Member Info for Cesna

Maybe its the ii vote coming up.
Net assets at year end were c.£5.6bn. Market value now impaired that to £4.2bn.

Interesting article Android. Vestager will have to decide if VOD is a dumb pipe for the internet and the likes of Google and Meta (Facebook). What are the future benefits of consolidation apart form cost cutting. Still a big gap between market value and net assets. Maybe VOD wants to avoid a big restructuring charge at year end. AIMO DYOR

I am more worried elsewhere if there is a disorderly unwind of the FED balance sheet. Interest rates might not move for a while if inflation is 'transitory'. COTS report next week might throw more light on this weeks performance. Eyes down for the gold price and $ strength now. gla

The Q4 webcast was good.
Div reconfirmed as the higher of 50% net income or free cashflow and no intention to interrupt it with buybacks etc. Capex up but last year was nailed down and not recurring at same level. The $ strength since this weeks Fed seems to be the main driver last few days and feeding into gold spot. Lets see after monthend. FED is not going to crash the economy with +.25 in march? GLA

'There’s none better placed than the Board to appreciate the GSK consumer acquisition'

No doubt the due dilligence will have been done. But if the deal improves the horizon value of the combined entity, why is the SP down so much?

'Emma Walmsley has reportedly set up sovereign wealth fund meetings'

'Unilever investors sceptical about a takeover of GSK's consumer arm'
https://www.msn.com/en-gb/money/other/glaxo-courts-qatar-and-singapore-to-head-off-%C2%A350bn-unilever-swoop/ar-AASSdPN

VOD ADR up over 3% at the moment. Any news?

Joint Ventures or Strategic Partnerships are more likely in the current form of the Vodafone Group. Like last years Three, Sky, Vod JV activity.

Interesting post. Thanks for the contributions.
Added a few today.
GLA

Android,
'If there was dilution, wouldnt the total increase, not decrease?'

if you look back to March the number in issue (with voting rights) were lower and if you held then, your rights are currently diluted. If you buy this week, the buybacks will increase your rights as the market works toward 'no dilution'. In either scenario you get the dividend but obviuosly you can buy more stock today with your money than you could in March so you get more dividend.

Agreed.
While they are hitting their leverage target 2.5 to 3.0 times ebitda, they are not far off blowing them away if they cut the dividend.

On balance, Vod are capable of turning up €1 or €2Bn cash from their global footprint just tipping out the lockers..so the dividend probably sticks for a while yet

' no liquidity issue'
Looking at the debt profile, there is no near term impact from a 'speculative' rise in interest rates in December or this or next FY.
Assuming inflation concerns go away, interest rates might not rise anyway. Even if interest rates do rise, Vod model is not exposed like it was 5 or 10 years ago.
Governments dont want to tip their economies into recession by raising interest rates. Consumers cant afford a rise in interest rates.

I guess SP around the H1 results will be
Conservative 124+
Optimistic 135+
Interest rates will be as important as confirmation of H1 and dvi over the next few month?
https://invst.ly/wa4bi

https://uk.investing.com/news/stock-market-news/bt-shares-fall-as-sky-in-talks-with-virgin-media-o2-on-broadband-deal-2476712

https://uk.investing.com/news/stock-market-news/bt-shares-fall-as-sky-in-talks-with-virgin-media-o2-on-broadband-deal-2476712

I think the brand is under valued. The strategy to leverage connectivity products in the partnership model will quickly generate growth in African economies imo
The integration of liberty global and Germany Q1 growth is good evidence of the ability to monetise debt.
The CEO is actovely developing global leadership profile at the top of the GSMA and has great influence across Vod global footprint.
The ability to maintain the div/ cashflow and a high probability of further asset/ value realisation.
Lots of positives imo

Thanks Compound.
I see a similar retracement over that period.
https://invst.ly/w76-t
In 2008 Vod was 4th placed in the ftse100, market value c£72Bn
In 2021 Vod is 19th placed, market value c£31.4Bn

Explanations?

Thanks slarti, I saw the RNS but hadnt caught up with the investor presentation.
Might see a retrace here, H1results should be good imo
https://invst.ly/w73bo

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