Vodafone (VOD) Share Price

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Stock Name	Stock Symbol	Market	Stock Type	Stock ISIN	Stock Description
Vodafone Group Plc	VOD	London	Ordinary Share	GB00BH4HKS39	ORD USD0.20 20/21

	Price Change	Price Change %	Stock Price	High Price	Low Price	Open Price	Close Price	Last Trade
	0.22	0.14%	160.02	161.66	158.40	159.44	159.80	16:35:12

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Industry Sector
MOBILE TELECOMMUNICATIONS

Vodafone VOD Dividends History

Announcement Date	Type	Currency	Dividend Amount	Period Start	Period End	Ex Date	Record Date	Payment Date	Total Dividend Amount
14/05/2019	Final	EUX	4.16	31/03/2018	31/03/2019	06/06/2019	07/06/2019	02/08/2019	9
13/11/2018	Interim	EUX	4.84	30/03/2018	30/09/2018	22/11/2018	23/11/2018	01/02/2019	0
15/05/2018	Final	EUX	10.23	31/03/2017	31/03/2018	07/06/2018	08/06/2018	03/08/2018	15.07
14/11/2017	Interim	EUX	4.84	30/03/2017	30/09/2017	23/11/2017	24/11/2017	02/02/2018	0
16/05/2017	Final	EUX	10.03	31/03/2016	31/03/2017	08/06/2017	09/06/2017	04/08/2017	14.77
15/11/2016	Interim	EUX	4.74	30/03/2016	30/09/2016	24/11/2016	25/11/2016	03/02/2017	0
17/05/2016	Final	GBX	7.77	31/03/2015	31/03/2016	09/06/2016	10/06/2016	03/08/2016	11.45
10/11/2015	Interim	GBX	3.68	30/03/2015	30/09/2015	19/11/2015	20/11/2015	03/02/2016	0
19/05/2015	Final	GBX	7.622	31/03/2014	31/03/2015	11/06/2015	12/06/2015	05/08/2015	11.22
11/11/2014	Interim	GBX	3.6	30/03/2014	30/09/2014	20/11/2014	21/11/2014	04/02/2015	0
20/05/2014	Final	GBX	7.47	31/03/2013	31/03/2014	11/06/2014	13/06/2014	06/08/2014	11
12/11/2013	Interim	GBX	3.53	30/03/2013	30/09/2013	20/11/2013	22/11/2013	05/02/2014	0
21/05/2013	Final	GBX	6.92	31/03/2012	31/03/2013	12/06/2013	14/06/2013	07/08/2013	10.19
13/11/2012	Interim	GBX	3.27	30/03/2012	30/09/2012	21/11/2012	23/11/2012	06/02/2013	0
22/05/2012	Final	GBX	6.47	31/03/2011	31/03/2012	06/06/2012	08/06/2012	01/08/2012	9.52
08/11/2011	Special	GBX	4	30/03/2011	30/09/2011	16/11/2011	18/11/2011	03/02/2012	0
08/11/2011	Interim	GBX	3.05	30/03/2011	30/09/2011	16/11/2011	18/11/2011	03/02/2012	0
17/05/2011	Final	GBX	6.05	31/03/2010	31/03/2011	01/06/2011	03/06/2011	05/08/2011	8.9
09/11/2010	Interim	GBX	2.85	30/03/2010	30/09/2010	17/11/2010	19/11/2010	04/02/2011	0
18/05/2010	Final	GBX	5.65	31/03/2009	31/03/2010	02/06/2010	04/06/2010	06/08/2010	8.31
10/11/2009	Interim	GBX	2.66	30/03/2009	30/09/2009	18/11/2009	20/11/2009	05/02/2010	0
19/05/2009	Final	GBX	5.2	31/03/2008	31/03/2009	03/06/2009	05/06/2009	07/08/2009	7.77
11/11/2008	Interim	GBX	2.57	30/03/2008	30/09/2008	19/11/2008	21/11/2008	06/02/2009	0
27/05/2008	Final	GBX	5.02	31/03/2007	31/03/2008	04/06/2008	06/06/2008	01/08/2008	7.51
13/11/2007	Interim	GBX	2.49	30/03/2007	30/09/2007	21/11/2007	23/11/2007	01/02/2008	0
29/05/2007	Final	GBX	4.41	31/03/2006	31/03/2007	06/06/2007	08/06/2007	03/08/2007	6.76
14/11/2006	Interim	GBX	2.35	30/03/2006	30/09/2006	22/11/2006	24/11/2006	02/02/2007	0
24/05/2006	Final	GBX	3.87	31/03/2005	31/03/2006	07/06/2006	09/06/2006	04/08/2006	6.07
15/11/2005	Interim	GBX	2.2	30/03/2005	30/09/2005	23/11/2005	25/11/2005	03/02/2006	0
24/05/2005	Final	GBX	2.16	31/03/2004	31/03/2005	01/06/2005	03/06/2005	05/08/2005	4.07
16/11/2004	Interim	GBX	1.91	30/03/2004	30/09/2004	24/11/2004	26/11/2004	04/02/2005	0
25/02/2004	Final	GBX	1.08	31/03/2003	31/03/2004	02/06/2004	04/06/2004	06/08/2004	2.03
18/11/2003	Interim	GBX	0.95	30/03/2003	30/09/2003	26/11/2003	28/11/2003	06/02/2004	0
27/05/2003	Final	GBX	0.9	31/03/2002	31/03/2003	04/06/2003	06/06/2003	08/08/2003	1.69
12/11/2002	Interim	GBX	0.79	30/03/2002	30/09/2002	20/11/2002	22/11/2002	07/02/2003	0
28/05/2002	Final	GBX	0.75	31/03/2001	31/03/2002	05/06/2002	07/06/2002	09/08/2002	1.47
13/11/2001	Interim	GBX	0.72	30/03/2001	30/09/2001	21/11/2001	23/11/2001	08/02/2002	0
29/05/2001	Final	GBX	0.71	31/03/2000	31/03/2001	06/06/2001	08/06/2001	10/08/2001	1.4
14/11/2000	Interim	GBX	0.69	30/03/2000	30/09/2000	20/11/2000	22/11/2000	09/02/2001	0
05/06/2000	Final	GBX	0.68	01/10/1999	31/03/2000	07/06/2000	09/06/2000	21/08/2000	1.53
06/06/1999	Final	GBX	0.65	31/03/1998	31/03/1999	14/06/1999	18/06/1999	13/08/1999	1.45
02/06/1998	Final	GBX	0.56	31/03/1997	31/03/1998	08/06/1998	12/06/1998	14/08/1998	1.27

Date	Subject
30/9/2019 11:14	spud: From MF: Should I buy the Vodafone share price, up almost 30% in 2 months? Kevin Godbold \| Monday, 30th September, 2019 \| More on: VOD It seems clear that the stock market has been reappraising the prospects for telecoms operator Vodafone (LSE: VOD) recently and the shares are up almost 30% over the past two months or so. I last wrote about the company in May not long after it had cut its dividend. The debts were high, cash inflow had been flat for years, and the share price had been falling for around 17 months, wiping off more than 40%. I argued back then that there’s nothing in the financial record to suggest that Vodafone was gaining ground with its earnings, so I was avoiding the shares. Monetising its assets But Vodafone has out-foxed me