Vodafone Dividends - VOD

Vodafone Dividends - VOD

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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
  -0.52 -0.34% 150.32 152.94 149.88 151.84 150.84 16:35:06
more quote information »
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
14/05/2019FinalEUX4.1631/03/201831/03/201906/06/201907/06/201902/08/20199
13/11/2018InterimEUX4.8430/03/201830/09/201822/11/201823/11/201801/02/20190
15/05/2018FinalEUX10.2331/03/201731/03/201807/06/201808/06/201803/08/201815.07
14/11/2017InterimEUX4.8430/03/201730/09/201723/11/201724/11/201702/02/20180
16/05/2017FinalEUX10.0331/03/201631/03/201708/06/201709/06/201704/08/201714.77
15/11/2016InterimEUX4.7430/03/201630/09/201624/11/201625/11/201603/02/20170
17/05/2016FinalGBX7.7731/03/201531/03/201609/06/201610/06/201603/08/201611.45
10/11/2015InterimGBX3.6830/03/201530/09/201519/11/201520/11/201503/02/20160
19/05/2015FinalGBX7.62231/03/201431/03/201511/06/201512/06/201505/08/201511.22
11/11/2014InterimGBX3.630/03/201430/09/201420/11/201421/11/201404/02/20150
20/05/2014FinalGBX7.4731/03/201331/03/201411/06/201413/06/201406/08/201411
12/11/2013InterimGBX3.5330/03/201330/09/201320/11/201322/11/201305/02/20140
21/05/2013FinalGBX6.9231/03/201231/03/201312/06/201314/06/201307/08/201310.19
13/11/2012InterimGBX3.2730/03/201230/09/201221/11/201223/11/201206/02/20130
22/05/2012FinalGBX6.4731/03/201131/03/201206/06/201208/06/201201/08/20129.52
08/11/2011SpecialGBX430/03/201130/09/201116/11/201118/11/201103/02/20120
08/11/2011InterimGBX3.0530/03/201130/09/201116/11/201118/11/201103/02/20120
17/05/2011FinalGBX6.0531/03/201031/03/201101/06/201103/06/201105/08/20118.9
09/11/2010InterimGBX2.8530/03/201030/09/201017/11/201019/11/201004/02/20110
18/05/2010FinalGBX5.6531/03/200931/03/201002/06/201004/06/201006/08/20108.31
10/11/2009InterimGBX2.6630/03/200930/09/200918/11/200920/11/200905/02/20100
19/05/2009FinalGBX5.231/03/200831/03/200903/06/200905/06/200907/08/20097.77
11/11/2008InterimGBX2.5730/03/200830/09/200819/11/200821/11/200806/02/20090
27/05/2008FinalGBX5.0231/03/200731/03/200804/06/200806/06/200801/08/20087.51
13/11/2007InterimGBX2.4930/03/200730/09/200721/11/200723/11/200701/02/20080
29/05/2007FinalGBX4.4131/03/200631/03/200706/06/200708/06/200703/08/20076.76
14/11/2006InterimGBX2.3530/03/200630/09/200622/11/200624/11/200602/02/20070
24/05/2006FinalGBX3.8731/03/200531/03/200607/06/200609/06/200604/08/20066.07
15/11/2005InterimGBX2.230/03/200530/09/200523/11/200525/11/200503/02/20060
24/05/2005FinalGBX2.1631/03/200431/03/200501/06/200503/06/200505/08/20054.07
16/11/2004InterimGBX1.9130/03/200430/09/200424/11/200426/11/200404/02/20050
25/02/2004FinalGBX1.0831/03/200331/03/200402/06/200404/06/200406/08/20042.03
18/11/2003InterimGBX0.9530/03/200330/09/200326/11/200328/11/200306/02/20040
27/05/2003FinalGBX0.931/03/200231/03/200304/06/200306/06/200308/08/20031.69
12/11/2002InterimGBX0.7930/03/200230/09/200220/11/200222/11/200207/02/20030
28/05/2002FinalGBX0.7531/03/200131/03/200205/06/200207/06/200209/08/20021.47
13/11/2001InterimGBX0.7230/03/200130/09/200121/11/200123/11/200108/02/20020
29/05/2001FinalGBX0.7131/03/200031/03/200106/06/200108/06/200110/08/20011.4
14/11/2000InterimGBX0.6930/03/200030/09/200020/11/200022/11/200009/02/20010
05/06/2000FinalGBX0.6801/10/199931/03/200007/06/200009/06/200021/08/20001.53
06/06/1999FinalGBX0.6531/03/199831/03/199914/06/199918/06/199913/08/19991.45
02/06/1998FinalGBX0.5631/03/199731/03/199808/06/199812/06/199814/08/19981.27

Top Dividend Posts

DateSubject
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.
