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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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