since! On 26 July the firm announced plans to unlock value for shareholders by creating “Europe’s largest” tower company. The idea is that 61,700 of the company’s towers will be separated into a new organisation planned to be operational by May 2020, with its own management team. Vodafone is looking at ways to monetise the assets, which could include an IPO of the new tower company. It seems like a smart move. Cashing in the inherent value of its own assets will help the firm reduce its big debt load later on. And the market likes it. The shares shot up about 15% when the announcement hit the newswires and the price has been drifting up ever since. But City analysts following the firm are still only predicting flat revenue, cash flow and dividends ahead, which I find it difficult to become excited about. Upgrading the network Right now, Vodafone is busy rolling out its 5G network. But where will it end, 6G, 7G… 27G? One of the big challenges in the business, as I see it, is that technology keeps evolving and so does the need for Vodafone to reinvest. But does the reinvestment score the firm much competitive advantage, or is it just a cost involved to keep up? Vodafone used to be a fast-growing player in an exciting, up-and-coming sector, but now I see it as a commodity-style provider of services that will probably never shoot the lights out with growth again. Indeed, I suspect most investors coming to Vodafone today will be attracted by its dividend yield, which is running just above 5% with the shares at 163p. But I want my dividend-paying investments to be supported by generally rising revenues, earnings, cash flows and share prices. Right now, most of those things remain flat with Vodafone, which unsurprisingly leads to a flat dividend. Maybe we’ll see the new infrastructure deal regarding the towers help things along for a while. But let’s not forget that the share price has recently plunged and the dividend has been cut. I’d feel nervous holding the shares for, say, the next 10 years, so I’ll continue to avoid them now. spud Read Full Thread Follow Reply
20/9/2019 12:49	spud: What’s next for the Vodafone share price and its 5.5% yield? Rupert Hargreaves \| Friday, 20th September, 2019 The Vodafone (LSE: VOD) share price hasn’t been a particularly exciting investment to own in 2019. Indeed, including dividends paid out to investors, shares in the telecommunications giant have yielded a total return of 4.6% year-to-date compared to a gain of 12.8% for the FTSE 100. Over the past 12 months, the company has underperformed the UK’s leading blue-chip index by 7.6%, including dividends. But despite this, I think Vodafone’s income credentials could make it a great addition to your portfolio. Slow and steady Vodafone is one of the largest telecoms companies in the world and, as a result, it’s growth is a constraining factor on the group’s growth. You’re not going to see the stock report 20% or 30% earnings growth in a single year, for example. However, what the stock does offer is a level of safety. Vodafone is one of the top dividend shares in the UK. The company’s commitment to dividends has helped it stand out. Over the past decade, the stock has produced an annual return of 6.5%, including dividends. I think this trend is set to continue. At the time of writing, shares in the business support a dividend yield of 5.5% and, while the group does have quite a lot of debt to deal with, management seems to be committed to maintaining this distribution. Debt concerns In the past, I’ve expressed concern about the level of debt on Vodafone’s balance sheet. I’ve also said this borrowing could weigh on the company’s dividend growth. I continue to believe that Vodafone has a debt problem, but management seems to have the issue under control. Cutting the group’s dividend by 40% at the beginning of May was, in my opinion, the right thing to do, even though it eliminated the company’s 20-year history of dividend increases. Still, the dividend production will free up billions in additional cash flow every year, which can be used to reduce debt along with the company’s assets sales. During its financial year to the end of March 2019, Vodafone generated around €5bn in free cash flow. The dividend payout consumed €4bn of this. A 40% reduction on this figure should free up €1.6bn per annum for paying down debt. That’s excluding the additional cash flow Vodafone will be able to produce from its newly acquired Liberty assets in Europe and the cash received from the sale of its mobile tower business. Cash cow Vodafone is a lumbering giant, but it’s also a cash cow. While I’m not expecting the company to report explosive earnings growth, its strong cash generation leads me to conclude its dividend is sustainable at the lower level. With this being the case, I think if you’re looking for a trustworthy dividend stock to add to your portfolio, then Vodafone could be a great candidate. Its dividend yield of 5.5% is currently above the FTSE 100 average of 4.5% and, as explained above, the distribution is well covered by free cash flow generated from operations. spud Read Full Thread Follow Reply
