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	Last Trade
	-12.62	-8.91%	129.08	16:35:16

Open Price	Low Price	High Price	Close Price	Previous Close
135.00	128.86	135.26	129.08	141.70

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
18/05/2021	Final	EUX	4.5	31/03/2020	31/03/2021	24/06/2021	25/06/2021	06/08/2021	9
16/11/2020	Interim	EUX	4.5	30/03/2020	30/09/2020	17/12/2020	18/12/2020	05/02/2021	0
12/05/2020	Final	EUX	4.5	31/03/2019	31/03/2020	11/06/2020	12/06/2020	07/08/2020	9
12/11/2019	Interim	EUX	4.5	30/03/2019	30/09/2019	28/11/2019	29/11/2019	07/02/2020	0
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	Interim	GBX	3.05	30/03/2011	30/09/2011	16/11/2011	18/11/2011	03/02/2012	0
08/11/2011	Special	GBX	4	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

Top Dividend Posts

Date	Subject
18/5/2021 16:49	monte1: Vodafone shares punished despite big annual profit 18th May 2021 08:19 Richard Hunter from interactive investor VOD -8.54% It swung to a full-year profit, but these results are clearly not good enough for the City. These are not results to shoot the lights out, but there are signs of measured progress at Vodafone Group VOD -8.54% within an extremely competitive sector. Cosmetic changes at the operating profit level have been a large contributor to an overall profit of €536 million in the year to 31 March, as compared to a loss of €455 million the previous year. Underlying operating profit was broadly stable, with a reduction in operating expenditure of €500 million showcasing Vodafone’s desire to streamline its operations. At the same time, the net debt figure improved to €40.5 billion from €42 billion, partially helped along by net proceeds of €2 billion resulting from the Vantage Towers IPO, in which the company retains a stake. This reduction was achieved despite increased investment in network performance to ensure resilience during the pandemic, when connectivity took on a whole new importance. Service revenues strengthened in the second half of the year, with the acquisition of Liberty Global German business already paying dividends. Germany now accounts for 31% of total group revenues and is a key growth area in achieving Vodafone’s ambitions, while “convergedR21; accounts which offer a quadruple play of bundled landline, broadband, mobile and TV are proving positive for customer retention. Meanwhile, the company has expanded its 5G rollout and is now available in 240 cities across 10 of its European markets. Further streamlining was in evidence in digital sales, which now account for 26% of the total across its markets in Germany, Italy, the UK and Spain. This plays into Vodafone’s wider strategy of capitalising on what it sees as major growth opportunities in the coming years, such as the switch to remote working which is likely to remain in some form post-pandemic, the “Internet of Things” or connected devices, and digital payments. There is certainly much to do for Vodafone, particularly in a notoriously competitive sector which can often simply come down to price in the mind of the consumer. The pandemic has had its own effect on revenues also, with an inevitable decline in visitor and roaming revenues, while handset sales have also suffered. For the income-seeking investor, a dividend yield of around 5.7% remains punchy and is clearly an affordable and desirable part of Vodafone’s strategy, which should keep it ringfenced from other drains on capital. The dividend has long been an attraction of the stock and has partially mitigated a tepid share price performance over recent years. Indeed, despite the price having risen by 17% over the last year, largely in line with the wider FTSE 100’s rise of 16%, the shares remain down by 28% over the last three years and by 38% over the last five. Despite some concerns that Vodafone has become a perennial “jam tomorrow” stock, there is evidence of meaningful progress washing through, and the market consensus of the shares as a 'strong buy' is likely to remain on improving prospects Read Full Thread Follow Reply
24/2/2021 16:45	monte1: Vodafone confirms massive IPO and big dividend by Graeme Evans from interactive investor \| 24th February 2021 13:40 Share on: The float of its Vantage Towers business has been well flagged, but we now have more detail. One of the biggest IPOs of the year was unveiled today when Vodafone (LSE:VOD) confirmed plans for the Frankfurt flotation of its vast European mobile phone towers business. The listing of Vantage Towers will take place before the end of March and should prove attractive to investors wanting exposure to the roll-out of 5G services in Europe. A promised pay-out ratio worth 60% of free cash flow will add to the appeal for income investors, with a €280 million (£241.5 million) dividend scheduled for payment in July, and the company targeting mid-to-high single-digit growth in cash flows beyond that. For Vodafone investors, the significant proceeds from the “meaningful221; minority free float will help to pay down some of the FTSE 100 index company's debt, which stood at €44 billion (£38 billion) at the end of September. The trading of the Vantage stake should also enable City analysts to fine tune their