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Free cash flow is the real one, adjusted is when you put lots of stuff back in to pretend you're doing better. Bit like EBITDA.
Oh mole. You're encourageable.
Good weekend of sun all.
Free cash flow. fleccy, why is there a free cash flow, & an adjusted free flow? Sounds a bit confusing? Do you think gary was wrong with his conclusions?
"Outlook for FY23
Our performance during FY22 has been in line with our expectations and demonstrates the relative resilience of our operating model. We remain focused on the delivery of the next phase of our strategy.
The current macroeconomic climate presents specific challenges, and is likely to have an impact on our financial performance in the year ahead. Whilst our business model is relatively more resilient than many others, there are specific challenges to be managed. The war in Ukraine and energy price increases are contributing to a broader inflationary environment, and these inflationary pressures are beginning to impact customer confidence. Our sector and many others have also experienced increased volatility in supply chains and an increase in logistics costs. We have a number of
initiatives underway to mitigate these macroeconomic challenges. Based on this assessment of the global macroeconomic outlook:
Adjusted EBITDA is expected to be between €15.0 - €15.5 billion in FY23; and
Adjusted free cash flow is expected to be c.€5.3 billion in FY23."
I've found where you were looking, Free cash flow is €3.309 Billion
Free cash flow €3.309 Billion
Adjustments:
Licences and spectrum €896 Million
Restructuring costs €267 Million
Integration capital additions €314 Million
Restructuring and integration
working capital €213 Million
Vantage Towers growth
capital expenditure €244 Million
Special dividend in Egypt €194 Million
Adjusted free cash flow €5.437 Billion
"Free cash flow for the year totalled €3.3bn, all of which was swallowed up by dividends"
Where did you get the €3.3bn from?
Isn't the adjusted free cash flow €5.437 Billion for FY 2022?
"I can't see where any growth will come from. Thinks like 5G just cost a lot in infrastructure but customers aren't likely to want to pay more for it."
5G has little to do with upgrading current retail mobile customers, although much of the hype is centered around that; 4G already offers good data rates, so why role out 5G? 5G is more about IOT, and all the new 5G applications needing reliable low latency communications, like driverless cars, surveilance and control, commercial 5G, etc. 5G will completely replace 4G over time, and although it will offer faster, lower latency services than 4G, upgrading 4G retail customers wasn't the primary reasoning behind the upgrade. 6G is still in the lab, but will be more like Wifi for high population areas, and specialist applications, rather than replacing current mobile services.
You're correct Robina this is purely a dividend share, there has been no growth for years & it will continue to stagnate IMO for the reasons I outline below. The company as we all know has major debt & an ever increasing amount to invest in infrastructure is required just to stand still, the market is fully aware of this.
It's a defensive play in times of recession so that may stand VOD in good stead in times of turmoil but IMO there aint any growth here for the foreseeable. Happy to be proved wrong though.
However, looking at the numbers I think Vodafone’s cash flow figures are a much more accurate reflection of the company’s financial position. Free cash flow for the year totalled €3.3bn, all of which was swallowed up by dividends (€2.5bn) and share buybacks to offset as VOD put it “dilution linked to mandatory convertible bonds.” With more cash flowing out than coming in group net debt increased by €1.1bn to €41.6bn. Back to the debt position again posters, apologies.
In other words, Vodfone is paying out more than it can afford & not for the first time: in the 2021 financial year it paid out €2.4bn to shareholders on free cash flow of €3.1bn. Does this mean they will look at reducing dividends?
Sorry to be a doom monger but after all this is what these boards are for, to discuss things that affect our investments.
Good luck all & have a great sunny weekend.
The latest Berenberg target of 135p is surely the only realistic one in recent times.
I think that a few pence either way and a sustained dividend is the best we can hope for.
I can't see where any growth will come from. Thinks like 5G just cost a lot in infrastructure but customers aren't likely to want to pay more for it.
You guys have it soooooo good with VOD.
Try holding PSN shares like me - it's almost enuf to even make me depressed .... nah not really - it's only money
GLA - C
Well done Mikey, that's the spirit, feel the force, was only joking mate
Aww Rob I am not nasty - no more drip drips - feel the force today with a positive finish
Or Dan will be your fan rather, let's hope this goes up soon, so we can keep that nasty Mikey away with his drip drip down it goes lol
That's a very ambitious prediction for today Fred, you will be Dan's number one fan for sure, hope you win:-)
142.15 apologies for late entry
sotonspike. Perhaps vod does have the same commitment as Nadal, a true champion. I think Nick Read has massive commitment, as does Nadal. onwards & upwards. Nadal's injury happened within the 1st few games, so him carrying on probably made little difference. He was wise though to withdraw today I think? As for Nick, he is doing the best he can, in a very difficult world. Shareholder support might help. Come on vodders!
Yes Mikey a true champion shame he carried on in the last game but guess that's what winners do.....Just wish VOD had the same commitment as his as in with the share price.....onwards and upwards.....C'mon vodders
Bad end for the week at Wimbledon - gutted for Nadal :(
A good finish to the week would be good Dan, and we should all just laugh it off, lifes too short, and much worse stuff going on in the world, looks like we will get some nice dunny weather to enjoy the weekend , will be like being back in Crete only without the olives ouzo
Hi rob. I am reasonably happy with todays rise,but as you say a good finish tomorrow is what we need. I don't want to be called an underachiever, as well as a vindictive, sad, decrepid, bullying old man,who has no friends & spouts a load of crap?
Thanks for research
"vodafone needs to sell turkey before hyperinflation"
Vodafone have already advised on Turkey's Hyperinflation enviroment. I'm not sure why you think it's an issue for Vodafone, since they will account for the inflation in their year ending March 2023 results. It's seems to be more of a problem for the Turkish owned Mobile companies, with Vodafone now apparently the only privately owned Mobile operator in Turkey.
"In addition, it is expected that Turkey will meet the requirements to be designated as a hyper-inflationary economy under IAS 29 ‘Financial Reporting in Hyper-Inflationary Economies’ in the quarter to 30 June 2022 and that the Group’s financial reporting relating to Turkey during the year ending 31 March 2023 will be in accordance with IAS 29. Under IAS 29, Turkish Lira results and non-monetary asset and liability balances are revalued to present value equivalent local currency amounts (adjusted based on an inflation index) before translation to euros at reporting-date exchange rates"
https://investors.vodafone.com/sites/vodafone-ir/files/2022-06/2022-vgplc-form-20-f.pdf
"TWF, which already owns 6.68 percent of the operator, had been negotiation the deal with LYY Telekomünikasyon – the group of Turkish banks that owns the majority stake following the company’s debt default in 2018 – since December. TWF outlined in a statement that the acquisition demonstrated its trust in the long-term outlook of the country’s telecoms market and the overall sustainability of Türk Telekom itself.
While the deal marks the latest twist in Türk Telekom’s ownership, it also raises questions about the future direction and composition of the country’s telecoms sector. TWF also hold a controlling stake in market leader Türkcell, leaving Vodafone as the sole privately owned MNO. While renationalisation of the sector hasn’t yet been mooted, the role of TWF and its plans for Türk Telekom and Türkcell, will be one to watch with interest."
https://www.totaltele.com/512781/Turkey-now-left-with-one-privately-owned-operator-following-Trk-Telekom-buyout
Just checking everyone on this board is Happy and in good spirits, and hope we have a good finish tomorrow, maybe who ever comes last in the predictions could win the underachiever of the week award, what do you think?
vodafone needs to sell turkey before hyperinflation
Forgot to say Dan - drip drip down we go again