09/9/2019 15:41	spud: Why I think the Vodafone share price could be set for a rebound Alan Oscroft \| Monday, 9th September, 2019 \| More on: VOD Vodafone (LSE: VOD) shares have recovered 25% since June, so am I speculating on something that’s already happened by suggesting we’re in for a rebound? Well, we have plenty of short-term spikes in shares, and many of them fail to stick. The bigger question is over Vodafone’s chances of regaining the share price levels it was at two years ago, before the long slide set in. I think it could take a while yet for the price to break 200p again, but recent developments make me think the upwards move could be poised to continue. Slash The shares had been looking very poorly after the telecoms giant finally slashed its dividend in May by 40%, after years of paying out huge amounts of cash that were nowhere near covered by earnings. I’ve always maintained that an over-generous dividend policy while there’s huge debt on the books is folly — it’s effectively borrowing money to hand to shareholders. And while those who were firmly attached to their unsustainable 6%+ yields were somewhat miffed, I was pleased to see an inkling of common sense creeping back. Sell Then in July, at the same time that a trading update provided hints of improving market conditions, Vodafone revealed plans to spin off its mobile tower operations into a separate new business. Provisionally dubbed ‘TowerCo’;, the demerged entity would control Europe’s largest tower portfolio (61,700 of the things across 10 markets) with an estimated EBITDA of around €900m. It might even result in a separate flotation, but we’ll have to see how that develops. The market responded enthusiastically, triggering a share price uplift that has since continued. I see it as a good move too, as it’s starting to address my other key uncertainty over Vodafone. To me, the business has looked like a jumbled mess of individual country-specific operations and I haven’t been able to uncover much in the way of an overall joined-up strategy. This could be an important step. Smile In recent years I’ve seen the Vodafone share price as being largely led by sentiment, following on from a time when the industry was awash with takeover rumours and shares were just too highly valued. The subsequent slide has taken care of a lot of that, and investors are starting to regain some of their past enthusiasm. I’ve taken a look at the most popular shares in August, and I covered a few you’ll know well if you read these pages. But one I didn’t mention was Vodafone. While much of the DIY investment activity was focused on safety (like buying gold), the most bought share in the month was Vodafone (with National Grid in second place, ahead of Lloyds Banking Group). Buy? The shares are still on a toppy valuation for the current year with a forward P/E of 22, but big earnings growth forecasts are on the cards and that multiple would drop to 17 by 2020. And, by then, even the pared down dividend would be back up to a predicted 5.3% yield. That’s looking like a sustainable valuation to me, and I think Vodafone could be finally heading out of the woods. spud Read Full Thread Follow Reply
07/7/2019 09:20	adrian j boris: THE MOTELY FOOL This is what I’d do with the Vodafone share price right now Roland Head \| Sunday, 7th July, 2019 \| More on: VOD Illustration showing how the world is connected Image source: Getty Images. The Vodafone Group (LSE: VOD) share price is bumping along at about 130p — its lowest level since the 2008 financial crisis. Is the telecom giant’s lowly share price justified? Probably, in my view. Should you sell the shares? I don’t think so. Here, I’ll explain why I feel holding onto Vodafone stock might be the best plan right now. Finally, what a relief! In May, Vodafone boss Nick Read finally bowed to necessity and cut the group’s dividend by 40%. Shareholders may have felt disappointed, but in my view this was a good decision that should end up helping investors. When I last looked at the telecoms giant in March, I explained why I thought the group’s debt levels were too high. My view was that the company’s latest issue of debt seemed like a cunning plan, but didn’t leave any scope for debt repayments. Put simply, I thought Read was in danger of being too clever for his own good. A cash cow? The dividend cut put Vodafone back on my radar as a potential buy. You see, despite the firm’s heavy investment in new networks, its free cash flow is still pretty good. Last year, the firm generated €4.4bn of free cash flow, even after buying 5G spectrum and paying cash restructuring costs. This level of free cash flow would have been swallowed up by the old dividend, leaving no cash spare for debt reduction. But my sums suggest if this level of cash generation can be maintained, the new reduced dividend should leave about €1.5bn spare to help reduce debt. Ultimately, that’s good news for shareholders as it makes the dividend safer. Buy, sell or hold? I think Vodafone could remain out of favour with investors for a little while longer yet. But I no longer view the stock as a sell. In my view, the company’s continued strong cash generation and dividend cut make the valuation seem much more appealing. It’s worth noting that at current levels, this global business is trading on just 8.7 times free cash flow. I think that’s an attractive valuation, if it’s sustainable. A second attraction is that earnings are expected to rise significantly next year. Broker forecasts show City analysts expect earnings to rise by 27% to €0.10 per share in 2020/21. That would put the stock on a fairly reasonable rating of 14 times earnings. Even after the dividend cut, VOD shares offer a forecast dividend yield of 6.9% for the current year. That puts the shares firmly into high-yield territory. I won’t be adding Vodafone shares to my portfolio, because I already own BT Group shares. The broadband and mobile group is too similar for me to want to double up. But if I was looking for a telecoms dividend stock to buy today, Vodafone would definitely be on my radar and might be my top choice. Read Full Thread Follow Reply
11/6/2019 11:25	maywillow: cityam Tuesday 11 June 2019 11:00 am Vodafone: Has the share price found a floor? What is city talk? Latest Share Interactive Investor Talk Contributor Follow Interactive Investor By Graeme Evans from interactive investor. At extreme levels and with a heap of bad news priced in, this analyst discusses how they can recover. Vodafone: Has the share price found a floor? Source: iStock Rebuilding confidence in the battered Vodafone (LSE:VOD) share price won’t be quick or easy, particularly with sentiment still largely negative after last month’s first ever dividend cut. What matters most at the moment is whether the blue-chip stock has found a floor after diving to a near ten-year low in the wake of CEO Nick Read’s dramatic 40% dividend reduction. Analysts at UBS think they probably have, arguing in a note published today that the negative news surrounding the mobile phone giant now looks to be largely priced in. They said: “We think the share price underperformance over the past 12 months has been overdone and that the shares can re-rate as operating momentum gradually improves and overhangs disappear.” While the Vodafone valuation now looks cheap, the broker believes that re-rating may have to wait until there are signs of a stabilisation in service revenues. Vodafone will also need to show it can successfully monetise its portfolio of phone masts and towers, as well as sell other assets on top of existing plans to offload its New Zealand business to private equity. UBS continues to hold a price target of 207p, which is among the more optimistic in the City. Shares fell 4% last week to 128.4p, although this reflected the impact of the stock going ex-dividend. Source: TradingView Past performance is not a guide to future performance The broker’s research describes investor sentiment overall as remaining bearish, with long-only investors more likely than hedge funds to be pessimistic. “We think the share price is at extreme levels and is assuming that revenue declines continue,” they added. UBS notes there’s been limited push-back from investors on the reasons behind the dividend cut, with Vodafone looking to de-leverage at a time when resources are already strained by 5G spectrum auctions and infrastructure demands. Among its reasons for optimism, UBS points to continued strong growth in mobile data usage and evidence that consumers are still willing to pay more for their services. This should support the key metric of average revenue per user (ARPU). While European ARPUs are low compared with other markets such as United States, UBS sees improving trends in the UK and Germany as customers pay more for extra services. This should contribute to a gradual improvement in service revenue trends from the second quarter of this financial year, helped by favourable comparatives against last year. The broker added: “While risks remain that promotional activity in Spain could flare up again when Vodafone loses the La Liga rights, the outlook in the UK and Germany looks resilient.” Even after last month’s dividend cut, the yield on Vodafone shares has remained punchy at around 6%. The group has also committed to returning to a progressive dividend policy. The purchase of European assets from Liberty Global in May 2018 fuelled Vodafone’s debt worries, leading to leverage approaching three times underlying earnings. The question now for Vodafone investors will be whether Read can maximise the benefits of the Liberty deal, as well as boost returns from infrastructure assets and achieve his business simplification goals. These articles are provided for information purposes only. Read Full Thread Follow Reply