valuations on Vodafone's infrastructure assets. Shares were today 2% lower at 127.18p, having fallen back in recent days after an encouraging third-quarter trading update at the start of February. The IPO pricing details are still to be confirmed, but speculation this week has suggested the Vantage business could be valued at about €15 billion (£13 billion). Dusseldorf-based Vantage boasts 82,000 sites across 10 countries and is the number one or two largest in nine of its ten markets. Vodafone said Vantage was seeing strong “commercial momentum”, with about 1,400 new tenancies expected in the nine months to next month. And driven by mobile data growth and the 5G roll out, Vantage is on track to build 550 new sites in the current financial year and has commitments for a further 7,100 sites by 2026. Vodafone said: “The European tower market is in the early stages of its evolution and Vantage Towers believes that its high quality infrastructure, which offers superior locations and nationwide coverage, is well-positioned to benefit from the market's growth.” It also noted that the commercialisation of tower infrastructure companies is still a developing trend in Europe, with substantial room for growth compared with other more mature towers markets such as in the United States. The customer base is underpinned by its anchor tenant relationship with Vodafone, which is Europe's largest mobile operator by subscriber numbers, as well as relationships with other leading mobile operators. Inflation-linked contracts also offer visible and resilient revenue and cash flows from its existing business with "built-in" growth. The European focus of Vantage means Vodafone has chosen Frankfurt over London for the flotation. Towers chief executive Vivek Badrinath said: "The IPO is an important milestone and sets the foundations for the next stage of our growth within the dynamic towers industry.” Read Full Thread Follow Reply
14/2/2021 01:34	vodman1: Rating Action: Moody's assigns a first-time Baa3 issuer rating to Vantage Towers AG; stable outlookGlobal Credit Research - 12 Feb 2021London, 12 February 2021 -- Moody's Investors Service, ("Moody's") has today assigned a first-time Baa3 Issuer Rating to Vantage Towers AG (Vantage Towers). The rating outlook is stable. Headquartered in Düsseldorf, Germany, Vantage Towers is a leading European tower infrastructure company with around 45,500 fully controlled macro sites, and further 14,200 and 22,100 co-controlled macro sites in Cornerstone Telecommunications Infrastructure Limited (Cornerstone) and Infrastrutture Wireless Italiane S.p.A (INWIT) JVs, respectively, and is currently a 100% owned subsidiary of telecom operator, Vodafone Group Plc (rated Baa2, Negative).Moody's understands that the company intends to pursue a listing on the Prime Standard Segment of the Frankfurt Stock Exchange. Vodafone aims to retain a majority stake in Vantage Towers post IPO, given the strategic nature of the tower infrastructure and the potential value creation opportunity.Vantage Towers' reported pro forma Adjusted EBITDA for FY2020 (fiscal year ending 31st March 2020) of EUR814 million (before lease expense and excluding income from INWIT and Cornerstone), and currently has an outstanding senior unsecured inter-company loan (due December 2021, with a further 12 months extension option) from Vodafone.The company's opening reported debt at the end of FY2021 is expected to be approximately EUR2.3 billion with a net leverage of around 4.0x EBITDAaL (after lease expense), which will equate to a Moody's-adjusted Gross Debt/EBITDA (excluding income from INWIT and Cornerstone) of around 5.0x. Moody's understands that the company has arranged third-party debt to be raised at the closing of the IPO to replace the outstanding inter-company borrowings it currently has with Vodafone.RATINGS RATIONALEThe Baa3 issuer rating of Vantage Towers reflects (1) its strong market position as a large and a geographically well-diversified tower company in Europe with high barriers to entry for competitors and high barriers to exit for customers; (2) good earnings and cash flow predictability, predominantly supported by anchor long-term service contracts with Vodafone; (3) the expectation of medium-term EBITDA growth driven by site additions, improving tenancies ratios and operational efficiencies; (4) good market valuation of the co-controlled stakes in Cornerstone (50%) and INWIT (33.2%), although both will continue to carry ring-fenced reported net debt leverage of around 3.0x-4.0x and up to 6.0x respectively; and (5) its well-defined ownership, independent management and governance structure with Vodafone committed to remaining its majority shareholder after the IPO.However, Vantage Towers' credit profile is constrained by (1) its high customer concentration with Vodafone, which will reduce only modestly over the medium term, (2) short history of operating as a separate entity with limited standalone historical audited financial information, (3) despite supportive cash dividends from INWIT and Cornerstone, Moody's expectation of negative free cash flow over the next two years, as a result of Vantage Towers' capital intensive model and planned dividend payments (of EUR280 million to be paid in FY2022), and (5) a starting net leverage of around 4.0x EBITDAaL (after leases) (company reported) with willingness to increase up to 5.5x for accommodating strategic organic and inorganic growth opportunities whilst continuing to target an investment grade rating.Vantage Towers has a portfolio of c.82,000 macro sites (including the sites in co-controlled Cornerstone and INWIT) and has leading market positions in 9 of its 10 European markets. The company generated revenues of EUR945 million in FY2020PF (excluding equity-accounted Cornerstone and INWIT that together generated around EUR1 billion of revenues on a pro forma basis). 