At a 38% discount to Net Asset Value the shares look a bargain. But Mr Market might have other things to say if there's more volatility in this or his Income fund. In this case, if your about to take the plunge, fortune favours the brave.
Bid or no bid it's still 70p away from the 631 high reached last week after the trading statement. Of course it can be made up in a flash, but there needs to be more than a rejected bid to hike the shares up. Political black clouds remain and will do so for the next 6 months, minimum.
Went up to 611 and then down to 574 at 9ish. Now 602 at almost 12pm and shows there's some support rather than daytime pump and dump.
For chartists/technical traders the left inverse shoulder peaked at 565. The head at 500, but incomplete. If the pattern completes its next stage, it could be 790. Is that too much to ask in this market? Maybe not as the completion timing is close to the UK's EU exit and property and land will react accordingly.
VOD has an uphill task to correct declines in revenue, debt and profit measures. Cash flow increase will help though (cash is king). Market likes the results, but any macro headwinds will send it lower (see Centrica's recent experience).