30/5/2019 07:33	la forge: Is the Vodafone Group plc share price grossly undervalued? Could Vodafone Group plc (LON:VOD) (VOD.L) deliver improving share price performance? May 30, 2019 Robert Stephens, CFA Vodafone (LON:VOD) INVESTOMANIA The near-term prospects for the Vodafone Group plc (LON:VOD) (VOD.L) share price continue to be uncertain in my opinion. Investor sentiment is weak, and its decision to reduce its dividend payments may not resonate with investors who have historically seen the business as a solid income opportunity. Therefore, after falling by over 35% in the last year, a further period of volatility in the short run would not surprise me. Investors may remain cautious about the financial outlook for the business, with it investing heavily in 5G and in making acquisitions. This could put additional pressure on its balance sheet to my mind, and may mean that its future dividend prospects are less appealing than investors had previously hoped. That said, I feel that the Vodafone share price offers recovery potential over the long run. Under a new CEO, it is aiming to become increasingly efficient. It is in the process of simplifying its business model, while also seeking to amplify its financial performance through a series of partnerships in key markets. Although a dividend cut may not be a popular move in the short run, I feel that it can be helpful to the long-term prospects of a business in some cases. It can help to ease pressure on cash flow, while also providing capital to reinvest in growth opportunities or shore-up a balance sheet. Other FTSE 100 companies have cut their dividends in the past and gone on to deliver improving financial performance that has led to sustainable dividend growth. Although that situation may seem to be some way off in the case of Vodafone, I think that at its current share price and with it having what I view as a sound strategy, it may offer turnaround potential over the long run. In the near term, though, further share price disappointment may be ahead as a result of weak investor sentiment. About Robert Stephens, CFA 5936 Articles Robert Stephens is a CFA Charterholder and an Equity Analyst by trade. He is a passionate private investor who has been buying and selling shares for many years, owning a wide range of UK shares in the process. He has written for Citywire and The Motley Fool US and now runs his own business. To contact Robert, please email info@investomania.co.uk or use one of the other contact methods available on the 'Contact Us' page Read Full Thread Follow Reply
24/5/2019 10:03	la forge: proactiveinvestors Vodafone offering 'attractive entry point' says HSBC as it upgrades shares 09:16 24 May 2019 Analysts at the bank believe the tone of telecoms company’s commentary “should get progressively brighter”, starting with the first-quarter statement in July vodafone Vodafone has 'rebased' its dividend by 40% as it ups investment amid rising competition The time is right to buy shares in Vodafone Group Plc (LON:VOD) as “trends are set to improve”, said HSBC as it upgraded its recommendation on the telecoms titan. Earlier this month the FTSE 100 mobile network took the decision to cut its dividend 40% to give itself the financial headroom needed to buy 5G mobile spectrum, roll out the service and complete the €19bn acquisition of Germany’s Unitymedia and other assets from Liberty Global, which is expected in July. READ: Vodafone cuts dividend 40% as it fights for 'financial headroom' HSBC analysts, in a note to clients on Friday, noted that the fall in the shares since the dividend cut had brought the yield on the shares down to 6.4% and presented “an attractive entry point” for new investors. Keeping the share price target at 160p implies a 4.9% yield, in line with sector peers, and even though the analysts expect Vodafone to trade at a discount they “see reasons for this gap to the sector average to narrow”. For starters, the dividend reset and the recent NZ disposal indicate a “welcome”; proactive approach to management of the balance sheet, while other key catalysts should be improving revenue trends and the immediate benefits to cash flow from the Liberty deal. READ: Vodafone institutional investors back dividend cut, see shares bouncing back Following comments from management, HSBC believes the tone of the company’s commentary “should get progressively brighter”, starting with the first-quarter statement in July and “likely” approval of the Unitymedia acquisition. Making it clear that “material risks remain” as Vodafone’s markets remain highly competitive and performance “must improve and missteps be eliminated” in a sector that “remains resolutely out of favour”, the analysts said the shares near 50% fall since the start of last year and the removal of the dividend-related overhang have now created a sufficiently attractive opportunity to lift their rating to ‘buy’ from ‘hold’. Shares in Vodafone were up almost 2% to 125.68p on Friday morning. Read Full Thread Follow Reply
