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VOD Vodafone Group Plc

-2.39 (-3.31%)
07 Dec 2023 - Closed
Delayed by 15 minutes
Share Name Share Symbol Market Stock Type
Vodafone Group Plc VOD London Ordinary Share
  Price Change Price Change % Share Price Last Trade
-2.39 -3.31% 69.80 16:35:18
Open Price Low Price High Price Close Price Previous Close
71.02 69.71 71.73 69.80 72.19
more quote information »
Industry Sector

Vodafone VOD Dividends History

Announcement Date Type Currency Dividend Amount Ex Date Record Date Payment Date

Top Dividend Posts

Top Posts
Posted at 15/11/2023 18:00 by r9505571
Vodafone: ability to keep dividend uncertain -- Market TalkSource: MF Dow Jones (English)Original article published on Dow Jones English Newswire, translated by editorial staff Il Sole 24 Ore Radiocor.(Il Sole 24 Ore Radiocor Plus) - Milan, Nov 15 - Vodafone will have to cut its dividend by 25% over the next two years to increase market confidence, Jean-Michel Salvador, an analyst at AlphaValue, writes in a note.Excluding UK assets - which will be merged with Three, leaving Vodafone a 51% stake in the combined company - and assets in Spain, which will be sold, Salvador calculates a free cash flow of less than €3 billion.The result leaves the company short of resources after paying dividends of €2.5 billion.Therefore, it questions Vodafone's ability to maintain the payout at 9 euro cents for fiscal year 2024 and 2025, despite the first half payout being maintained at 4.50 cents after Tuesday's mixed results.The stock is just 10% above the 15-year lows touched last summer and offers a dividend yield of 10%, Salvador adds.Shares are down 1.0% to 72.40 pence. (
Posted at 15/11/2023 08:54 by davius
ii view:

Vodafone is a major mobile phone and fixed broadband data network provider. It has over 300 million customers across 17 countries, along with mobile phone network partnerships in a further 40 plus countries. Germany generates its biggest slice of service revenues at 31%, with the UK and Italy coming in at 15% and 11% respectively. Its Africa focused Vodacom business, including South Africa and Egypt, is another major sales generator at 16% of service revenues, with other markets including Turkey at 4%.

For investors, the tough economic backdrop for its customers including heightened borrowing costs cannot be ignored, while group costs such as energy remain elevated. Competition in markets such as Italy is intense and, while net debt of €36.24 billion (£31.5 billion) is down, it compares to a stock market value nearer £20.5 billion. Meanwhile, adjusted earnings of 11.45 eurocents in its last full financial year only just covered its full year dividend payment of 9 eurocents per share.

More favourably, a transformation programme is being pushed including cost cuts via staff reductions. Vodafone is also diverse in terms of business type and geography, energy costs for industry more broadly have recently reduced, while UAE telecommunications company e& continues to hold a significant stake in Vodafone, raising speculative hopes and potentially applying further pressure on management for change.

While a lack of profit growth may for now deter new investors, some might decide to back a recovery under the new CEO. A forecast dividend yield of over 9% might also keep income investors interested.


Business and geographical diversity
Attractive dividend payment (not guaranteed)

Uncertain economic outlook
Currency headwinds
The average rating of stock market analysts:

Strong hold
Posted at 14/11/2023 19:34 by philanderer
Investors Chronicle:

Vodafone's growth promises look fanciful

Unless its merger with Three UK is passed, the telecommunications company looks like it is in a managed decline

The 10 per cent dividend yield puts a cap on the downside, but until Vodafone can show any evidence of growth, this will continue to look like a managed decline rather than a right-sizing for growth. Hold.

Last IC View: Hold, 75p, 16 May 2023
Posted at 14/11/2023 08:16 by ariane
Vodafone Posts Lower Pretax Profit on Previous Business Disposals -- Update
14/11/2023 8:08am
Dow Jones News

Vodafone (LSE:VOD)

Tuesday 14 November 2023

By Najat Kantouar

Vodafone Group has reiterated its full-year guidance as it reported a much lower pretax profit for the first half of fiscal 2024, reflecting adverse foreign-exchange rate movements and business disposals in the prior year.

The U.K. telecommunications company said Tuesday that it expects to report underlying earnings before interest, taxes, depreciation, amortization and lease expenses of 13.3 billion euros ($14.23 billion) for the year ending March 31 compared with EUR14.7 billion in fiscal 2023. Adjusted free cash is seen at around EUR3.3 billion, from EUR4.84 billion.

