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I think the 11b was the value of the merged Italy business, not the implicit value we were getting for giving away a proportion of the business
So looking into something similar today,
Italy & Spain for a combined enterprise value of £11.5b if you extrapolate by revenue that puts an MCAP of £23.1b or 85p. But Italy & Spain are effectively loss making, so if you use the EBITDAaL numbers to gross it up instead, then puts an MCAP of £34.4b or 127p. I wanted to add UK to it, as the merger has an implicit value to it, but we are the "purchaser" in that so not sure its good to include anyway.
Can anyone explain why Vodafone would reject takeover valuing Italy at over 11b, merger valuing company at 10.45b only to accept takeover valuing company at 8billion. How does the BOD explain this to shareholders - its the worst possible outcome.
The Net Debt figure will drop simply as a result of holding more cash on the balance sheet
This is where things currently stands according to Vodafone's Bonds outstanding (EU and US) page:
https://investors.vodafone.com/debt-investors/bonds-outstanding-eu-and-us
https://docs.google.com/spreadsheets/d/e/2PACX-1vRA1ndHTf_Bz7O_moDxmcbWnEtcusZucUu6lEJvm3O4mGooeH4ErFjRqot3RQHBaVXCgoUED1k2CUVK/pubchart?oid=17624073&format=interactive
https://docs.google.com/spreadsheets/d/e/2PACX-1vRA1ndHTf_Bz7O_moDxmcbWnEtcusZucUu6lEJvm3O4mGooeH4ErFjRqot3RQHBaVXCgoUED1k2CUVK/pubchart?oid=1681133451&format=interactive
For those who say that nothing is going on here quite a bit has been completed or is in the pipeline. Please don’t think I’m bigging up the overpaid BOD (they have the charisma of a 3 week old British Rail sandwich) but stuff has been / is being done … Vantage Towers monetised.
Ghana gone.
Hungary gone.
Voda Egypt transferred to Vodacom.
Spain sold subject to contract.
Italy poss sold subject to contract.
Voda combo with Three agreed subject to review by regulators.
Headcount reduction of 11000 of which one third done. (ADVFN)
I for one hope that a reduction in debt will prevail from asset sales, this would make this company a better bet for a takeover.
Vodafone Group Plc has confirmed that it is in exclusive discussions with Swisscom AG regarding a potential sale of Vodafone Italy. The parties have agreed that Swisscom will acquire Vodafone Italy for an enterprise value of €8 billion on a debt and cash free basis and subject to customary closing adjustments. This enterprise value represents a multiple of approximately 26x consensus FY24F OpFCF and approximately 7.6x consensus FY24F Adjusted EBITDAaL. These figures are based on company compiled consensus as at February 2024.
Apparently 8 billion Euros is being discussed, at approximately a 7x p/e (according to The Times online). Seems on the low side.
Ok Daniel, you probably have a point to be fair. I've allowed my poor investment decision to get to me and that's never good. I guess that's my fault and not Margherita's! Let's hope we all have a change of fortune here soon. All the best.
£20bn?
Garonne. Of course you are entitled to your views, & so am I. You think the C.E.O. is an idiot, & I think you are. Get over it. Try not to keep repeating yourself please, because it is boring. I don't need to filter you, you can filter me if you like. Better still just sell & stop moaning please. I am not telling you what to do, just a suggestion. By the way, there are far more offensive words used on here than idiot, or do you find expletive insults less offensive which many use on here. Not you though to be fair. I think you need (just a suggestion) a week off from your constant, negative posting on here. It might help you.
Thanks for taking the time to share your thoughts about VOD and RR robleo. I'll certainly reflect on what you've said before making any decisions. One thing's for sure, it's a lot easier to lose money than to make it in this game! Good luck with your investments robleo.
Garonne, just something for you to think about, RR is at a 5 year high and Vodafone is at a 5 year low, we also have 2 Wars going on high inflation and interest rates, a recession in Germany and the UK and elsewhere
But you have to decide what you think is the best decision for yourself, one very important rule is never invest more than you can afford to lose on any individual share, especially one that's been in decline for the last 5 years, hopefully this will get a lot better but it won't happen overnight, and theirs no guarantees with any shares, this may continue to be a disappointing under performing share as it's been for the last 5 years or it could change direction, who knows
best of luck though which ever way you decide to go, but do what you think is best for you
I don't like posters who think they have a certain right to tell others what to do, daniel. If you don't like my posts, filter, don't get abusive. My views on VOD are just as valid as yours.
No Garonne, it won't come in time for you. You have no patience. Sell vod now and buy RR.
Dan promises promises ?, I hope your right though, it would improve the mood here if we could see this making it's way towards 80p
Garonnne, i was only joking of course, yes you need the patience of a saint here
best of luck
Sorry robleo! I just can't help it. I guess I'm more angry at myself for selling RR and jumping in here, especially as it heads ever upwards! Maybe VOD's turn will come. Patience as they say!
Rob, Stop moaning & just sell up!!! Shame about your anti climax? But I reckon up in the morning? 70p please by the weekend. Have a good one.
Garonne, LSE rules your only only allowed 3 moan a day, if it was any other share it would only be 1
Bad inflation figures expected to come out in the US tomorrow get your tin hats on ready
Not been a very good start to 2024 let's hope the next season will be better, i'm afraid to say to much in case Aveo tells me to sell up, but it was another anti climax here again unfortunately
And to increase the SP not decrease it!
I think GutterSnipe meant to say "I is glad I isn't with it" But I think we all know that already!
Comparing Rolls Royce to Vodafone is totally ridiculous as they are completely different. As for Vod's C.E.O. not wanting too lose money, just suggests she is not stupid. Her job is not to hype the vod share price, just run Vod the best way she can.
" Switzerland’s largest political party voiced opposition to Swisscom AG’s plans to buy Vodafone Group Plc’s Italian business for €8 billion ($8.7 billion)."
“The Swiss Confederation is the majority shareholder of Swisscom and is therefore ultimately liable for the company,” the right-wing Swiss Peoples’ Party, or SVP, said in a statement on Wednesday. “The SVP Switzerland rejects foreign adventures when the state de facto guarantees for losses.”
https://www.bloomberg.com/news/articles/2024-02-28/swisscom-s-8-billion-italy-deal-opposed-by-largest-swiss-party
Tufan Erginbilgic has been buying more RR shares! Pity our incumbent CEO wouldn't do the same here. I guess she doesn't want to lose money!
" Switzerland’s largest political party voiced opposition to Swisscom AG’s plans to buy Vodafone Group Plc’s Italian business for €8 billion ($8.7 billion)."
https://www.bloomberg.com/news/articles/2024-02-28/swisscom-s-8-billion-italy-deal-opposed-by-largest-swiss-party
Something else to consider is that Vodafone transferred Vodafone Italy's Towers into INWIT around 2019/20, and subsequently transferred their INWIT shareholding into Vantage Towers; So the Vodafone Italy sale shouldn't include any Tower assets if I'm understanding things correctly.