09/4/2019 20:47	mastey: Not persuaded gentleman .Vodafone Group Plc (“VodafoneR21;) announces the placement of £2.88 billion of mandatory convertible bonds, to be issued in two tranches, one with an 18 month maturity and the other with a three year maturity (together, the “Bonds”). The Bonds will be physically settled on mandatory conversion in accordance with their terms. Vodafone will be entitled to satisfy this delivery obligation by allotting and issuing new ordinary shares of Vodafone (“Ordinary Shares”) to Bondholders or by transferring existing Ordinary Shares from treasury. The number of Ordinary Shares into which the Bonds are initially convertible (determined by dividing the nominal amount of the Bonds by the Conversion Price described below) represents approximately 5% of Vodafone’s share capital and accordingly falls within the limits approved by Vodafone’s shareholders at its annual general meeting in July 2015 for the purposes of making offers of Ordinary Shares on a non-pre-emptive basis. The initial Conversion Price will be determined on the basis of the higher of (i) GBP2.1730 (being Vodafone’s closing share price on the London Stock Exchange (the “LSE”) on Wednesday, 17 February 2016, the “initial Share Price”) and (ii) the arithmetic average of the daily volume-weighted average prices of an Ordinary Share on the LSE over a period of three consecutive scheduled trading days starting on 19 February 2016. The Conversion Price, as so determined, will be announced by Vodafone following the close of market trading on the LSE on 23 February 2016. Settlement and closing is scheduled to take place on 25 February 2016. Vodafone intends to hedge its exposure under the Bonds to any future movements in its share price by an option strategy comprising (i) the purchase of cash-settled call options from, and (ii) the sale of cash settled put options to, J.P. Morgan Securities plc and Morgan Stanley & Co. International plc (or their respective affiliates). The option strategy is designed to hedge the economic impact of share price movements during the term of the Bonds. Should Vodafone decide to buy back Ordinary Shares to mitigate the dilution resulting from conversion of the Bonds, the hedging strategy is intended to provide a hedge for the repurchase price. The options are expected to be scheduled for settlement on 55 consecutive trading days beginning three days after the maturity date of each tranche of Bonds at the arithmetic average of the daily volume-weighted average prices of an Ordinary Share on the LSE, BATS, Chi-X and any other exchange determined at the relevant time. Vodafone may execute on-market share buy-backs of Ordinary Shares prior to or following the maturity date of each tranche of the Bonds. Any share buy-backs would be for an aggregate number of Ordinary Shares not exceeding the number of Ordinary Shares required to be delivered to holders of the Bonds following their conversion. Vodafone may consider using the proceeds of any monetisation of the two tranches of Verizon loan notes which it holds (which it received as partial consideration for the sale of its indirect stake in Verizon Wireless in 2014) to fund the relevant on-market share buy-backs of Ordinary Shares. The Bonds will be issued at par. The coupon has been fixed at 1.50% per annum (in respect of the Bonds with an 18 month maturity) and 2.00% per annum (in respect of the Bonds with a three year maturity). The Bonds (less an amount equal to the present value of all future coupons payable under the Bonds) are expected to be accounted for as equity. In addition, and in accordance with securities of this type, the Bonds will represent subordinated debt of Vodafone and all coupon payments to be made under the Bonds are deferrable at Vodafone’s option. Bondholders can elect to convert the Bonds into Shares at any time on or after 6 April 2016. It is anticipated that J.P. Morgan Securities plc, Morgan Stanley & Co. International plc and/or their respective affiliates will enter into transactions to hedge their respective positions under the call and put options described above, which may include transactions to be conducted during the reference period for the determination of the initial Conversion Price. In connection with their respective positions, J.P. Morgan Securities plc and Morgan Stanley & Co. International plc subscribed for and have been allocated, at Vodafone’s sole discretion, 45% of the aggregate nominal amount of the Bonds to be issued. Read Full Thread Follow Reply