49% of its reported revenues in FY2020PF were from Germany, 17% from Spain, 13% from Greece and 21% from other markets including Portugal, Czech Republic, Romania, Hungary and Ireland.Vodafone is the anchor tenant of Vantage Towers accounting for around 83% of macro sites revenues. Vantage Towers has secured Master Services Agreements (MSAs) with Vodafone in each of its markets. Each MSA has an initial non-cancellable term of 8 years, which will then extend for another three non-cancellable 8-year periods, unless, at the end of each term, Vodafone, with at least 12 months' prior notice, decides not to extend the terms of the MSA. Given the practical and prohibitive cost implications of switching to non-Vantage Towers infrastructure, Moody's believes it is highly likely the MSAs remain in force in the long-term.Vantage Towers has overlap with Cellnex in 5 out of 10 countries in which it operates. Spain is the only sizeable market where such overlap is meaningful where Vantage Towers is number 2 and Cellnex is number 3 in telecom macro sites, with similar sized operations. Moody's understands that in Spain Vantage Towers is contracted with active sharing number 2 and 3 telecom players, Vodafone and Orange, which creates high barriers to entry. INWIT and Cornerstone will also continue to remain the market leaders (by the number of macro sites) in Italy and the UK respectively, even after Cellnex's acquisition of CK Hutchison towers that got largely complete in January 2021.Over the medium term, Vantage Towers plans to achieve mid-single digit revenue growth (excluding pass through revenues) via focusing on increasing the tenancy ratio from 1.37x in FY2020PF to over 1.50x. As part of its plan the company will focus on increasing its number of tenancies from 62,100 in FY2020PF to over 77,600, excluding Cornerstone and INWIT. Moody's takes comfort from the fact that this planned increase in tenancies is well supported by 13,400 highly predictable tenancies including 7,100 of committed new sites and 4,000 tenancies on white spots. The company is aiming to generate reported EBITDAaL margin (after deducting operating lease expense and excluding pass through revenues) in the high fifties percentage compared to mid-fifties for FY2020PF.Moody's expects Vantage Towers to generate negative free cash flow (Moody's adjusted) over the next two years as a result of its high capex requirements and the 60% dividend payout of the company-defined 'recurring free cash flow (including dividends from associates)'. The company operates a capital intensive business model as it requires high expansionary capital spending in order to fulfil 7,100 contractual built-to-suit commitments that it is targeting over FY2022-FY2026. The company has budgeted a total capex for such new sites for EUR1 billion. In addition, as part of its strategy to optimize the cash lease payment, the company will incur ground lease buyout capital spending targeting 10% of its current portfolio. Moody's forecasts the company's total reported capex to range in EUR400 million-EUR450 million per annum in the next two to three years, representing 40% of its total revenue (of which maintenance capex is expected to be only c. 3% of revenue).Due to the high capital spending requirements, Vantage Towers will only see limited de-leveraging in the next 12-24 months, mainly driven by EBITDA growth. Moody's expects the company's gross leverage (Moody's adjusted) to range between 4.8x-5.0x over the next two years, assuming no meaningful debt-funded M&A transactions or exceptional shareholder returns.The company has said that it may lever up its balance sheet to 5.5x reported net leverage from the opening 4.0x in order to fund organic and inorganic growth. In Moody's opinion the likelihood of any large debt-financed acquisition appears low in the near-term as the company will be prioritizing sustained organic revenue growth via executing its planned growth capex investments. Nevertheless, Moody's would expect the company to take a disciplined approach to any M&A transaction in future such that it is able to maintain its credit metrics commensurate with a Baa3 rating.LIQUIDITYThe company's liquidity position is supported by an expected newly committed revolving credit facility (RCF) of EUR300 million (due 2024 with two one-year extensions; fully undrawn). At the end of FY2021, Moody's expects the company to have around EUR150 million in cash and cash equivalents. Cash on balance sheet, internally generated cash flows together