Member Info for Android101

PFen, if you are interested there is a site London South East shares its data with tracking all the ramps and deramps by name and by stock. Probably wont let the link be shared on here though. '******************'.

'The total bond value is $3bn, so they have done a bit of can kicking moving a 2028 commitment to 2050.'
With current interest rates and 10% inflation it must make sense to both parties. Would need to roll over alot of more debt at higher coupons to impact the 50% debt less than 2% coupon due after 2030/2040. We also saw the cash tender for €2Bn this week which probably counts towards MDVs €1Bn cost reduction commitments over the next period. I expect the asset sale monies from hungary and vantage will cover the tender if not more.

This is good news? paying down €2Bn debt due 2028 at a discount.
Good news for those calling for debt to be paid down early.
Have I misunderstood, sorry if so.
https://www.lse.co.uk/rns/VOD/vodafone-announces-early-results-of-tender-offer-yo0heanplg6ixc0.html

86p for me Fri 16th
Based on TA here. 106p if a new CEO that everyone likes is announced next week
https://www.marketscreener.com/quote/stock/VODAFONE-GROUP-PLC-15867071/charts/

'As outsiders we lack complete context of the real motives behind these initiatives'

Can only do our own research. Media articles are useful but their veracity often questionable and in whose interest is their market narrative in a bear market? Thus it was always so.

I was interested to read recently that there is €80 trillion of 'Off Balance Sheet Debt' in the financial system (where is it?). With that as a backdrop, VOD assets and the cash they generate look solid. Shame about the hedgefunds and the SP but EIA looks good long term and Niel shaking things up to move things along imo
https://markets.businessinsider.com/news/currencies/80-trillion-off-balance-sheet-debt-blind-spot-financial-system-2022-12

'VOD just tendered $2.3Bn cash offer for its $3Bn 4.375% NOTES DUE MAY 2028. That should push the average maturity of debt out beyond 11 years and the service cost after 2030 is less than 2%.'

Return on Investment ROI is increasing. Its the slow pace of deal execution causing the negative sentiment and the media dogma. RNS anytime for another spike I guess.

I like Olaf Swantee for new CEO

' Ironically the low share price is lowering the cost of buying back debt.'

Also, not mentioned much on the BB, the market value of debt (or its net present value) must be dropping as interest rates rise and with inflation. Isnt that whats happening in the Bond market?

Isnt it more accurate to use c€30Bn debt net present value if you were to pay it all off early?

Good analysis Compound. VOD broadly unchanged but facing macro headwinds like everyone else.
Kitchen sink comes to mind for the next incumbent.

think 81p test then who knows, 20p before back to a £1 on some development

another common mistake is to lose sight of the Brand when thinking about Goodwill. Brand is valued at $19.51Bn. EIA I am certain will be interested in the Brand which sits well with the Africa partner markets model. How it all gets sliced and diced is beyond me but I am sure EIA and Niel know exactly what they want and now 13.5% of the stock.
https://www.statista.com/statistics/500110/vodafone-telecom-brand-value/#:~:text=Vodafone%E2%80%99s%20brand%20value%20fell%20by%20slightly%20more%20than,billion%20U.S.%20dollars%20to%2021.83%20billion%20U.S.%20dollars.

*website

According to the websit
'As a custodian of the Federal assets of the United Arab Emirates, the EIA is mandated to strategically invest funds allocated by the Federal Government to create long-term value for the UAE and contribute to the future prosperity of the country. In a short span of time, the EIA has uniquely positioned itself to become an invaluable partner for significant world-class investment opportunities locally, regionally and internationally.'

Long term means those shares arent coming back any time soon

'Current Book Value/Shr = 166p—173p'
Theres been enough valuation work to support at least the book value so auditors etc wont be pushing for any write downs. The debt maturity profile is 11+ years and no short term liquidity issues.

So the SP is more to do with the quality of the investors/ stockholders and less to do with Vod assets etc.

Todays RNS is positive imho. Not for the faint hearted though

Is everyone really going to give up on their phone contract? Only if there is mass unemployment. Guidance has softened but everything else is in place. €20Bn project spring money was spent on bullet proofing a digital model. MDV is executing against that.

LoL, I am getting out...getting out for a walk with the dog. same old same old

isnt 90p because Credit Suisse is a distressed seller?

'If you believe in the Multiverse theory'

Fleccy, I believe in the multiple sclerosis of strategy theory. I remember richard lapthorne lifted the SP of CW when he was appointed on the strength of his role at BAE. A big name player could make a big difference to the SP here even before we see a new radical strategy.

SGR, was in and out of auction all afternoon. Freed up and the bb became more positive. Should have been able to sell then

HEXAM, noy sure if I ever posted here but buying at 250 couple years ago and followed it down. AIM mentioned it may have cost investors/ traders/ gamblers £50m today. Thats a lot of posts just there

if history repeats, they solve the financial and SP bounces [*5] next week or so