Pretax profit for the six months ended Sept. 30 was EUR550 million compared with EUR1.69 billion for the same period a year earlier.

Adjusted earnings before interest, taxes, depreciation, amortization and lease expenses--which strips out exceptional and other one-off items--was EUR6.39 billion compared with EUR7.24 billion with organic growth of 0.3% despite a significant increase in energy costs.

Adjusted free cash outflow widened to EUR1.47 billion from EUR513 million, reflecting a fall in adjusted Ebitda after leases in the period, together with lower dividends from associates and joint ventures.

Group revenue fell to EUR21.94 billion from EUR22.93 billion despite service revenue growth in both Europe, excluding Turkey, and Africa by 1.5% and 9.0%, respectively.

The board declared an interim dividend of 4.50 European cents for the period, flat on year.

"During the first half of the year, we have delivered improved revenue growth in nearly all of our markets and have returned to growth in Germany in the second quarter. We have also announced transactions to strengthen our position in the U.K. and exit the challenging Spanish market in order to right-size our portfolio for growth." Chief Executive Officer Margherita Della Valle said.

Write to Najat Kantouar at

(END) Dow Jones Newswires

November 14, 2023 02:53 ET (07:53 GMT)
Posted at 24/10/2023 17:17 by davius
Big upside seen for this fallen FTSE 100 giant

Vodafone shares continue to struggle, but for one City bank there’s reason for optimism after calling a big upturn for the high-yielding stock.

24th October 2023 13:29

by Graeme Evans from interactive investor

The “prodigious221; valuation gap between Vodafone Group and its peers has been backed to close after a City bank said improving trends justified a new 165p target price.

The optimism at Deutsche Bank comes with Vodafone shares languishing in the 70p-80p range after another summer of frustration for long-suffering investors.

The bank believes that Vodafone's run of “unfortunate” events is nearing its end, with positive ones taking their place. It notes the drag from energy prices should normalise and then reverse by 2025, with emerging market currency pressures showing signs of easing.

The jettisoning of weaker assets, possibly including operations in Spain, and prospect of consolidation in the UK after this year’s Three merger deal should also benefit the top line.

Deutsche Bank said: “Vodafone is becoming easier to break out into its parts, revealing a prodigious under-valuation versus peers, which admittedly have less cable.”

The bank, which lifted its price target by 10p in today’s note, adds that disposals of weaker assets would do much to highlight this anomaly but only if proceeds are used diligently to boost dividend cover and free cash flow.

Other analysts are more cautious on prospects as JPMorgan yesterday trimmed its price target to 92p, with Barclays recently highlighting a figure of 95p.

Shares are down by around 40% since last summer as competition intensifies, leaving the London market’s one-time largest stock trading at its lowest level in 25 years.

The selling has continued even though new boss Margherita Della Valle has vowed to accelerate change, including by simplifying the organisation, cutting out complexity and taking steps to regain the company’s competitive standing.

The turnaround potential of a former FTSE 100 giant has tempted plenty of retail investors, with shares among the five most-bought on our platform in the third quarter of 2023.

New buyers have been attracted by a dividend yield now above 10%, although such a lofty level comes with a health warning over the potential for the payout to be cut.

The total dividend was an unchanged nine euro cents a share in May’s annual results, only just covered by earnings of 11.45 euro cents for the year to 31 March.

The next landmark for Vodafone investors will be half-year results on 14 November, when the City will be looking for updates on M&A activity and signs that operational trends are improving. The largest unit of Germany, which accounts for 30% of revenues, will be a particular focus after recent price rises.

Deutsche Bank is forecasting service revenues growth across the group will improve to 2.2% in the second quarter from 1.8% in the opening three months of the financial year.

This summer’s deal with the owner of Three, which is subject to regulatory approval, will combine the third and fourth-largest network operators in the UK in a move that creates the scale needed to invest in network and 5G expansion.
Posted at 23/8/2023 14:24 by dig and sell
A dividend yield of around 11 per cent is unsustainable. There are two ways to address this. 1. Cut the Divi, or 2. Grow the share price. Cutting the Divi sends negative signals about the health of the business, and it will make some institutional investors, such as the pension funds, very nervous indeed. Growing the share price is by far the better option, and VOD are doing the right things. Net debt FY21-22 was 41 billion euro. Net debt FY 22-23 was 33 billion euro. I wonder when Mr Market will start looking at the actual numbers and not the subjective stuff? I would not want to miss that.
Posted at 26/7/2023 21:10 by davius
Vodafone shares hit six-week high after Q1 results

There should be enough going on at the mobile phone giant to generate interest in its underperforming shares, but the company has a mountain to climb. Our head of markets analyses its position.