25/1/2019 16:20	la forge: --Vodafone shares hit their lowest level since 2010 after the telecoms company reported a third-quarter revenue decline and warned the slump will continue into the fourth quarter. --Vodafone blamed price competition in Italy and Spain, as well as weak consumer spending in South Africa for the weaker revenue figure. --New Chief Executive Nick Read is under pressure to turnaround Vodafone's revenue and reduce its debt pile, in order to avoid cutting the dividend. By Adam Clark Vodafone Group PLC (VOD.LN) shares hit their lowest level for almost a decade on Friday, after new Chief Executive Nick Read failed to convince investors the telecommunications giant can arrest falling European revenue. London-based Vodafone said it generated revenue of 11 billion euros ($12.48 billion) in the quarter to Dec. 31, compared with EUR11.80 billion in the year-earlier period. Revenue was hit by accounting changes, the sale of its Qatari business and foreign exchange. Organic service revenue--a figure closely watched by analysts--rose 0.1% in the third quarter, Vodafone said. This represents a slowdown from the 0.5% increase posted for the three months to Sept. 30. Service revenue declined 1.1% in Europe on an organic basis to EUR7.50 billion. Vodafone's consumer businesses in Spain and Italy were hit by continuing price competition, while growth slowed in Germany. Earlier in January, Vodafone said it plans to cut up to 1,200 jobs in Spain, almost a quarter of its workforce. "Lower mobile contract churn across our markets and improved customer trends in Italy and Spain are encouraging. However, these have not yet translated into our financial results," Chief Executive Nick Read said. Mr. Read, who took over from long-serving head Vittorio Colao in October, told analysts that Vodafone's fourth-quarter looked set to be the trough of its European service revenue ahead of easier comparative periods in its new fiscal year. The prospect of further revenue decline spooked investors and Vodafone shares traded down over 4% by afternoon in the London session, hitting their lowest price since 2010. Organic growth also slowed in Vodafone's Rest of World segment, where a 4.9% increase fell short of the 7.7% achieved in the preceding quarter. Vodafone blamed lower data-revenue growth in South Africa amid a slowdown in consumer spending. Continued revenue decline has raised doubts over Vodafone's generous dividend payout, which now stands at 9% of its share price and has risen every year since 1990. Profits no longer fully cover the payout, which was frozen in November while Mr. Read tackles the company's EUR32.1 billion debt pile. Vodafone has options with its towers but also faces a threat from 5G spectrum," says RBC's Wilton Fry. "We regard the dividend as unsustainable even before we consider a macro downturn." Mr. Read has laid out plans to reduce operating costs by EUR1.2 billion by 2021. Earlier this week Vodafone struck a deal with Telefonica SA's (TEF.MC) O2 brand to share 5G, and potentially open the path to a sale of their joint-venture mobile mast business in the U.K. Vodafone maintained its guidance for underlying organic adjusted earnings before interest, taxes, depreciation and amortization--its preferred profit measure--to grow around 3% in the year ending March 31, and for free cash flow of around EUR5.4 billion. --Adria Calatayud contributed to this article. Write to Adam Clark at adam.clark@dowjones.com (END) Dow Jones Newswires January 25, 2019 10:40 ET (15:40 GMT) Read Full Thread Follow Reply
10/11/2018 08:53	adrian j boris: Https://www.dailymail.co.uk/money/markets/article-6373389/Fears-Vodafone-dividend-shares-collapse-grapples-46bn-debt-pile.html Fears for Vodafone dividend after shares collapse as it grapples with £46bn debt pile By Matt Oliver For The Daily Mail Published: 21:51 GMT, 9 November 2018 \| Updated: 21:51 GMT, 9 November 2018 Vodafone faces a battle to protect its £3.5billion dividend as it grapples with debts, costly network investments and price wars. The telecoms group is under pressure to spell out how it will maintain its payouts after launching a takeover of Liberty Global's European cable assets, a move that has taken its debt pile to around £46billion. It has also just spent £2.1billion buying airwaves for 5G services in Italy, in an auction that proved far more expensive than industry figures expected. Vodafone is under pressure to spell out how it will maintain its payouts after launching a takeover of Liberty Global's European cable assets +1 Vodafone is under pressure to spell out how it will maintain its payouts after launching a takeover of Liberty Global's European cable assets Analysts have raised doubts about its growth prospects, warning the company faces intense price competition in Italy, Spain and India. Since the start of the year, the share price plunged more than 38 per cent to nine-year lows, wiping £24billion off its value. Company veteran Nick Read, who took over from former boss Vittorio Colao last month, will present his first quarterly results as chief executive on Tuesday. He is expected to set out his vision for the group, including how it will take advantage of the Liberty Global deal, continue cutting costs and drum up cash from asset sales. One investor told the Mail there were questions over whether Vodafone would carry on paying its current dividend. However, talks with management about this had proved frustrating, the investor added. Vodafone