01/7/2019
08:03
florenceorbis: Investomania Are recoveries ahead for Vodafone Group plc, easyJet plc, Centrica PLC and Marks and Spencer Group Plc? Do these shares have turnaround potential? Vodafone Group plc (LON:VOD) (VOD.L), easyJet plc (LON:EZJ) (EZJ.L), Centrica PLC (LON:CNA) (CNA.L) and Marks and Spencer Group Plc (LON:MKS) (MKS.L) July 1, 2019 Robert Stephens, CFA FTSE 100 Centrica PLC Centrica PLC The performances of shares in Vodafone Group plc (LON:VOD) (VOD.L), easyJet plc (LON:EZJ) (EZJ.L), Centrica PLC (LON:CNA) (CNA.L) and Marks and Spencer Group Plc (LON:MKS) (MKS.L) have been disappointing over recent quarters in my view. Investors seem to be concerned about the financial prospects of Vodafone. The company is investing heavily in 5G and in acquisitions. This may have contributed to its decision to rebase its dividend, which seems to have caused investor sentiment to come under pressure. I think that the Vodafone share price offers long-term recovery potential. Its decision to enter into partnerships and become a simpler business could catalyse its financial performance, but it may be a gradual process. easyJet’s financial prospects continue to be uncertain to my mind. Even though fuel costs may moderate due to a lower oil price, overcapacity and a high level of competition at a time when consumer confidence is weak could lead to a difficult period. Still, with the stock having a P/E ratio of 7, I think it could offer a margin of safety. I also think easyJet’s balance sheet and strong position in the budget airline segment may allow it to gain market share over the medium term. Marks and Spencer may take time to deliver improving financial performance in my opinion. It is investing heavily in its omnichannel prospects, but I feel that other retailers have got a head start in this respect. Therefore, while I think the company has a strong brand and a loyal customer base, I feel that some of its rivals have business models that are better aligned with evolving customer tastes. As a result, I view Marks and Spencer as a long-term recovery stock. Centrica’s uncertain outlook could hold back its share price in the near term in my view. The company faces political and regulatory risks that are showing little sign of subsiding to my mind. Therefore, while it has a dividend yield that is now in the double digits, I feel there may be better opportunities for me elsewhere. It wouldn’t surprise me if Centrica continues to underperform the FTSE 100 in the short run, although a successful turnaround cannot be ruled out over future years as it seeks to become more efficient under a revised strategy.
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.
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
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.
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.
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)
25/1/2019
09:28
florenceorbis: Https://investomania.co.uk/2019/01/does-the-vodafone-group-plc-share-price-have-investment-appeal-after-todays-trading-update/ Does the Vodafone Group plc share price have investment appeal after today’s trading update? Can Vodafone Group plc (LON:VOD) (VOD.L) deliver improving share price performance? January 25, 2019 Robert Stephens Vodafone (LON:VOD) Vodafone share price Vodafone share price The Vodafone Group plc (LON:VOD) (VOD.L) share price is down 1% today after the company released a trading update for the quarter ended 31 December 2018. In my view, the company continues to make progress with the delivery of its strategy. It is moving towards a simpler operating model, while investing heavily in digital opportunities. Partnering is likely to become an area of increased interest for the business in future, as it aims to reduce costs and improve asset utilisation. During the quarter, the company’s revenue declined by €0.8 billion to €11 billion, while third quarter organic service revenue grew by 0.1%. The company’s performance in Europe was similar to the second quarter, with service revenues decreasing by 1.1%. There was, however, improving customer and financial trends in Italy, as well as robust retail growth in Germany. The company also experienced reduced churn in Spain, as well as a consistent performance in the UK. Vodafone’s Rest of World segment grew by 4.9%, with a decline in South Africa as a result of a weak economy being offset by strong performance in other markets. Mobile contract churn was reduced by 2 percentage points. As part of its increased focus on partnerships, the company intends to extend its existing UK network sharing agreement with Telefonica O2 to include 5G services. With Vodafone on track to meet guidance for the full year, I think its performance in the third quarter was relatively positive. Sure, there is a long way to go with the implementation of its refreshed strategy. But I think it could create a stronger and more efficient business which is better able to generate improving financial performance. Trading on a dividend yield of 8.8%, I think the stock offers a margin of safety. Therefore, I believe it has recovery potential over a long-term time period.
