Buy
Sell
Share Name Share Symbol Market Type Share ISIN Share Description
Vodafone Group Plc LSE:VOD London Ordinary Share GB00BH4HKS39 ORD USD0.20 20/21
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  1.26 0.95% 134.10 134.04 134.08 134.30 132.06 133.20 84,488,852 16:35:00
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Mobile Telecommunications 39,964.5 706.4 -2.8 - 35,985

Vodafone Share Discussion Threads

Showing 51426 to 51448 of 51625 messages
Chat Pages: 2065  2064  2063  2062  2061  2060  2059  2058  2057  2056  2055  2054  Older
DateSubjectAuthorDiscuss
14/2/2021
16:38
Better ask Sir John Vickers about that!
ianood
14/2/2021
13:33
It is also sad to see only Barclays mentioned. What has happened to those British merchant and investment banks and other institutions that used to have a full participation in IPO and other reorganisations both in Europe and globally? I hadn't realised how much our financial base and financial clout had become eroded.
scobak
14/2/2021
01:34
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
vodman1
14/2/2021
01:04
vod holders do not get direct shares in vantage towers
vodman1
13/2/2021
21:38
A mention in II "Dogs of the FTSE" in relation to high yielders: Finally, telecoms multinational Vodafone (LSE:VOD) offers an attractive 5.9% yield, though it looks quite vulnerable: dividends are covered just 0.6 times. Hunter points out that despite challenges in recent years, Vodafone remains “a cash-generating behemoth, with its multi-million customer base across the UK and Europe making a powerful cumulative contribution to income”. And there’s good news in that overall service revenues swung into positive territory in the latest quarter, up 0.4% following a decline of 0.4% in the previous one. The Dogs of Footsie for 2021-2022 Company.........................Dividend yield (%) EVRAZ (LSE:EVR).......................11.1 Imperial Brands (LSE:IMB)..............9.2 BP (LSE:BP.)...........................7.7 British American Tobacco (LSE:BATS)....7.5 Standard Life Aberdeen (LSE:SLA).......6.8 Legal & General (LSE:LGEN).............6.8 Phoenix (LSE:PHNX).....................6.6 M&G (LSE:MNG)..........................6.5 GlaxoSmithKline (LSE:GSK)..............6.3 Vodafone (LSE:VOD).....................5.9
davius
13/2/2021
17:07
Yes indeed. I'm yield focused now and more risk adverse than I was. I see VOD to 160p this year (my top slicing level) and then on to the Towers float which should please the Market via a substantial debt reduction so 200p during 2022 isn't unrealistic. Meantime, sit back and collect the dividends!spud
spud
13/2/2021
16:43
Spud i know you from other threads as an astute investor in small caps- it's just that i have been getting rid of these 100 footsie behemoths and prefr small caps! not vod yet though!
ali47fish
13/2/2021
15:26
Nothing known yet. spud
spud
13/2/2021
15:18
Anyone know if holders of VOD will get any preference when it comes to the towers IPO?
whitehunter
12/2/2021
16:45
Going back to my dentist analogy, the anaesthetic has worn off and left no pain :-)
davius
12/2/2021
15:23
Swantee ditches Telia for Vodafone https://telecoms.com/508613/swantee-ditches-telia-for-vodafone/ Olaf Swantee will join Vodafone as a non-executive director this summer, provided his nomination gets the go-ahead from shareholders at the telco’s July AGM. In many ways, it’s hardly news. A seasoned telecoms professional joining a telecoms group’s board is a fairly common occurrence. But Swantee’s move to Vodafone has understandably captured headlines because, despite having an extensive career history in the industry, he is still best known for his stint as chief executive at EE, an arch-rival of Vodafone in the UK. That, and the fact that it was a slow news day when the announcement was made. “He brings a wealth of communications expertise, has a strong track record of value creation and has presided over a number of Europe’s leading telecoms businesses,” said Vodafone chairman Jean-Francois van Boxmeer. Swantee took the helm at EE in 2011, having previously held various senior positions at Orange and tech firms Hewlett-Packard, Compaq Computer and Digital Equipment; he left EE in early 2016, when it was acquired by BT. Almost immediately