Member Info for Android101

*wasn't

Oh well no more emotion

'Capital Allocation review would take place in May'

The detail in the rns says 'option'

The story still reads like growing off a lower base.

It's a flippin pension scheme that just realised it was being commercial all these years.

Who knew?

At H1 update Nov 2023 MDV said she was very pleased at the strength of the VOD balance sheet and said it was 'remarkable'. '...recognising net debt with a very long maturity on average 11.7 years and interest attached to it of c.2.5%....'

Maybe need some integration and operations capex, but not aware of new spectrum requirements. The network will throttle 'excess' usage and in the meantime big data packages widely available to consumers at competitive prices.

The challenge will come when suppliers manufacture data hungry *G products and more than the current actual/ theoretical capacity or the merged entity really does take all the market share off the other operators, unlikely though.

Anyway, €2Bn dividend off €60Bn net assets is a reasonable return on equity surely?

Well roofer, 180 for 2024 please.

We might even see 220 if the stars align.

Happy New Year

NOFEAR,

I imagine it's the general election in June. The EU has already approved the economic principles. As UK has brexited EU to avoid the beauracracy, I cant imagine a delay is to extend the notion of a bureaucratic gravy train. More likely a stalking horse for a trade deal that specifically meets UK PLCs economic principles and specifically benefits its voting citizens as well as the welfare of all UK citizens ( ..and consumers..).

The remedies will likely be known by sept 2024 and deal could be approved by parliament now in principle.

Exciting year 2024

Interesting.

Thanks NoFear

VOD Topco net assets stated as €64.5Bn @ 31 March 2023. No reason to question that when 3rd parties are competing to own different sub groups of those assets. Yet the SP doesnt reflect it and is churning away.

Breaking up the group maybe the only way shareholders get their investment back u less the Dividend is maintained.. Sell Africa to E&. Italy to Swisscom, India now the SP recovering, Spain on it's way...

Https://www.moneycontrol.com/news/business/markets/vodafone-idea-shares-surge-23-on-continued-talk-of-equity-infusion-from-promoters-11973551.html

By xmas looking less likely..

Swisscom, UK/Switz trade deal and financial services all to play against Illiad proposal. Perfect storm or storm in a tea cup?

Still believe £1 is right but need to see what swisscom actually proposing. Illiad writing is on the wall. Cash, cash, cash....but what is the horizon value if all this is a pause in interest rates, pause in inflation etc.

Amazing really. All this money chasing ownership of the VOD estate and the SP at historic lows.

Roofer, I will go for £1 please lol

Scratching my head how this relates to financial performance. Reread the H1 transcript and the slides looking for the risk I missed. Nothing indicates they will miss guidance.

Working capital is covered by spain cash but numerous initiatives already landing to roll forward the operational and financial base.

Debt profile and repayment relatively easy over next 18 months.

Think I agree with Poker and put it down to option traders this week. I topped up, groan :-)

'Even with a significant cut in the dividend, a buyback might be cost-effective and it would still give a shareholder return.'

The dividend is less attractive to me as personal tax is rising across many investment products. A SP rise in an ISA even with dividend still looks ok.

My £1 by christmas is unlikely LoL but you just never know ;-)

Shorts taking in each others washing

Last one at the bar pays the bill imo

Well missing guidance is priced in surely.

Going concern not priced in imho

Everything is going south at the moment. VOD relatively less so imho..

'dead cert'

I guess the opportunity is the €150Bn+ assets that can be sold to realise cash, pay down debt etc.

Think Mesh mentioned just 1 broadband country sale can realise €8Bn and Vod has at least 5 or 6 countries like that. Spain might be proof of concept. Of course they cant sell all the family silver but they have so many options and flexibility and time to ride out higher interest rates.

As you say, lower interest rates will make cashflows more attractive and i imagine will have PE salivating. MDV might not be interested by then. e& obviously interested and might take the emerging markets business/ Africa (ex broadband).

Seems to be support at 70. August options expiry also so maybe the bottom is in?

Fundamentals depend on H1 confirmation. No reason to think revenues and earnings are going to disappoint with indexed plans in play and JPM reporting on Spain options at the moment to underpin the FCF/ outlook.

Crikey over 150Bn assets to play with and 11% dividend

Think we just need interest rates to pause or even pull back and VOD will tick up to 80p

Anyways, who cares as long as MDV keeps the FCF/ div going in November with E& supporting/ hoovering up these low prices

I suppose the elephant in the room is small company v ftse 250. According to NF post from Morningstar, fidelity are already building their small company position though I dont know their definition of small company. Fidelity usually pretty good players imo

Doesnt really make sense except the last 5 years have been disappointing and everything elsewhere gravitating to vods level. Drahi and Altice might be weighing on sentiment