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.
27/8/2018
01:48
garycook: Why the Vodafone share price and 7.6% dividend yield may make it the bargain of the FTSE 100 G A Chester | Sunday, 26th August, 2018 | More on: VOD Image source: Getty Images. The Vodafone (LSE: VOD) share price has performed poorly so far in 2018. It ended last year at 235p and has fallen a whopping 25%. I saw good value in the stock at 184p in early July. The forecast 12-month price-to-earnings (P/E) ratio was 18.4 and the prospective dividend yield was 7.1%. The shares have subsequently declined further to around 176p. The P/E has come down to 17.4 and the dividend yield has risen to 7.6%. Is Vodafone now even better value or has news since July dampened my enthusiasm for it? Sustainable dividend? Vodafone’s dividend has always been a big part of the total return equation for investors. The current yield is higher than it’s been for many years and this makes Vodafone a strong investment proposition — if the dividend is sustainable. Some commentators are concerned that Vodafone’s earnings haven’t been covering its dividend and that it may not be able to afford the payout in the future. However, I believe this concern is overdone. When it comes to assessing dividend affordability, accounting earnings can be less useful than free cash flow (FCF). This is the amount of cash a company has left over after paying all its operating expenses and maintenance capital expenditures. As the table below shows, while Vodafone’s accounting earnings aren’t covering its dividend, its FCF has increased to a much healthier level, both before the costs of spectrum acquisition (part maintenance and part growth capex) and after. 2016 2017 2018 Earnings (€bn) 1.83 2.25 3.22 FCF pre-spectrum (€bn) 1.27 4.06 5.42 FCF (€bn) (2.16) 3.32 4.04 Dividends (€bn) (4.19) (3.71) (3.92) As you can see, FCF for the financial year ended 31 March 2018 was well ahead of earnings and covered the dividend. It’s worth noting, incidentally, that while Vodafone’s P/E is relatively elevated, its P/FCF is more attractive. The company stated in its last annual report that investment in spectrum will be higher in the next two years. Nevertheless, on a longer view it said: “We expect that our FCF generation will — on average — continue to cover our dividend obligations.” And the board reiterated its intention to increase the dividend each year. Strong balance sheet Vodafone’s net debt at the last year-end was €31.5bn compared with shareholders’ equity of €67.6bn, giving gearing (net debt as a percentage of shareholders’ equity) of 47%. This level of gearing is relatively conservative. BT’s is 93% and a number of popular FTSE 100 dividend stocks have gearing of well over 100%. Vodafone’s strong balance sheet can comfortably accommodate its agreed €18bn deal to buy cable networks in Germany and eastern Europe owned by US firm Liberty Global. The acquisition, which is subject to regulatory approval, is expected to complete in mid-2019 and should be a further driver of future FCF and dividends. Bargain buy? Vodafone reported intense competition in India and increased competition in Italy and Spain in a Q1 trading update last month. However, challenging conditions in some markets are almost inevitable for an international behemoth. And with the board reiterating its outlook for the full-year, I didn’t see anything in the trading update to derail Vodafone’s near-term or longer-term prospects, or to suggest that the stock isn’t a bargain. Of course, there’s no saying whether it is the bargain of the FTSE 100 — there are other contenders — but I believe the stock has the potential to deliver a high total return for investors. As such, I rate it a ‘buy’.
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