with the availability under the RCF should be sufficient to fund its high capital spending requirements, dividends payout, and other operational needs in the next 12-18 months.ESG CONSIDERATIONSVantage Towers has low exposure to major environmental or social risks.The company has a limited record of operating as an independent entity. It has a well-defined financial policy and has outlined its willingness to increase leverage to 5.5x, representing EUR1 billion debt capacity on top of its net starting leverage of 4.0x to invest in organic or inorganic opportunities. The company has also communicated a clear commitment to maintaining an investment grade rating.Upon the completion of the prospective IPO, Vantage Towers will operate as an independent subsidiary with a two-tier board structure comprising four independent directors, including chair, and five Vodafone nominees. Vodafone aims to retain a majority stake in Vantage Towers post IPO and itself has an investment-grade credit profile and disciplined financial policy. Vantage Towers' operational relationship with Vodafone is clearly defined in the multiple MSAs with Vodafone.RATING OUTLOOKStable rating outlook reflects the predictability of Vantage Towers revenues and EBITDA which supports Moody's expectation of the company's performance to be largely in line with its business plan over (at least) the next few years.FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGUpward rating pressure could develop over time if Vantage Towers (1) establishes a track record of operating as an independent company with continued growth in revenue and EBITDA, supported by improving tenancy ratios as well as an increasing share of revenues from customers other than Vodafone; and (2) conservatizes its financial policy leverage ceiling ratio from the current 5.5x (company reported net leverage) such that it can sustainably maintain Moody's adjusted gross leverage of around or below 4.75x.Downward rating pressure is likely if (1) the company significantly underperforms compared to its current business plan and medium term growth targets; (2) the credit quality of its key customer and majority owner, Vodafone, weakens sustainably; and (3) its Moody's adjusted gross leverage increases to over 6.0x on a sustained basis or its financial policy leverage ceiling ratio is revised to become more aggressive.PRINCIPAL METHODOLOGYThe principal methodology used in this rating was Communications Infrastructure Industry published in September 2017 and available at hxxps://www.moodys.com/researchdocumentcontentpage.aspx?docid=PBC_1076924. Alternatively, please see the Rating Methodologies page on www.moodys.com for a copy of this methodology.COMPANY PROFILEHeadquartered in Düsseldorf, Germany, Vantage Towers AG is a leading tower infrastructure company in Europe with around 45,500 fully controlled macro sites, and further 14,200 and 22,100 co-controlled macro sites in Cornerstone Telecommunications Infrastructure Limited (Cornerstone) and Infrastrutture Wireless Italiane S.p.A (INWIT), respectively. The company has wholly-owned tower infrastructure in eight markets including Germany, Spain, Greece (subject to planned execution of call option in conjunction with the IPO), Portugal, Czech Republic, Romania, Hungary and Ireland. Vantage Towers owns a 33.2% equity stake in INWIT in Italy, with co-control rights under the terms of a shareholder agreement with Telecom Italia S.p.A, and a 50% stake in Cornerstone in the United Kingdom, again with co-control right under the terms of the shareholder Read Full Thread Follow Reply
03/2/2021 13:46	spud: Vodafone confident on outlook after return to growth http://www.sharecast.com/news/news-and-announcements/vodafone-confident-on-outlook-after-return-to-growth--7801143.html Organic service revenue rose 0.4% in the three months to the end of December to €9.36bn (£8.3bn) compared with a 0.4% drop in the previous quarter. Organic service revenue rose 1% to €2.91bn in Germany, the FTSE 100 telecoms group said in an update. Total revenue fell 4.7% to €11.2bn. Vodafone reaffirmed its guidance for annual earnings before interest, tax, depreciation and amortisation of between €14.4bn and €14.6bn. Nick Read, Vodafone's chief executive, said: "I am pleased the group returned to service revenue growth in Q3 as a result of the continued commercial momentum across our business, including our largest market Germany. Our good trading performance underscores our confidence in the outlook for the full year." Growth in Germany, Vodafone's biggest market, helped offset declines in other European markets including a 7.8% drop in Italy and a 0.4% decline in the UK. Organic service revenue rose 3.3% at the Vodacom African business and 12.3% in other markets such as Turkey and India. Germany returned to growth after a 0.1% dip in the second quarter supported by higher variable usage during the coronavirus lockdown, a strong performance in business services and a smaller decline in roaming and visitor revenue. Revenues in other European countries were hit by reduced roaming income with travel at a minimum because of Covid-19 restrictions and increased price competition in markets such as Italy and Spain. Richard Hunter, head of markets at Interactive Investor, said: "Any improvements in a company of Vodafone’s size are likely to be incremental, and the latest set of figures build on the progress being made. Less positively, total revenues are down, with the pandemic’s effect on roaming and visitor revenues an obvious drag. "Vodafone remains a cash generating behemoth … The dividend remains a key attraction and is comfortably affordable. The current yield of 6.2% is punchy and unusual in its size given the dividend restrictions which have been seen elsewhere." Vodafone shares rose 2.8% to 130.86p at 08:32 GMT. spud Read Full Thread Follow Reply
