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Vodafone posted slightly better than expected figures for the financial year 2012 (ending 31 March). Despite currency effects, the outlook for FY 2013 is in line with consensus expectations. In the European geographical area, business in the Southern countries remains weak, while the Northern countries (UK, Germany) are turning in much better performance. The AMAP zone is still the growth driver. Overall, the group’s operating performance is better than that of most of its European rivals.
After a Q3 IMS (at end December) in line with expectations and forecasts for the FY2013 maintained, Vodafone said that European mobile telecom trends were not that worrying. 2012 started slightly better than the end of 2011 with costs and in-vestments still under control. The “Emerging Countries” portfolio benefits from a higher than average long-term growth potential. In India, the tax problem which was threatening some operations, has now been resolved. Prospects have therefore improved. The group is also strongly positioned in data traffic and continues to keep the increase of traffic and investments well under control in LTE (Mobile 4G), which is being rolled out steadily.
With better than expected half-yearly results and prospects revised upwards, Vodafone has found an essential growth relay in the emerging countries and data services, although it is still exposed to the regulatory risk and to frequency acquisition costs. The improvement of operating results, restructuring of the portfolio of minority shareholdings and the payment of a dividend by its US subsidiary all point to strong performance by this share.
Figures posted for Q2 FY 2012 were slightly better than expected. Prospects for the current financial year were revised upwards. A reassuring message for investors. Spain improved somewhat and the strong performance in the UK and India came as a pleasant surprise. In organic terms, Italy reported a slight decline. Vodafone performed strongly in Germany despite MTR cuts. Finally, Verizon Wireless published excellent results.
The figures announced for Q1 FY2012 (IMS) were “on track to slightly better than expected”. Guidance figures for the current year have been reiterated. This is a reassuring message for investors. With the exception of Spain, the Europe region posted better than expected revenue growth. While the AMAP region slowed slightly, India, Turkey and South Africa maintained very sustained growth. Net debt was down following the company’s withdrawal from SFR. PLUS rating unchanged.
Although it is exposed to the regulatory risk in Europe and to further frequency acquisition costs, Vodafone has found an essential growth relay in the emerging countries and data services (approx. 20% of revenues) . The improvement of operating results (led by the UK, India and Turkey), r estructuring of the portfolio of minority shareholdings (sale of SFR), and the payment of a dividend by its US subsidiary in the near future are all catalysts for the medium term.
The figures announced for Q3 FY2011 (IMS) were slightly better than expected. Guidance for the current financial year has been raised slightly, although without including the impact of Verizon Wireless iPhone sales in the USA. The FCF is down y/y (working capital requirement affected by early payments). The company is presenting its IMS for the first time (essentially revenues, capex and FCF) based on its new organisation into two divisions (Europe and AMAP, i.e. Africa, Middle East and Asia Pacific).
The results for the 1st half of FY2011 proved slightly better than expected. The outlook for the current financial year has therefore been raised. The group has also outlined its present strategy and indicated the broad outline of operating trends for the next three years. While some caution over the economic environment remains palpable, the management is confident in its business model for the longer term. The group’s re-rating is expected to continue. PLUS code confirmed.
Although it is exposed to the regulatory risk in Europe and to further frequency acquisition costs, Vodafone has found an essential growth relay in the emerging countries and data services (>20% of revenues). The improvement of operating results (led by Germany, India and Turkey), the restructuring of the portfolio of minority shareholdings and the early payment of a dividend by its US subsidiary are all catalysts for the medium term.
Despite an environment that remains difficult (fragile macro situation in some zones, regulation), Vodafone has published strong annual results generally in line with expectations. However, free cash flow was significantly better than expected. Forecasts for the financial year ending March 2011 have been reviewed upwards and a minimum dividend policy (+7% per year) has been set by the management. The group is pursuing its strategy (data services, emerging countries, even if the situation on the Indian market remains challenging). PLUS code confirmed.
Although it is exposed to the regulatory risk in Europe and to further frequency acquisition costs, Vodafone has found a significant growth relay in the emerging countries and data services (>20% of revenues), backed by a robust balance sheet. The prospect for dividend payments by its US subsidiary, Verizon Wireless, in which it has a 45% interest , and the consolidation of Mobile business in Europe and network sharing agreements enhance the potential for the group to gain in value.
Despite an environment which remains difficult (macroeconomic situation, MTR regulation), Vodafone published half-yearly results (1st half FY2009/2010) that were solid and generally in line, with a better than expected FCF. Forecasts for the entire financial year are being maintained, except for Ebitda margins; that is the main source of disappointment. The management is pursuing its strategy (preservation of the FCF; shareholder return) but provides very little information about coming quarters, which leaves the market somewhat in the dark. PLUS code confirmed.
Although it is exposed to the regulatory risk in Europe and additional frequency acquisition costs, Vodafone has found a significant growth relay in the emerging countries and data services (>20% of revenues), backed by a robust balance sheet. In addition, the performance of its US subsidiary, Verizon Wireless, in which it holds a 45% share, remains excellent. The group also benefits from recurring FCF and an attractive valuation. PLUS code confirmed.
Despite an environment that remains difficult (macroeconomic context, regulation), Vodafone published solid quarterly PKIs (1st quarter 2009/2010) slightly above expectations. Forecasts for the financial year as a whole (issued in May) have been maintained, subject to exchange rate adjustments. Management is continuing its strategy aimed primarily at preserving FCF and return to the shareholder, pushing through a cost cutting plan worth GBP1billion per annum until 2011. PLUS code reiterated.
Although it is exposed to the regulatory risk in Europe and has some sensitivity to the economic environment, Vodafone is developing an “emerging countries” portfolio with above-average long-term growth and data services (>20% of income) with substantial potential, backed by a robust balance sheet. With an attractive valuation, the group also benefits from recurring FCF. PLUS code confirmed.
Despite a more difficult environment, but with the benefit of favourable exchange rates, Vodafone has published slightly better than expected half-yearly results (FY ending March 2009). Forecasts for the whole financial year have been adjusted downwards on the revenue side, but upwards for FCF. In addition to this positive signal, the new management is committed to a strategy which is designed first and foremost to safeguard FCF and shareholder return, with the emphasis on a cost cutting plan worth GBP 1billion per year until 2011. PLUS code confirmed.
Although it is exposed to the regulatory risk in Europe and has some sensitivity to the economic environment, Vodafone is developing an “emerging countries” portfolio with above-average long-term growth and data services (>21% of income) with substantial potential, backed by a robust balance sheet. With an attractive valuation, the group also benefits from a positive currency effect (£) and recurring FCF.
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