veteran Nick Read will present his first quarterly results as chief exec on Tuesday Vodafone veteran Nick Read will present his first quarterly results as chief exec on Tuesday The Vodafone dividend has long made the company an attractive investment to British savers who have benefited from a steady income stream. Analysts have warned Vodafone faces difficult decisions if it wants to protect the dividend, which the company has not cut since first paying one in 1990. But in a note, JP Morgan argued a cut could make sense if the company wants to pay down debts quickly and asset sales and cost-cutting failed to raise enough cash. Russ Mould, investment director at broker AJ Bell, added: 'Concern about the dividend is one of the reasons Vodafone shares have been such a horror this year. The company is pointing to cash flow but what has got people spooked is the Liberty Global deal.' 'They are looking at it and saying 'You already had a lot of debt and that is now going to take it even higher, and at a time when general borrowing costs are going up not down'.' Speaking to investors in September, Read dismissed fears about the dividend and claimed the company had the cash flow to support it. He explained that Vodafone would aim to deliver a cash flow of nearly £15billion over three years, with around £10.5billion taken by dividend payments and £4.5billion left free to spend on airwaves needed for next-generation 5G mobile networks. However, the company says it only expects an annual spend of just over £1billion on 5G spectrum, or around £3.1billion over the period. Speaking in New York, Read told investors: 'We're confident in the dividend policy that we have and that remains the case. 'We did the Liberty Global transaction. Then we said we will de-lever over time, through two levers. One is the expansion of earnings; and the other one is disposal of assets.' He said assets that could be sold included the company's signal masts and towers. Shares closed 2.1 per cent, or 3.16p, lower at 143.92p. Read Full Thread Follow Reply

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30/9/2019
11:14

spud: From MF: Should I buy the Vodafone share price, up almost 30% in 2 months? Kevin Godbold | Monday, 30th September, 2019 | More on: VOD It seems clear that the stock market has been reappraising the prospects for telecoms operator Vodafone (LSE: VOD) recently and the shares are up almost 30% over the past two months or so. I last wrote about the company in May not long after it had cut its dividend. The debts were high, cash inflow had been flat for years, and the share price had been falling for around 17 months, wiping off more than 40%. I argued back then that there’s nothing in the financial record to suggest that Vodafone was gaining ground with its earnings, so I was avoiding the shares. Monetising its assets But Vodafone has out-foxed me since! On 26 July the firm announced plans to unlock value for shareholders by creating “Europe’s largest” tower company. The idea is that 61,700 of the company’s towers will be separated into a new organisation planned to be operational by May 2020, with its own management team. Vodafone is looking at ways to monetise the assets, which could include an IPO of the new tower company. It seems like a smart move. Cashing in the inherent value of its own assets will help the firm reduce its big debt load later on. And the market likes it. The shares shot up about 15% when the announcement hit the newswires and the price has been drifting up ever since. But City analysts following the firm are still only predicting flat revenue, cash flow and dividends ahead, which I find it difficult to become excited about. Upgrading the network Right now, Vodafone is busy rolling out its 5G network. But where will it end, 6G, 7G… 27G? One of the big challenges in the business, as I see it, is that technology keeps evolving and so does the need for Vodafone to reinvest. But does the reinvestment score the firm much competitive advantage, or is it just a cost involved to keep up? Vodafone used to be a fast-growing player in an exciting, up-and-coming sector, but now I see it as a commodity-style provider of services that will probably never shoot the lights out with growth again. Indeed, I suspect most investors coming to Vodafone today will be attracted by its dividend yield, which is running just above 5% with the shares at 163p. But I want my dividend-paying investments to be supported by generally rising revenues, earnings, cash flows and share prices. Right now, most of those things remain flat with Vodafone, which unsurprisingly leads to a flat dividend. Maybe we’ll see the new infrastructure deal regarding the towers help things along for a while. But let’s not forget that the share price has recently plunged and the dividend has been cut. I’d feel nervous holding the shares for, say, the next 10 years, so I’ll continue to avoid them now. spud

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20/9/2019
12:49