31/1/2021 12:51	muscletrade: Extract from Telegraph, nothing new but better than a sell recommendation. You would expect Vodafone, now a provider of internet access as well as mobile phones, to be holding up well during the pandemic. So it is – but the consequences of Covid-19 go beyond the millions of captive customers working from their kitchen tables. The profitability of mobile and broadband firms does not depend only on keeping customers happy: the decisions of regulators are important too. And the pandemic is changing the watchdogs’ attitude to Vodafone and its rivals across Europe, where the firm makes most of its money. Regulators and politicians have realised how much a locked-down economy depends on fast, reliable internet access in people’s homes. They, like the rest of us, also realise that working from home is here to stay even when the virus is defeated. They won’t get those fast, reliable networks if their price controls are so strict that broadband companies are denied a decent return. They also know that broadly speaking, consumers are not paying an excessive price for their broadband or their mobiles. So there are signs that they are beginning to loosen the reins a little, investors in the sector told this column. This alone should be enough to get investors to take another look at Vodafone, long a disappointment to the City. But more is going on. But these markets are still highly competitive and Vodafone, once a highly centralised organisation, has recognised that you have to respond to competition at the country level. So it now lets local managers decide how to react to developments in their markets. The advent of 5G will also encourage some customers to spend more in return for higher data speeds. Vodafone has also taken action to reduce costs. Customers who have problems are now able to deal with them themselves via apps – a less frustrating experience than hanging on for a call centre. So Vodafone can spend less on its call centres – and on its shops – and customers are happier, so they are more likely to remain loyal. “Churn” rates have fallen from 16pc to 13pc over the past three years. Hanging on to your customers is of course cheaper than acquiring new ones. Then there is what Vodafone is doing with its masts business. It has created a separate company called Vantage, which now owns 68,000 base stations. Vantage is due to list on the stock market, probably in Frankfurt, later this year and the proceeds will be used to reduce Vodafone’s debt pile, which is on the high side. We can hope for a boost to the shares as a result because institutional shareholders tend to shy away once debts exceed a certain level relative to profits. Vodafone will retain a controlling stake in Vantage for the moment at least, so that it can continue to decide where its masts are located. The company’s glory days of explosive growth are a long way behind it. The most shareholders can hope for is a gentle rise in profits as cost control, adroit pricing and operational efficiency come into their own. The end of travel restrictions, which have hobbled mobile firms’ normally lucrative roaming income, will also help. But it makes sense to buy the shares only if current levels of profitability are not being properly valued by the market. Key to this judgment is the dividend. The headline yield figure of 6.3pc looks attractive but the divi is only now starting to be covered by profits. If dividend cover were at the level often regarded as safe, namely two, the yield would be a less enticing if still useful 3pc or so. More positively, the fact that dividend cover is going in the right direction means that we need not fear a cut, even if any rise will probably have to wait for debt levels to fall further. Questor’s view when we last looked at the stock in May 2019 was that there was no reason for new investors to get on board, although there was equally no reason for existing holders to sell. Now, in view of the improving regulatory outlook and the hopes for improving profits, better dividend cover and falling debt, we will upgrade to buy. Questor says: buy Ticker: VOD Read Full Thread Follow Reply