he took up their reins at Switzerland’s Sunrise, but left that job at the start of 2020, (possibly coincidentally) shortly after its failed acquisition of UPC. In addition, he has significant board level experience in telecoms and adjacent industries. He is currently serving on Telia Company’s board, but has disclosed that he will not stand for re-election once his term ends. “He is also passionate about technology and its potential to change society for the better,” van Boxmeer added. “I look forward to Olaf’s contribution to our Board and him playing a significant role in the next stage of Vodafone’s strategic development.” While Swantee’s move to Vodafone may not exactly be newsworthy, it is good news for Vodafone. The new director has plenty to offer. Shareholders should be happy to vote him in later this year. Telecoms is not (much) like football; having played a starring role at one top-flight operator does not mean you are tainted in the eyes of the fans stockholders at another. spud
spud
12/2/2021
11:38
I'm bought back in a few weeks ago after years of avoidance, remarkably I'm 0'17% up on my purchase price atm
gbh2
12/2/2021
11:15
Holding VOD is like going to the Dentist, it's the right thing to do, but you're not looking forward to it, the pain after will be uncomfortable, but it will come good in the end. Vantage Towers spin off can't come soon enough...
davius
11/2/2021
15:25
Cheers. Maternity ward for my niece. All good. As a Leeds fan I don't need to visit that stadium this season. Maybe next season. Don't mention Cardiff. Still have nightmares as a Leeds fan living in Watford at that time.Sorry to other VOD holders for off topic
riviera1069
11/2/2021
14:55
Oh you'll be able to watch the match against Bristol City. Its curtains for Xisco if they don't win
estienne
11/2/2021
14:01
Well with COVID it has been a while since I have got down to the ground and the Red Lion.Hope you are not at WG for anything too serious
watfordhornet
11/2/2021
13:06
Funny you reply. I'm sat in Vicarage Road outside watford General looking at the football store opposite the red lion.
riviera1069
11/2/2021
13:00
I always though it was between 12th and 18th with HL.They do not appear to have reinvested mine yetTbh - I do not like the HL way of doing things and waiting sometimes 4 weeks b4 reinvesting
watfordhornet
11/2/2021
12:24
HL reinvested my divi today. Had the money since 5th in my account though.
riviera1069
11/2/2021
08:00
Vodafone Group Plc Board Appointment: Olaf SwanteeSource: UK Regulatory (RNS & others)TIDMVODRNS Number : 6869OVodafone Group Plc11 February 2021BOARD APPOINTMENTOLAF SWANTEE TO JOIN VODAFONE'S BOARD AS A NON-EXECUTIVE DIRECTORVodafone Group Plc ("Vodafone") today announced that Olaf Swantee will be appointed as a non-executive director following the Company's Annual General Meeting on 27 July 2021, subject to shareholder approval. Mr Swantee will also become a member of Vodafone's Audit & Risk Committee.Olaf Swantee has extensive experience of the telecommunications sector and a consistent record of creating shareholder value. He was CEO of Sunrise Communications between 2016-2020 and transformed the company's brand, network and services to establish it as the quality challenger in the Swiss market. Prior to that he was CEO of EE, where he successfully merged Orange UK and T-Mobile to create the UK's leading operator following the sale to BT. Before EE, Mr Swantee held a number of senior positions at France Telecom (now Orange Group), Hewlett-Packard, Compaq Computer and Digital Equipment.spud
spud
11/2/2021
06:50
Goldman Sachs is positive on the stock with a Buy rating. The target price is unchanged and still at GBX 165. Yesterdays news(10/02)
muscletrade
10/2/2021
13:22
Go Rootie! spud
spud
10/2/2021
12:20
hehehe GBH2 :) 1-0 England in cricket as well...
geckotheglorious
Chat Pages: 2065  2064  2063  2062  2061  2060  2059  2058  2057  2056  2055  2054  Older
ADVFN Advertorial
Your Recent History
LSE
VOD
Vodafone
Register now to watch these stocks streaming on the ADVFN Monitor.

Monitor lets you view up to 110 of your favourite stocks at once and is completely free to use.

By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions

P: V: D:20210423 05:54:34