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VOD Vodafone Group Plc

69.34
-0.28 (-0.40%)
24 Apr 2024 - Closed
Delayed by 15 minutes
Share Name Share Symbol Market Stock Type
Vodafone Group Plc VOD London Ordinary Share
  Price Change Price Change % Share Price Last Trade
-0.28 -0.40% 69.34 16:35:25
Open Price Low Price High Price Close Price Previous Close
69.68 68.68 70.06 69.34 69.62
more quote information »
Industry Sector
MOBILE TELECOMMUNICATIONS

Vodafone VOD Dividends History

Announcement Date Type Currency Dividend Amount Ex Date Record Date Payment Date
14/11/2023InterimGBP0.03845323/11/202324/11/202302/02/2024
16/05/2023FinalGBP0.03863708/06/202309/06/202304/08/2023
15/11/2022InterimGBP0.03959224/11/202225/11/202203/02/2023
17/05/2022FinalGBP0.03785101/06/202206/06/202205/08/2022
16/11/2021InterimGBP0.03725/11/202126/11/202104/02/2022
18/05/2021FinalGBP0.03834324/06/202125/06/202106/08/2021
16/11/2020InterimGBP0.0398117/12/202018/12/202005/02/2021
12/05/2020FinalGBP0.04079711/06/202012/06/202007/08/2020
12/11/2019InterimGBP0.03797828/11/201929/11/201907/02/2020
InterimGBP0.04527/11/201929/11/201907/02/2020
14/05/2019FinalGBP0.03725106/06/201907/06/201902/08/2019
InterimGBP0.041605/06/201907/06/201902/08/2019

Top Dividend Posts

Top Posts
Posted at 28/3/2024 11:38 by philanderer
Nice buy.

------------


Berenberg: Changing Vodafone is a different investment case


Vodafone (VOD) is a different investment case to a year ago but there are still operational risks, says Berenberg.

Analyst Carl Murdock-Smith retained his ‘hold’ recommendation and increased the target price from 75p to 78p on the Citywire Elite Companies AAA-rated telecoms giant, which climbed 1.1% to 69.4p yesterday. The shares have shed half their value over the past five years.

Murdock-Smith said chief executive Margherita Della Valle gave a ‘frank assessment of Vodafone’s “need to change”’ at last year’s annual results, ‘and changed it has’.

‘With completion of the sale of its Spanish operations imminent, the UK merger approval process well underway, and the planned Italian disposal announced earlier this month, Vodafone now has a different investment case to that of a year ago,’ he said.

However, Murdock-Smith noted that ‘operational risks are significant in the coming quarters, such as German cable TV unbundling and managing any possible dyssynergies from the smaller ongoing footprint, while foreign exchange risk remains high, mostly in relation to Turkey and Egypt’.



citywire.com
Posted at 19/3/2024 17:50 by davius
Stockwatch: is it time to buy Vodafone shares?

Vodafone’s finances can look worrying, but analyst Edmond Jackson likes the investment case and believes this director’s share buying is too big to ignore.

19th March 2024 12:26

by Edmond Jackson from interactive investor

Share trading by a chief financial officer (CFO) can be the most pertinent to watch given they are closest to company finances, and not being as well paid as a CEO, may mean exercising greater care.

Many director dealings announcements nowadays involve non-executive directors given executives have substantial share option schemes, although such purchases can be to comply with contractual obligations that they hold a certain amount of shares rather than a reaction to value offered.

So it is an eye-popper how Luka Mucic, the CFO of Vodafone, has spent over £1.7 million on shares in the company at 69.6p. It is the biggest share purchase by a CFO I have ever seen. For context, page 191 of the 2022 annual report cites £7 million total annual director remuneration by way of salaries and incentive schemes. It would have been far better to show what each director gets by way of remuneration elements, but still implies he could have staked at least three years of his after-tax income in this deal.

In most situations, such a buy would have electrified interest, but it is a reflection of current jaundice towards telecom stocks, how Vodafone Group slipped nearly 4% yesterday to close at 67.6p. Indeed, BT Group fell the exact same amount to 105p. In early dealings today, the erosion continued.

It raises stark questions about pricing of FTSE 100 stocks which you would assume is reasonably efficient. Yet the market is trending opposite to what a CFO implies, screaming value. In one of his annual reports, Warren Buffett has written words to the effect: “A stock that is large and widely followed can be the more irrationally valued.”

Is market right or wrong with Vodafone shares near all-time low?
Its current level is just above the 63p multi-decade low seen just a month or so ago, albeit well down on highs of over 200p in 2014 to 2017. You could regard the chart as potentially in the early stage of building a support level, but this is not in place and a bullish “bowl” formation would be some way off, for what chart folklore is worth.