17/12/2020 06:41	muscletrade: Working from home connectivity failed to stop a “vicious”; 2020 for telecoms stocks, but a City bank’s telecoms team now sees substantial opportunities amid price upgrades for BT (LSE:BT.A) and Vodafone (LSE:VOD). The scale of the sell-off for the traditionally defensive sector surprised Deutsche Bank after European stocks were treated as super-cyclical with high correlation to their local indices. Even after recent vaccine breakthroughs helped BT, Vodafone and other European shares to rebound by 30%, total shareholder returns for the year-to-date still lag the rest of the market at 8% lower — continuing a five-year run of underperformance. Deutsche said in a note today: “This was remarkable as telcos are relatively less impacted by the economy and they are logically relative beneficiaries of home working.” ii view: Vodafone strategy can deliver much more Vodafone’s prospects and 7% dividend yield remain undervalued The immediate loss of mobile roaming and business-related revenues in the pandemic hurt sentiment, even though infrastructure valuations continued to rise over the period. Deutsche expects this focus on the monetisation of assets, such as Vodafone's plans for the Frankfurt IPO of its mobile towers business, to drive momentum in 2021 alongside an expected upward swing in economic fortunes. They wrote: “We expect a substantial improvement in European telco stock performances next year as growth improves, as returns become more sustainable, and as a number of operators move to highlight material discrepancies between public and private market valuations.” Its top picks in the European sector include Vodafone, whose target price it upgraded this week to 237p from 230p. The shares were 103p at the start of November and now trade at 131.76p. Deutsche expects Vodafone to see a pick-up in service revenues growth next year, particularly as global travel recommences and roaming metrics lap last year's sudden downturn. The company has a loyal following among retail investors, with a projected dividend yield of more than 6% for 2020 attractive at a time of pressure on FTSE 100 pay-outs. Read Full Thread Follow Reply
11/11/2020 16:41	grupo guitarlumber: Vodafone’s prospects and 7% dividend yield remain undervalued by Graeme Evans from interactive investor \| 11th November 2020 15:07 Share on: The shares are up over 10% this week, but there should be much more to come, argues this expert. vod tower The potential for a re-rating of Vodafone (LSE:VOD) shares was raised today when a leading industry analyst signalled the mobile phone giant is over the worst of its revenues downturn. UBS's Polo Tang said next Monday's second-quarter and half-year results were likely to represent a low point, with Q2 service revenues set to be 2.3% lower due to the impact of travel bans on roaming activity. He expects a recovery in the current quarter to 1.2% lower and says shares should be trading at 188p, compared with the 116p seen this afternoon after a rally of 9% so far this week on the back of the Pfizer vaccine breakthrough. The FTSE 100 stock is still no better off than in August, with Vodafone and BT (LSE:BT.A) among telecom stocks shunned in the pandemic despite their exposure to working from home trends. Vodafone shares: 8% dividend yield and potential to double Vodafone: Q1 results and an IPO in 2021 Vodafone: the logic behind 80% share price upside explained Take control of your retirement planning with our award-winning, low-cost Self-Invested Personal Pension (SIPP) Data usage on both mobile and fixed broadband continues to grow strongly, which should drive average revenues per user amid evidence that consumers are willing to pay more for services. The recent launch of a new 5G iPhone should stimulate demand, with Tang noting anecdotal evidence that Vodafone has performed relatively well in Germany, the UK and Netherlands. Tang thinks that the share price currently assumes no improvement in service revenues, leading to low-to-mid single digit annual earnings declines. He said: “While the shape of any recovery may not be linear, we see Vodafone as too cheap and see scope for the shares to re-rate as European service revenues recover.” The company has a loyal following among retail investors, based on factors such as its sheer size, cash generative ability and chunky dividend yield, which, at a projected 7.3% for 2020 trading, is attractive when many big companies have chosen not to pay out at all. UBS is not alone in thinking the company is undervalued, with Deutsche Bank recently highlighting a 230p price target based in part on the value of infrastructure assets and the prospect that the company will resume growth next year. A day after its Q2 update, Vodafone will shine a light on the broader value of the company's assets when it hosts a capital markets day for the planned Frankfurt IPO of Vantage Towers, which boasts 68,000 towers and leading positions in almost all of its nine markets. Vodafone: the logic behind 80% share price upside explained Take control of your retirement planning with our award-winning, low-cost Self-Invested Personal Pension (SIPP) Deutsche analyst Robert Grindle said recently that deals elsewhere in the sector had given a favourable view on assets within Vodafone, which he calculated were the highest of the European telco large-caps and equivalent to 75% of enterprise value. UBS's Tang thinks that next week's guidance from Vodafone will continue to point to a broadly flat underlying earnings picture for the full year and free cash flow in the region of more than 