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LoL, anywat they already reducing net debt and €14Bn profit to pay divs and interest on debt. Any monies keft can be used for growth capex, probably africa

'they'll have to await share price recovery to avoid said capital loss'

Then, does Vod have to short itself to avoid dilution?

Fleccy, my understanding is 27bn in your example. No dilution.

I would like to understand it too so in principal, I think Vod will have earned the price they sold forward the mcb, say £2.2 per share less the cost of the derivatives contracts and the current SP say £1.1.
The difference will be cash banked by vod with each buyback?

Mokey
'we are destined to go down no matter what it seems'

Yes, some shorts by the look of it in after hours data. Hopefully buying own shares slows them down. They will have to buy them back..

Hi Dan, I was replying to umeed and agreeing debt no problem.

Yes agree. 7% dividend, lovely.

Debt is a cheaper source of capital than equity and is well within the 2.5 -3.0 leverage required to keep credit ratings.

Rating agency
Moody's - Short term P-2, Long term Baa2, Outlook Stable
Fitch - Short term F-2, Long term BBB, Outlook Stable
Standard and Poor's - Short term A-2, Long term BBB, Outlook Stable

'5G is apparently included in the MVNO agreement'

LoL all the benefits without the need to invest and build and its down to the market to deliver the end to end

Chris/Dev,
Div sustainability. The bond maturity profile doesn't look very stretching over the next few years. If can maintain market share (grow it africa, growth offset inflation Europe) cashflows are a matter of cost control

https://investors.vodafone.com/debt-investors/financing-strategy

Still unclear according to the media.

Surprised if 5g included in Vods commercial agreement with VM but it is in volt so I assume a one time up front payment for the privelege? Vods fortunes tied to Germany going forward and the regulators aligned?
https://www.ispreview.co.uk/index.php/2021/10/new-volt-benefits-for-being-virgin-media-and-o2-uk-customers.html

'There are 10 L.S.E. vod shares to each nasdaq vod share.'
So the adr closed 15.26/10 and forex is 1.3726/£ = £1.1118 equivalent?

Some reason it not showing properly. Search on google
vodafone-group-plc---consensus-indicates-potential-54.3-upside/4121028320

Here is the link
https://www.***************************/vodafone-group-plc---consensus-indicates-potential-54.3-upside/4121028320

There is no liquidity issue imo. With good commercial and cash control, Vod can pay a sustainable dividend.
Vod have a 'strong liquidity profile with 10 year average debt tenure'
Net cash position = €9.8 billion
Unused facilities = €7.4 billion
Maintaining target of 2.5-3.0x leverage
No short-term refinancing requirements
Mandatory convertible bond maturing in March 2022
https://investors.vodafone.com/debt-investors/financing-strategy

Anyone wanting to understand the industry better, this is a good book. Some great illustrations if you like pictures.
Wireless Broadband: Conflict and Convergence (IEEE Series on Digital & Mobile Communication)

Thanks Stockready
'could take longer than people think'
Yes I think you are right. Weekly candle not perfect but suggests to me a change in momentum.
What we need is a good RNS to cover the gap to reporting and div day. The India investor would be good one if they were just waiting for government clearance..
GLA

I picked up 10k, though I told myself to wait for RSI 30. I got no discipline. But when its gone, its gone.
Off to Aldi for the weekly shop now with my Vod mobile LoL..
https://invst.ly/wbcyf

Interesting, Africa is the only continent where the % rural population will grow relative to total over the next 30 years. All other continents urban populations will grow faster than rural. So wireless cell and simple economic access products like m-pesa makes sense. Safaricom, Vodacom ets well placed to take big market share.

So Europe I suppose is about market share and the level of debt to net income and GDP imo. Vod ebitda/ fcf seems to track GDP, probably because its regulated in these markets?

30 years is too long a time frame for me but good Q2 results and reconfirming FY guidance is good enough with 7% div for now

I will definitely loading up at 62p!!
Mikey 'living on mars', will you be using Vodafone Mars as your service provider?

'Great question. I dont know but I would like to understand it too.

Brand value has decreased in recent years but still c$20Bn.

Business generates €14/15Bn ebitda and €5Bn+ freecashflow and pays 7% div. Customers generally tied into contracts for phones and usage and costs under control so cashflows look sustainable.

FY20/21 had c€40Bn net debt and interest covered in cashflows.

Buybacks coincident with SP down to 121, then c4p exdiv to 117 then shorters etc.

I suppose the €30Bn european shelf programme could account for an arbitrage yet to unwind with US?

Maybe funds exiting indexes like Blackrock has reported added to the frey.

TA/ fib retrace suggests a recovery imo

India is a worry but the indian gov has cleared the way for another partner investor.

Germany the jewel in the crown just getting back on its feet but Q1 showed service revenue growth. Q2?

https://www.statista.com/statistics/500110/vodafone-telecom-brand-value/#:~:text=Vodafone's%20brand%20value%20fell%20by,to%2021.83%20billion%20U.S.%20dollars.
https://investors.vodafone.com/debt-investors/bonds-outstanding-eu-and-us '

Sorry, forgot to add Vantage Towers. Economic moat imo

Great question. I dont know but I would like to understand it too.

Brand value has decreased in recent years but still c$20Bn.

Business generates €14/15Bn ebitda and €5Bn+ freecashflow and pays 7% div. Customers generally tied into contracts for phones and usage and costs under control so cashflows look sustainable.

FY20/21 had c€40Bn net debt and interest covered in cashflows.

Buybacks coincident with SP down to 121, then c4p exdiv to 117 then shorters etc.

I suppose the €30Bn european shelf programme could account for an arbitrage yet to unwind with US?

Maybe funds exiting indexes like Blackrock has reported added to the frey.

TA/ fib retrace suggests a recovery imo

India is a worry but the indian gov has cleared the way for another partner investor.

Germany the jewel in the crown just getting back on its feet but Q1 showed service revenue growth. Q2?

https://www.statista.com/statistics/500110/vodafone-telecom-brand-value/#:~:text=Vodafone's%20brand%20value%20fell%20by,to%2021.83%20billion%20U.S.%20dollars.
https://investors.vodafone.com/debt-investors/bonds-outstanding-eu-and-us