The announcement of a mega-merger and fresh blood in the boardroom would normally be enough to light a fire under a share price, but Vodafone Group investors are taking an understandable wait and see approach.

The merger with Three UK is expected to close by the end of next year and is subject to regulatory approval, which could yet prove to be more of a hurdle than Vodafone is suggesting. If passed, however, expected annual cost savings of £700 million by year five clearly underline the attraction of the deal, notwithstanding the likely £500 million of integration costs leading up to that point.

In the meantime, the group is well aware that it has a mountain to climb. Higher energy costs in the background have not helped, while a deteriorating performance in Germany, which accounts for around 26% of revenues, has been seen amid intense competition and new legislation in the pipeline.

The decline in revenues of 1.3% for the last three months is an improvement from the 2.8% drop reported in the previous quarter and was largely driven by price increases in the broadband service, although this has inevitably come at the cost of losing some cost-conscious customers.

Elsewhere in Europe, performance has been mixed, with similar pressures to the German experience weighing in markets such as Spain and Italy. The UK fared rather better, reporting a service revenue increase of 5.7% compared to 3.8% the previous quarter, while 42,000 broadband customers were added, taking the existing total of customers to 1.3 million.

From a group perspective, a reported revenue decline of 4.8% in the first quarter masked organic growth of 3.7%, where the African business continues to make a notable contribution. Vodacom revenues grew by 9% over the quarter from a previous 7%, with South Africa and Egypt being beacons of light. Indeed, there are some exciting growth opportunities in Africa (it now has 73.5 million financial services customers) and more broadly its multi-play offering (TV, broadband, fixed line) often results in “stickier̶1; customers when they have chosen the bundle.

Guidance for the year is unchanged and the accompanying management comments recognise the scale of the challenges to come, while the performance of the Business segment and certain geographical regions provide some grounds for optimism.

In the meantime, net debt remains something of a concern to investors, although the group is reportedly comfortable with the current levels. The dividend yield of 10.6%, partly the result of a declining share price, is of scant solace to long-suffering investors, even if the yield of itself is extremely punchy.

The shares have reacted positively at the market open on Monday to the glimmers of hope which have been reported, but there remains a significant amount of ground to make up.

Over the last year, the shares have dropped by 43%, as compared to a gain of 5.3% for the wider FTSE100 index, while over the last five years the price has plunged by 59%. Investors will be hoping that the positive noises emanating from the group prove to be the thin end of the wedge, but in the meantime the jury remains out, with the market consensus of the shares as a 'hold' likely to remain intact.
Posted at 30/6/2023 00:36 by vodman1
UAE telecom is the frontrunner if they choose to buy Vod. They already own 15%. If you listened to the investor relations conference call a few weeks ago when asked about UAE telecom Vod investor relations talked about synergies which could be created by exchanging expertise. However, if you look at their faces, it was clear at least to me, they were very concerned about a full takeover. Their body language said enough as they seemed uneasy.

Any telecom company interested in European exposure from China Telecom, I know not politically feasible, to any of the US baby bells ATT included, to Liberty Global or a private hedge fund. A private hedge fund could easily take out Vod since the market cap is around 24 billion dollars these days.

What it comes down is price. Vod fair value is anywhere from $15 to $25 US dollars. I estimate book value at $25 per share. However, I do not believe it would be sold for so little. If Vod sold off its assets it could reap anywhere from %47 billion to $60 billion dollars. So I would think the takeout price would be much higher than fair market value.

In any event, there seems to be a lot of money for shareholders if the MDV rights the ship. Encouraging is the fact that Spanish assets may enter into a joint venture or be sold off by September. Also UAE telecom and Vod operations in Africa are very complimentary and cover much of the continent. If they combine African assets there is a potential for 450 million customers with mobile banking included.

By selling off the least of their profit making or losing assets they could raise 10 to 15 billion dollars.