5 billion euros. European service revenues are forecast to be down 3.5% in the second quarter, improving to a fall of 2.1% in the current quarter. Deutsche recently noted the biggest threats to the Vodafone recovery as increased competition, foreign exchange volatility and execution risk on recently acquired assets from Liberty Global, as well as longer term economic malaise due to Covid-19. These articles are provided for information purposes only. Occasionally, an opinion about whether to buy or sell a specific investment may be provided by third parties. The content is not intended to be a personal recommendation to buy or sell any financial instrument or product, or to adopt any investment strategy as it is not provided based on an assessment of your investing knowledge and experience, your financial situation or your investment objectives. The value of your investments, and the income derived from them, may go down as well as up. You may not get back all the money that you invest. The investments referred to in this article may not be suitable for all investors, and if in doubt, an investor should seek advice from a qualified investment adviser. Full performance can be found on the company or index summary page on the interactive investor website. Simply click on the company's or index name highlighted in the article. Read Full Thread Follow Reply
21/10/2020 12:00	spud: https://uk.sports.yahoo.com/news/vodafone-share-price-one-best-092443416.html Vodafone has been working through some severe headwinds over the past few years. Rising competition in its core UK and European markets, as well as an ongoing battle with authorities in India, have dampened investor sentiment towards the group. A highly leveraged balance sheet also forced management to cut the company’s dividend last year, to free up more cash for debt repayment. However, it looks as if the business has worked through many of these issues. A couple of months ago, the group announced that it would stick by its final dividend for the year. This was thanks to free cash flow growing by more than a tenth to €4.9bn during the first half. Meanwhile, pre-tax return on capital employed — a measure of profitability for every £1 invested in the business — rose from 5.3% to 6.1%. These numbers tell me that Vodafone is progressing with its transformation. Indeed, management attributed part of the higher return on assets to the group’s digital transformation and improving asset utilisation. Unfortunately, group debt continues to weigh on the Vodafone share price. Net debt ballooned by more than half to €42.2bn in the first part of the company’s current financial year. The purchase of Liberty Global‘s European assets was responsible for a large part of the increase. Still, the group says it’s on track to list its European tower business in the first half of next year, which should give the company a cash infusion. It’s also planning to deliver €1bn net cost savings from its three-year digital transformation programme. Considering all of the above, I reckon that while the near term outlook for the Vodafone share price is uncertain, in the medium to long term, the stock should prove to be a good investment. More importantly, it doesn’t seem as if the company is going to cut its dividend again any time soon. That’s good news for income investors. The stock currently supports a dividend yield of 7.5%, giving it one of the highest dividend yields in the FTSE 100. This level of income also implies that investors will be paid to wait for the company’s turnaround to play out. Further, the Vodafone share price looks desperately cheap after recent declines. The stock is trading at an enterprise value-to-earnings before interest tax depreciation and amortisation (EV/EBITDA) ratio of 4.2. The rest of the telecommunications sector is dealing at an EV/EBITDA ratio of 5.2, suggesting Vodafone is undervalued by around 25%. spud Read Full Thread Follow Reply
08/10/2020 07:00	muscletrade: The working from home trends driving tech stocks Apple (NASDAQ:AAPL) and Amazon (NASDAQ:AMZN) have so far done little for shares in the telecoms sector after a woeful year for the likes of Vodafone and BT Group. The gulf in tech/telco performance was highlighted today by Deutsche Bank in a note focusing on Vodafone, whose share price it thinks is out of kilter with fundamentals. As such, it should be trading at 230p rather than near to a post-Covid low of around 110p currently. Deutsche said telco business models are substantially resilient to Covid-19 and should benefit from the working from home phenomenon, given increased internet usage and data traffic. The lack of international travel is one negative factor due to the impact on roaming revenues, with Vodafone's exposure to emerging market currencies another drag in the pandemic. The shares had rallied 40% to 141p by mid-June — helped by the payment of a 4.5 cents final dividend in annual results — but have fallen back again in recent weeks. They are now trading at just 12p or 12% above their March low, despite Q1 figures in July highlighting service revenues in line with expectations. It's been a similar share price story at BT Group (LSE:BT.A), although its