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MarketScreener Homepage  >  Equities  >  London Stock Exchange  >  Vodafone Group Plc    VOD   GB00BH4HKS39

VODAFONE GROUP PLC

(VOD)
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Vodafone : increasingly confident after resilient first half

11/16/2020 | 05:51am EST
Branding hangs outside a Vodafone shop in Oxford

LONDON (Reuters) - Vodafone, the world's second largest mobile operator, nudged up its earnings outlook on Monday, saying it was increasingly confident after a "resilient" first half, despite the impact of COVID-19 obscuring its underlying momentum.

The British company was hit by the loss of roaming revenue as international travel was curtailed by the pandemic, resulting in a 0.4% drop in group service revenue in the second quarter.

Excluding roaming, service revenue grew 1.5%, the company said, helped by rises in its European contract customer base to 65 million and its broadband customers to 25.4 million, and speed-tiered unlimited data mobile plans in nine markets.

Chief Executive Nick Read said the results underlined "increased confidence" in the outlook and demonstrated progress in increasing customer loyalty, growing its fixed broadband base and delivering 5G efficiently through network sharing.

"Overall I'm pleased with pace and performance against our plan," he told reporters on Monday.

Vodafone put numbers on its adjusted core earnings target for the year to end-March: 14.4 billion euros to 14.6 billion euros, compared to 14.5 billion euros for the previous year.

It had previously said they would be "flat to slightly down". Analysts were forecasting 14.37 billion euros.

Shares rose as much as 4% to 125 pence, the highest level since late July.

Vodafone, which plans to list the spin-out of its towers business in Frankfurt early next year, also confirmed its full-year free cashflow guidance of at least 5 billion euros before spectrum and restructuring costs on Monday.

Read said more details on the IPO plan would be given to investors on Tuesday.

However, he said Vodafone wanted to put its stake in its CTIL joint venture with Telefonica into the spin-out.

"We have done a significant amount of work with Tef (Telefonica) and it is our intention ultimately to roll our stake in CTIL into Vantage Towers, ideally ahead of the IPO," he said.

For the six months to the end of September, Vodafone reported adjusted earnings of 7.0 billion euros, down 1.9%, on a 2.3% drop in group revenue to 21.4 billion euros.

(Editing by Sarah Young, Kirsten Donovan)

By Paul Sandle


© Reuters 2020
Stocks mentioned in the article
ChangeLast1st jan.
TELEFONICA S.A. 1.92% 3.656 Delayed Quote.10.54%
VODAFONE GROUP PLC 0.59% 129.16 Delayed Quote.6.17%
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Financials
Sales 2021 43 431 M 52 818 M 52 818 M
Net income 2021 2 227 M 2 708 M 2 708 M
Net Debt 2021 44 034 M 53 551 M 53 551 M
P/E ratio 2021 21,7x
Yield 2021 6,22%
Capitalization 38 799 M 47 040 M 47 185 M
EV / Sales 2021 1,91x
EV / Sales 2022 1,85x
Nbr of Employees 105 263
Free-Float 92,8%
Chart VODAFONE GROUP PLC
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Vodafone Group Plc Technical Analysis Chart | VOD | GB00BH4HKS39 | MarketScreener
Technical analysis trends VODAFONE GROUP PLC
Short TermMid-TermLong Term
TrendsNeutralBullishNeutral
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus BUY
Number of Analysts 23
Average target price 1,93 €
Last Close Price 1,45 €
Spread / Highest target 81,2%
Spread / Average Target 33,2%
Spread / Lowest Target -31,3%
EPS Revisions
Managers and Directors
NameTitle
Nicholas Jonathan Read Group Chief Executive Officer & Executive Director
Jean-François M. L. van Boxmeer Chairman
Margherita Della Valle Group Chief Financial Officer & Director
Pierre Klotz Finance Director
Johan Wibergh Group Chief Technology Officer
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