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Bulent. I take it uohndient buy any vod shares then?
Mikey. Hmm... Let the full day play out I think before reaching a conclusion on the market's reaction via the SP. If the SP has not reacted aggressively downwards to the added debt because it was expected and has neither exploded upwards because the market is comfortable with a net loss at the H1 point, then intraday, it rather suggests everything is as expected by the market, so neither good nor bad, but middlin', so more or less a no change condition as the market is unsurprised by the results and neither impressed nor unimpressed. A same condition more or less I'm thinking currently, with just a smidgen of bullishness currently on display via the SP.
Looking a bit ropey now Velo
Lol jokers .... I hope you believe what I said now and I take it you didn’t get the sarcasm
Lol jokers .... I hope you believe what I said now and I take it uohndient get the sarcasm
164 now, Mikey :)
".... but seems results were as expected."
Yes, AW100 at this early juncture of the day, initial reaction in the market appears to support that as the theme for the results. I can go along with that. The mega net debt is for discussion another time, but it looks like they are well cool about it, and were fully expecting to see it finally arrive.
The Q2 net profit in isolation seems to have been accepted as that the company has returned to profit in that quarter alone (where previously the net loss damage all occured in Q1) and are thus accepting that's what they're expecting to see continue all the way to H2 and the year end.
Starting to head the wrong way
Schhhhhh
Share price up Velo. Obviously time to fall but seems results were as expected.
Taking time to reading Vod's own RNS release provided by Mikey and yes, they summarise in the comments section that the increasse in debt is due to the Liberty deal transaction finally arriving on the books. Personally can't get het-up upbout the now staggering weight of debt as it's been well signalled to the market all year. The market can't come on with the victorian vapers on seeing it.
They've known about it.
They were expecting it.
They already have it priced in to the SP.
So I'm not going to over react to the debt (today). What does concern me is the loss where I was expecting a profit. Wether the market was expecting a loss is the big question. If not . . . . then look out.
Can't believe at near v close to this morning's market opening and this site here (LSE) has still not provided a link up above. They're usually **** hot releasing company trading result RNs's.
European Towers
We remain on track to legally separate our European Tower infrastructure into a new organisation, which will be operational by May 2020. We recently appointed Vivek Badrinath as the CEO of our European TowerCo, who will be able to draw on his extensive telecoms and technology leadership experience from his role at Vodafone, where he is currently the Chief Executive of Vodafone's Rest of World operations, and from his experience at Orange as Deputy Chief Executive and, prior to that, as the leader of Orange's global networks and operations division.
We intend to monetise a substantial proportion of our European TowerCo over the next 15 months, depending on market conditions. We believe that there is significant scope to generate operational efficiencies and increase tenancy ratios across our Tower portfolio, and that it will be possible to monetise towers while preserving network differentiation and long-term strategic flexibility.
On 26 July 2019 we announced an agreement to merge our passive tower infrastructure in Italy with INWIT Spa, creating the leading tower company in Italy with 22,100 towers, and the second largest listed tower operator in Europe. As part of the combination, Vodafone will receive a cash consideration of €2,140 million and a 37.5% shareholding in the combined entity. The combination is subject to regulatory approval as well as the approval of INWIT's minority shareholders, and completion is expected in the first half of calendar year 2020.
Velo,
VOD will get €2b cash from tower co plus 37.5% stake which would be sold down after IPO if no recession after May 2020.
https://www.londonstockexchange.com/exchange/news/market-news/market-news-detail/VOD/14303724.html
Thanks for the update Mikey. The RNS isn'#t even out yet on this site as I post, so only got your post to go on.
Hmm, Not sure what to make of those results. Reported revenue for H1 barely increased over same period last year. But what has got me scratching my head is "Loss for the financial period of €1.9b" when I thought the market was expecting a decent net profit. Need to see the original report whether that's pre-tax, or whatever.
Until I see the actual report my initial reaction to the data provided by Mikey is not an impressive result. Bit pesimistic on how it'll be received by the market. Any mention in it, of any positive TowerCo progress anywhere?
Great news it seems well done Vodafone you have really turned things around.... a well deserved rise today would be warranted..
Vodafone announces results for the six months ended 30 September 2019
12 November 2019
Financial highlights
·
H1 organic service revenue up 0.3%* as Q2 returned to growth (Q1: -0.2%*, Q2: +0.7%*), supported by improvements in South Africa, Spain and Italy, with solid retail performance in Germany and strong commercial acceleration in the UK.
·
Organic adjusted EBITDA up 1.4%*, reflecting €0.2 billion operating expense savings in Europe and common functions.
·
Reported revenue increased by 0.4% to €21.9 billion, benefiting from the acquisition of Liberty Global's assets in Germany and Central & Eastern Europe.
·
Loss for the financial period of €1.9 billion primarily reflects losses in relation to Vodafone Idea post an adverse judgement against the industry by the Supreme Court in India.
·
Interim dividend per share of 4.50 eurocents, equivalent to 50% of the FY19 total dividend payout.
·
FY20 financial guidance updated:
·
Adjusted EBITDA of €14.8-€15.0 billion (previously €13.8-14.2 billion), implying c.2-3%* organic growth. This includes a €0.8 billion net benefit from the Liberty Global acquisitions and the sale of New Zealand (completed on 31 July). Excluding this benefit, we are on track to achieve the upper half of our original guidance range.
·
Free cash flow of around €5.4 billion (previously 'at least €5.4 billion') as lower cashflows from India and the sale of New Zealand offset the initial accretion from the Liberty Global acquisitions.
·
Pro-forma financial leverage expected to be c.3.0x at year-end, excluding the INWIT transaction; intention to reduce leverage towards the lower end of our 2.5x-3.0x range within the next few years.