If consensus forecasts are at all credible, the dividend yield is currently just over 11% based on a payout of 9 euro cents for the year ended 31 March 2024, and about 5.7% based on the planned halving of the dividend for the current financial year.

In principle, this not only looks a highly attractive yield but, if by any means realistic, implies the stock also at some point will rise. In practice, it flags perception of high financial risks and many investors have been attracted to Vodafone’s yield, then suffered paper losses.

Last November’s interim results to 30 September portrayed a declining dynamic with a 4% reduction in revenue but 44% drop in operating profit to €1.7 billion (£1.4 billion) - classic “operational gearing”. Higher interest rates on €58 billion of net debt then whittled pre-tax profit down by 67% to €550 million and to a net loss after a €705 million tax charge. The only positive being that tax authorities have taken a higher view of profit.

An uneasy income statement continued into the cash flow profile, where investment took €3.8 billion of €5.5 billion generated from operations, down 12%. Some €5.5 billion then justifiably went on repaying borrowings, €1.1 billion on interest and nearly €1.4 billion on various dividends. The total financing outflow was € 6.4 billion and net cash outflow €4.6 billion. So, while the recent dividend policy has been possible, the market has perceived it as not necessarily prudent.

Vodafone - financial summary
Year end 31 Mar

2016 2017 2018 2019 2020 2021 2022 2023
Revenue (€ million) 49,810 47,631 46,571 43,666 44,974 43,809 45,580 45,706
Operating margin (%) 2.7 7.8 9.2 -2.2 9.1 11.7 12.8 31.3
Operating profit (€m) 1,320 3,725 4,299 -951 4,099 5,129 5,813 14,296
Net profit (€m) -5,405 -6,297 2,439 -8,020 -920 59.0 2,237 11,838
Reported EPS (euro cents) -20.3 -7.8 15.8 -16.2 -3.1 0.2 7.7 42.6
Normalised EPS (cents) -18.0 -9.8 16.3 -6.7 -7.9 2.6 8.3 13.0
Ops cashflow/share (cents) 53.7 50.8 48.8 47.0 59.1 58.0 62.1 65.0
Capex/share (cents) 52.0 31.7 29.3 29.5 25.8 29.1 31.1 33.2
Free cashflow/share (cents) 1.7 19.2 19.5 17.5 33.2 28.9 31.0 31.8
Dividend/share (cents) 14.4 14.8 15.1 9.2 8.9 9.2 9.0 8.9
Earnings cover (x) -1.4 -0.5 1.1 -1.8 -0.4 0.0 0.8 4.8
Return on capital (%) 1.0 3.3 4.0 -0.8 3.0 4.1 4.8 11.8
Cash (€m) 18,259 14,955 13,469 26,649 20,646 14,980 15,427 18,722
Net debt (€m) 38,793 31,314 29,512 26,306 54,279 52,780 54,665 47,668
Net asset value (€m) 83,325 72,200 67,640 62,218 61,410 55,804 54,783 63,399
Net asset value/share (cents) 314 271 254 228 229 198 193 235
Source: historic company REFS and company accounts

Yet confirmation on 15 March of the sale of Vodafone Italy to Swisscom for €8 billion upfront cash implies the balancing act stands a fair chance of continuing, versus nearly €2.5 billion going out as dividends – based on the 9 cents per share annual payout - with $4 billion said to be returned to shareholders via buybacks.

Obviously, disposals are no enduring prop, the underlying trajectory of operations is vital. A 5 February trading update in respect of Vodafone’s third quarter to end-2023, cited organic growth of 4.7% despite disposals meaning a slight 1.4% slip in reported revenue. It was reassuring how 14 out of 17 markets were said to be growing.

Nods to modernisation were made by way of Cloud and Internet of Things services growing over 20%, probably small in an overall context. “We’ve also begun strategic partnerships with Microsoft and Accenture to fast-track our transformation,̶1; it said.

Germany edged slightly better, with both reported and organic growth up 0.3% to near €2.9 billion. Yet there appears unease in the market about how this division constitutes a quarter of group revenue and its chief executive of two years is being replaced. Frets also exist about whether a merger with Three in the UK will pass regulatory scrutiny.

The shares do however look to price in much of this distress. If consensus for around €2.0 billion net profit in the current year to 31 March is fair, the forward price/earnings (PE) ratio is around 9x, although it’s unclear quite how realistic is the €2.4 billion profit targeted for March 2025.

