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I hope you’re all Vodafone customers. All this complaining and talking of the share price…. If you’re sending money to the other telco providers then you’re working against your bets. 😂🫶🏼
It is reducing, YoY it has, the Half year report is distorted by cyclical payment terms on the current liabilities so sequental % isn't a fair reflection. Full year report will show a reduction in net debt YoY (as the previous year did)
I were afrade of this hapening. In out, in out, yew shakes it all abowt etc.
Financing Strategy :
https://investors.vodafone.com/debt-investors/financing-strategy
Gary59
Verizon has around $172.07 BILLION of debt !
The key is being able to service the debt and maintain a good Credit Rating
Fitch Rating is BBB+
Need though to decide on markets where the ROCE is negative though ..which I guess is what they are doing with Italy
Rather worrisome disconnection trend in Germany.
Mesh you are delusional & sounding foolish, as you put it, if you think 65bn euro debt is meaningless. The very fact that it’s there & not reducing despite assets is what the market focuses on hence the poor SP. It’s really rather simple.
The fools keep misrepresenting comparable key metrics:
"Today’s trading update provided a detailed breakdown of its operations across the world. Unfortunately, there was little mention of the group’s balance sheet which, as of September 2023, was saddled with over €65bn (£55.5bn) of debt and equivalents. At today’s share price, that’s almost three times bigger than Vodafone’s entire market capitalisation!"
Vod has one of the lowest net debt to EBDITA of the global players in telco. To bring up only the total debt side is meaningless without mentioning the asset side.
I did note that Yield is up vs volume down, so yes we are losing market share, so the people gaining this market share will have higher volume and higher yield, which looks like DT are benefiting from. I do wonder how they were impacted by the Bundle legislation change, EG are they getting some of the customers we are losing as a result of not being able to bundle them like we used to. Considering DT broadband is seeing very good growth in Germany i reckon that could be some of it. But we lost a lot of SP due to the declines we saw last year. Yes market share is still declining but we are making a higher ARPU which hopefully improves EBITDA. A lot of the increase is inflation, but with the handset "financing" cost to VOD effectively being fixed for the duration the revenue per user should be > cost per user, so smaller market share but more profit?
68p for me please Bob
Beo1
Have a look at how DT did in their Q3 Germany and it is clear VOD needs to work harder to get similar growth % figures .....
https://www.telekom.com/resource/blob/1051672/fe9649859ccd7591d188eae98e706570/dt-23q3-presentation-data.pdf
"3.3. billion free cash flow guidance Vs 18b market cap seems very good to me"
---
They sold the Spanish business at a cash FCF multiple of 12+! Vod is currently trading at ca 6x FCF.
Was thinking the same Beo and wondered whether todays announcement is actually a point of inflection suggesting that any weakness is a buying opportunity. I'm still hoping for 65 or lower, but that doesn't mean it will happen
At a Group Level (this is reported values, so Foreign Exc and disposal haven't been adjusted)
Qtr £M Seq % YoY
Q1 22 11,101
Q2 22 11,388 2.6%
Q3 22 11,684 2.6%
Q4 22 11,407 -2.4%
Q1 23 11,278 -1.1% 1.6%
Q2 23 11,652 3.3% 2.3%
Q3 23 11,638 -0.1% -0.4%
Q4 23 11,138 -4.3% -2.4%
Q1 24 10,740 -3.6% -4.8%
Q2 24 11,197 4.3% -3.9%
Q3 24 11,372 1.6% -2.3%
Considering the disposal's during this timeframe. Ghana / Hungary / Towers Etc. then at 11.4b vs our peak of 11.7b, actually shows underlying growth across the continuing operations. as I'm sure those 3 entities were more than 0.3b a quarter. I agree volume vs Yield is at play here, we have lost numbers but our ARPU is up.
3.3. billion free cash flow guidance Vs 18b market cap seems very good to me
69.69 for me please.
So as you can see Q4 comparatives should be favourable. LY they dropped 5.2% Sequentially in Germany, so when we report on Q4 assuming we are still at 3,343 then we would see a YoY growth of circa 5%. In fact the last 2 quarters have seen the largest sequential growth in the timeframe i have listed
Qtr £M Seq % YoY
Q1 23 3,271
Q2 23 3,321 1.5%
Q3 23 3,347 0.8%
Q4 23 3,174 -5.2%
Q1 24 3,147 -0.9% -3.8%
Q2 24 3,258 3.5% -1.9%
Q3 24 3,343 2.6% -0.1%
There not down in Germany? The rate of growth is down, but it still grew YoY
In fact,
Q1 3,147
Q2 3,258 (3.5% Sequential)
Q3 3,343 (2.6% Sequential)
The problem is we are still chasing a tailwind. EG we lost business Q4 LY and Q1 CY which means the comparative are effected by that, but Germany is growing again, both on a YoY (small) and sequentially
Down the Vod slide to the bottom
Absolute trash of a company
MDV tenure has been nothing but an epic failure
This share now has become more garbage... Revenues down in Germany, Italy.. .. This women hardly made any progress since she took over.. So we are on free fall again...
I dont know why she is still on Job..
Deutsche Telecom Q3 Results for Germany were much better - Organic service revenue up 2.4%
Hasn’t moved much yet. 67.8p could be in line with rest of market opening