They could also sell off move of Vantage Towers.

So in my mind debt is not a major issue.

There are a lot of moving parts at Vod. Let's hope they move fast.
Posted at 26/6/2023 15:48 by davius
Oh nice, another multi year low close today.

Margherita Della Fail appears to be doing a worse job at delivering shareholder value than the starkly incompetent Read before her. She's apparently been with Vodafone since 1994.

She reminds me of a modern Nero, fiddling (around the edges) whilst Vod burns.

Still, no doubt lining her bank account with a massive salary and huge share bonuses.

The shares are now down 26% since she took the position of CEO.

Della Fail indeed.

I see that she has her own Wiki page:

Margherita Della Valle is an Italian businesswoman who has been the chief executive officer (CEO) of Vodafone since January 2023.

Della Valle holds a master's degree in economics from Bocconi University.

During her early career, Della Valle became part of Omnitel Pronto Italia, which transitioned to Vodafone Italy in 1994. She held the role of Chief Financial Officer for Vodafone Italy between 2004 and 2007.

Between 2015 and 2018, Della Valle served as Vodafone's Deputy Chief Financial Officer.

In April 2023, Della Valle was appointed as the CEO of Vodafone, becoming the first female CEO of the company. Previously, Della Valle has held the position of Chief Financial Officer since July 2018 and temporarily assumed the role of CEO in January, succeeding Nick Read.
Posted at 15/6/2023 14:19 by kipper999
Deutsche Bank 185p

Vodafone and Three UK merger - analysts see higher synergies than expected

Proactive Investors - Vodafone Group PLC's (LON:VOD) binding deal to merge its UK arm with Three offers better synergies than expected, said analysts, but the market's muted reaction reflects major ongoing uncertainties.

With synergies from operating and capital expenditure expected to exceed £700mln by year-five and a net present value (NPV) of at least £7bn was "well ahead" of Deutsche Bank (ETR:DBKGn) analyst Robert Grindle's forecast.

He noted that the major savings came from the combining of two network cores and IT systems, which was divulged on the conference call following the deal, with duplication of mobile tower resources said to be offset by increased volumes due to high 5G build/ coverage targets.

The Deutsche analyst estimated the merged business will have an enterprise value of roughly £11bn, compared to his previous estimate of around £7bn.

He said this further supported his target price for the shares of 185p, saying the shares "should benefit" from the deal announcement, though may be limited in the near-term due to the deal's distant completion date and "likely hostile response from some quarters", even though he sees "material" industry and government support for the merger.

Barclays (LON:BARC) analyst Maurice Patrick agreed the synergies are higher but said the dividend policy is "conservative", with Vodafone having circa 4x leverage at closing and only promising to pay dividends once reaching 2.5x, expected at least three years post closure of the deal.

UBS analyst Polo Tang said merger synergies are worth 13p per Vodafone share.

He said the shares moving less than 1% by the close after the deal was unveiled on Wednesday "we think reflects uncertainties around regulatory approval, the long timeframe to deal competition (12-18 months) and questions around the deal structure/financials".

Tang noted the CMA recently blocked the Microsoft/Activision deal and its position on UK mobile consolidation "is unclear", while the European Commission's 2016 blocking of the Three/O2 UK merger saw three concerns cited (less retail competition, less infrastructure investment and less wholesale competition) and Ofcom also vocal in objecting to the deal.

Comparing the circumstances today, he noted the Vodafone UK/Three UK merger would have circa 34% retail share compared to the 40% plus for O2/Three before, and that Ofcom has separately stated that Vodafone and Three are not making returns above their cost of capital.

Vodafone's statement pushed the line that a UK merger would create a stronger challenger to BT (LON:BT)'s EE and VMO2 and more of a broadband challenger with fixed wireless access.

"It is unclear whether the CMA will revisit the remedies proposed in 2016 with Sky taking 20% of the merged network capacity at a fixed price of £200m per annum," the UBS analyst said.

"However, in hindsight this could have been disruptive for the market and discouraged investment."

Barclays' Patrick said the "agreed/required remedy is key, with aggressive remedies typically eroding all cost synergies" from the perspective of cash flow post deals.

"How the company addresses this last point is crucial," he said, seeing a risk that rivals Orange and Masmovil could agree to harsh remedies in Spain that "would continue to create market uncertainty and disruption".

Read more on Proactive Investors UK

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