lowly £10 billion valuation more reflects the uncertainty caused by the cost of funding the rapid roll-out of full-fibre broadband. Deutsche thinks market forces may be at play in the sector's underperformance, given that local indices account for about 75% of the variation in European telco stock price moves. Following on from this logic, a post-Brexit trade deal could work in favour of the sector. The bank added: “In the absence of a deal, telcos should be less impacted due to their predominantly domestic nature and outperform the UK market at least.” One big reason for Deutsche favouring Vodafone is the company's ability to continue paying a healthy dividend with an 8% yield. The bank also highlighted the value of Voda's infrastructure assets and the prospect that the company will resume growth next year. It is also looking forward to next year's Frankfurt IPO of Vantage Towers, the company's phone masts business boasting 68,000 towers and leading positions in almost all of its nine markets. A capital markets day due on 17 November will focus on the Vantage sale and should at least help shine a light on the broader value of the company's assets. Deutsche also expects half-year results due the day before to provide investors with some encouragement on Vodafone's trading outlook and dividend policy. The company has a loyal following among retail investors, based on factors such as its sheer size, cash generative ability and chunky dividend yield, which is particularly attractive when many companies have recently chosen not to pay out at all. Deutsche added: “Chief risks to our ‘buy’ rating stem from increased competition, forex volatility, execution on integrating recently acquired assets and longer-term economic malaise due to the virus.” Read Full Thread Follow Reply
07/10/2020 13:56	ariane: Vodafone shares: 8% dividend yield and potential to double by Graeme Evans from interactive investor \| 7th October 2020 12:55 This expert believes a post-Brexit trade deal could boost the sector and share prices. The working from home trends driving tech stocks Apple (NASDAQ:AAPL) and Amazon (NASDAQ:AMZN) have so far done little for shares in the telecoms sector after a woeful year for the likes of Vodafone and BT Group. The gulf in tech/telco performance was highlighted today by Deutsche Bank in a note focusing on Vodafone, whose share price it thinks is out of kilter with fundamentals. As such, it should be trading at 230p rather than near to a post-Covid low of around 110p currently. Deutsche said telco business models are substantially resilient to Covid-19 and should benefit from the working from home phenomenon, given increased internet usage and data traffic. The lack of international travel is one negative factor due to the impact on roaming revenues, with Vodafone's exposure to emerging market currencies another drag in the pandemic. The shares had rallied 40% to 141p by mid-June — helped by the payment of a 4.5 cents final dividend in annual results — but have fallen back again in recent weeks. They are now trading at just 12p or 12% above their March low, despite Q1 figures in July highlighting service revenues in line with expectations. Vodafone: Q1 results and an IPO in 2021 Share Sleuth: putting profits to work to add a new holding It's been a similar share price story at BT Group (LSE:BT.A), although its lowly £10 billion valuation more reflects the uncertainty caused by the cost of funding the rapid roll-out of full-fibre broadband. Deutsche thinks market forces may be at play in the sector's underperformance, given that local indices account for about 75% of the variation in European telco stock price moves. Following on from this logic, a post-Brexit trade deal could work in favour of the sector. The bank added: “In the absence of a deal, telcos should be less impacted due to their predominantly domestic nature and outperform the UK market at least.” One big reason for Deutsche favouring Vodafone is the company's ability to continue paying a healthy dividend with an 8% yield. The bank also highlighted the value of Voda's infrastructure assets and the prospect that the company will resume growth next year. It is also looking forward to next year's Frankfurt IPO of Vantage Towers, the company's phone masts business boasting 68,000 towers and leading positions in almost all of its nine markets. A capital markets day due on 17 November will focus on the Vantage sale and should at least help shine a light on the broader value of the company's assets. Deutsche also expects half-year results due the day before to provide investors with some encouragement on Vodafone's trading outlook and dividend policy. The company has a loyal following among retail investors, based on factors such as its sheer size, cash generative ability and chunky dividend yield, which is particularly attractive when many companies have recently chosen not to pay out at all. Deutsche added: “Chief risks to our ‘buy’ rating stem from increased competition, forex volatility, execution on integrating recently acquired assets and longer-term economic malaise due to the virus.” Read Full Thread Follow Reply

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