With 75% of €61.6 billion net assets constituting goodwill/intangibles, €15.2 billion net tangible assets imply 48p a share – assets ultimately being worth what they can earn.

Significant uncertainty is involved here but my sense is that the CFO thinks this works more in his favour – to grasp substantial Vodafone equity at its current price, despite its "falling knife" semblance.

If fundamentals were deteriorating to an extent that it leaves equity value exposed, hedge funds would be over Vodafone like a rash. But you have to go back to 2022 to find any. Marshall Wace, which I tend to regard as a benchmark for well-judged short-selling, went below 0.5% exposure in autumn 2021. Who knows if it is still short?

BT, by comparison, has nearly 2.6% of its share capital out on loan, with AKO Capital having edged over 0.9% on 7 March, while the Canada Pension Plan Investment Board stayed flat at 0.5% and BlackRock, also Kintbury Capital, trimmed theirs slightly below 0.6%. Those are still substantial shorts for a £10 billion company and, as of last September, none were disclosed. To an extent they will be taking a view on telecoms besides BT specifically.

For me, the sheer scale of this director buying – and it being the CFO – tilts me towards a sense that the shares have fallen to a level where risk/reward has become attractive. Sentiment is too dire versus Vodafone’s underlying dynamic.

Obviously, most of us do not have the income base of senior telecoms bosses should things not turn out as hoped. But this trade looks an indicator to consider averaging in. Buy.
Posted at 02/3/2024 01:59 by kiwi2007
I don't think there's anything happening especially, just that the market is spotting value;

VOD
is a stock many investors are watching right now. VOD is currently sporting a Zacks Rank of #2 (Buy), as well as a Value grade of A. The stock is trading with P/E ratio of 10.20 right now. For comparison, its industry sports an average P/E of 10.46. Over the last 12 months, VOD's Forward P/E has been as high as 12.20 and as low as 9.02, with a median of 10.03.

Another notable valuation metric for VOD is its P/B ratio of 0.35. The P/B ratio pits a stock's market value against its book value, which is defined as total assets minus total liabilities. This company's current P/B looks solid when compared to its industry's average P/B of 1.03. Over the past year, VOD's P/B has been as high as 0.57 and as low as 0.33, with a median of 0.38.

Value investors will likely look at more than just these metrics, but the above data helps show that Vodafone Group is likely undervalued currently. And when considering the strength of its earnings outlook, VOD sticks out at as one of the market's strongest value stocks.
Posted at 01/3/2024 00:33 by philanderer
From VOD website tonight


Vodafone Group Plc (“Vodafone”) notes recent media speculation and confirms it is in exclusive discussions with Swisscom AG (“Swisscom”) regarding a potential sale of Vodafone Italy to Swisscom for cash.

Subject to confirming binding transaction documentation, the parties have agreed that Swisscom will acquire Vodafone Italy for an enterprise value of €8 billion on a debt and cash free basis and subject to customary closing adjustments. The enterprise value represents a multiple of c.26x consensus FY24F OpFCF1 and c.7.6x consensus FY24F Adjusted EBITDAaL1.
Posted at 29/2/2024 17:30 by veryniceperson
Vodafone (NASDAQ:VOD) rose 3.2% in trading in London amid renewed takeover speculation. Vodafone ADRs gained 3.1% in premarket trading.There's speculation that there may be interest for a full takeover of Vodafone (VOD), according to traders, who cited a Betaville "rare" alert on Thursday.Betaville has done several alerts on Vodafone (VOD) in recent weeks, though the Thursday report was changed to "rare" from "uncooked."Vodafone (VOD) ticked up 0.8% on Friday after a Betaville item about takeover speculation and one person following the matter heard that Goldman Sachs has been hired for a potential acquirer.Betaville reported earlier this month that Vodafone (VOD) may be a takeover target and that American telecom firms are looking at the company
Posted at 24/2/2024 11:45 by philanderer
FWIW

Vodafone shares gain on renewed takeover speculation

Betaville signals renewed takeover interest in Vodafone Group.

Identity of the potential acquirer remains to be known.

Vodafone stock has lost about 35% in the trailing 12 months.

Vodafone Group plc (LON: VOD) is gaining at writing following news of renewed takeover interest.

