compared with consensus earnings estimates. The lower the Forward P/E, the cheaper the stock.

VOD’s price/book is 0.49.
Price/book ratio can tell investors approximately how much they’re paying for a company’s assets, based on historical, rather than current, valuations. Historical valuations generally do not reflect a company’s current market value. Value investors frequently look for companies that have low price/book ratios.

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VOD’s beta can be found in Trading Information at the top of this page.
A stock’s beta measures how closely tied its price movements have been to the performance of the overall market.

Compare VOD’s historical performance against its industry peers and the overall market.