Here’s what we know so far

A potential acquirer may be working with Goldman Sachs on such a deal. But a different source that talked to Betaville on condition of anonymity said it’s Jefferies who has been hired instead.
Posted at 07/2/2024 22:30 by isis
Vodafone Group Trailing 12 Month Dividend Summary
Dividend Frequency
Biannual
Dividend Yield
12.07%
Dividend Cover
0.98
Dividend Payout Ratio
102%
Posted at 07/2/2024 22:06 by thunders
Bank of America says forecasting the financial outlook for Vodafone is complex and uncertain given that there are deals at various stages of progress in Spain, UK and Italy
Its analysis suggests 2025-28 cash flows will be diluted 23% from pre-deal levels at an average 2.2 billion euros (£1.9 billion), below the 2.5 billion (£2.1 billion) current dividend outflow.
The bank said: “Our view is that while a brief period with the dividend uncovered could be considered, a three-to-four-year gap is too long and that Vodafone will choose to rebase the dividend lower to levels that could be guaranteed and used as a base to grow.”
It assumes that a cut of 40% will result in a more secure payout broadly in line with the wider sector and provide Vodafone with a buffer to deleverage.
Such a move would cut the annual dividend from nine euro cents (7.68p) to 5.4 euro cents (4.61p) a share, leading to a yield of 7%.
With the benefit of excess cash flows and disposal proceeds, the company can then consider one billion euros (£850 million) of share buybacks alongside 5% a year dividend growth.
The bank said: “As a 12% total return profile this is not unattractive and is perhaps the best way to see the ‘wood for the trees’ amid the complexity.”
This week’s note highlights a price target of 122p alongside a “buy” recommendation.
The bank added: “Restructuring is complex and Germany faces operational headwinds.
“However, looking through the complexity we envisage a new, more constructive shareholder remuneration policy and portfolio restructuring to provide scale and support better returns, or to exit where there is no route to do so.”
Among other City firms, UBS this week cut its price target by 2p to 98p but still has a “buy” rating. JP Morgan lowered from 88p to 80p with a “neutral”; stance.
Posted at 07/2/2024 15:32 by davius
Is Vodafone about to cut its dividend?

After Q3 results failed to resurrect demand for the shares, one team of City analysts outlines their expectations for the dividend, financial performance and latest price target.

A 40% cut in the Vodafone Group dividend has been forecast as the City prepares for a “more constructive” payout policy alongside May’s annual results.

Vodafone shares currently yield dividend income above 11%, fuelling expectations that a big reduction is in store for the mobile phone giant’s large band of retail investors.

Chief executive Margherita Della Valle will update capital allocation priorities once 4.1 billion euros (£3.5 billion) is banked from the imminent sale of its Spain operations.

The outcome of the review should be the focus of full-year results on 14 May, potentially removing a major source of uncertainty hanging over the stock.

The London market’s one-time biggest company continues to trade at its lowest level in over two decades, despite Della Valle’s restructuring efforts in Spain and Italy and the proposed merger of UK operations with Three owner Hutchison.

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This week’s trading update also showed top-line momentum in several countries in Europe and Africa, but with Voda’s largest market of Germany still under pressure the shares are 7% lower year-to-date and below 65p this afternoon.

Bank of America says forecasting the financial outlook for Vodafone is complex and uncertain given that there are deals at various stages of progress in Spain, UK and Italy.

Its analysis suggests 2025-28 cash flows will be diluted 23% from pre-deal levels at an average 2.2 billion euros (£1.9 billion), below the 2.5 billion (£2.1 billion) current dividend outflow.

The bank said: “Our view is that while a brief period with the dividend uncovered could be considered, a three-to-four-year gap is too long and that Vodafone will choose to rebase the dividend lower to levels that could be guaranteed and used as a base to grow.”

It assumes that a cut of 40% will result in a more secure payout broadly in line with the wider sector and provide Vodafone with a buffer to deleverage.

Such a move would cut the annual dividend from nine euro cents (7.68p) to 5.4 euro cents (4.61p) a share, leading to a yield of 7%.

With the benefit of excess cash flows and disposal proceeds, the company can then consider one billion euros (£850 million) of share buybacks alongside 5% a year dividend growth.

The bank said: “As a 12% total return profile this is not unattractive and is perhaps the best way to see the ‘wood for the trees’ amid the complexity.”

This week’s note highlights a price target of 122p alongside a “buy” recommendation.

The bank added: “Restructuring is complex and Germany faces operational headwinds.

“However, looking through the complexity we envisage a new, more constructive shareholder remuneration policy and portfolio restructuring to provide scale and support better returns, or to exit where there is no route to do so.”

Among other City firms, UBS this week cut its price target by 2p to 98p but still has a “buy” rating. JP Morgan lowered from 88p to 80p with a “neutral”; stance.
Posted at 07/2/2024 15:13 by isis
VOD dividend 12% now - Yikes!

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