Member Info for Jim800

Are you trying to convince yourself or us?

GWM,

Ah, investing even though you can’t be bothered to do any research yourself.

Interesting strategy.

Which market fragility?

Why would you use AI when you could look at Vodaphone Investor Relations webpage or read the Regulatory Notices and accounts?

Primary sources more likely to be correct.

There is massive upside from here.

Downside limited to 0.04p 😀

Genel have been paying for that “potential” since first exploration licences in Aug 2012!

It’s been local politicians and parties that have prevented the “potential” being exploited for the last 13 years plus.

Nice to see one might have woken up to reality at last.

Terry I know that - land sales are not a one off - they do it over and over again and plan to continue to do so - up to $6 bn according to some estimates.

My point was (and is) you’re using whichever combination of numbers suit your narrative - I’m using the supplied ones from DEC RNS info which will be consistent over multiple reporting periods.

Everyone has always accepted that Q on Q and Y on Y comparisons for a rapidly growing company making acquisitions and diversifications will be problematic. Hence I’ll stick with diversified supplied numbers rather than adding and subtracting to get the story you want.

If you want to exclude $6bn of income in your thoughts then crack on.

Apologies bored readers - I now see my mistake.

Terry started an argument about adjusted FCF / share - all very logical. But when the numbers improved (quite significantly) and no longer suited his emotional negative outpourings, he then chose to redefine adj FCF away from the stated diversified figures into Terry world.

So his numbers are correct but are actually Q on Q comparisons of

Terry manipulated FCF (til it suits my story) / share.

Real sanctioned accounts and numbers or not - individuals are free to choose. Over and out 😀

Terry - how hard can this be?

There is FCF which does not exclude one offs then there is adjusted FCF which does. Are you still with me or is this beyond you?

The last line in first table is adj (that’s short for adjusted) FCF - they’ve removed the one offs - that’s the adjustment bit?

Do you really not get this?

This has improved by over 100% - the number of shares has increased but by less than 100%.

Go back to your calculations and use the correct figures and you’ll see.

You’re welcome.

As for the market reaction and share price that’s a different issue to my point which is you were wrong (yet again).

Terry - can you not read the words adjusted FCF in the table? Seems not. It’s $56mn for Q3 2034 and $144 mn for Q3 2025 - they couldn’t make it any more clear.

Once again you seek numbers that support your emotional doom and gloom repetition rather than the real ones that might contradict it.

For everyone else, go to Q3 results, look at final line of first table - it’s adjusted FCF by Q.

Now, I’ll accept adjusted FCF isn’t an IFRS metric and can be used to sway results in the company’s favour as AOC says but, if you want adjusted FCF it’s there in black and white!

I think SpecSavers do home appointments now 😀

To illustrate lack of progress over last 6 months compare share price performance with GKP.

Genel flat (less than 1% up or down) over 1 week, 1 month, 3 months and 6 months.

GKP up 22% over 6 months, 16% over 3 months, 17% over 1 month and 11% over the last week.

Difference? GKP signed up to ioc export deal, Genel didn’t!

Other than Oman, BoD just shuffling bond dates about to save a percent or 2 on debt.

When does repetition of historical facts become “non-stop trolling?”

Just when you don’t want to accept reality I guess.

£10.97 back in Feb 14!

But in those days KRG actually paid international market rates for the oil delivered to them.

Then they paid months late, then they stopped paying, then the pipeline was closed.

And that’s before gas fields and arbitration 😀

Terry - they actually give the adjusted FCF figures (ie one offs removed) in the Table - just read it. No need for your complex calculations.

Once again just pointing out your errors.

The rationale for loans and share price is a completely different debate which we’ve had infinitum. I think strategy might work out long term so am still here. You think it won’t work out yet you are still here - go figure????

Share price drops to fund raise offer price!

Who’d have thought it?

Almost like that’s never happened before 😀

Some people need to wake up!

Might be the market, or on the other hand……..😀

Terry - your maths (or rather reading) are incorrect.

From 2025 Q3 results, first Table:

Q3 2024 Adj FCF - $56 million

Q3 2025 Adj FCF - $144 million

So your adj FCF / share calculations for those quarters are incorrect (though they do suit your doom and gloom narrative).

AOC - who knows when stability will prevail??? I accept there is an argument for using non adjusted FCF/ share but it was Terry who chose the metric for this particular discussion. 😀

Have to disagree Terry!

In 2025 Q3 report, adjusted FCF (ie after one offs have been removed) increased by 157% over Q3 2024.

Haven’t gone back and divided by number of shares but they didn’t increase by 157% over 12 months. So your metric was up, not down.

Now if you meant actual FCF / share then you might be correct but as per previous discussions if FCF isn’t adjusted then you have acquisitions, land sales and tax credits etc confusing the picture and making quarterly / annual comparisons meaningless until we get some stability.

Making a small profit with local sales but this is all swallowed by debt repayment and upfront Capex for Somalialand and Oman.

Breaking even for next few years unless we get in on the export deal.

In addition to all yesterday’s share price action, worth bearing in mind that declared uk shorts have ticked back up over 3%.

One company shorting from above 1040 - which looks like a profitable move, the other shorting around 940 - not so profitable! Guess they’re both motivated to drop price occasionally if they want to reduce positions.

Dumping a load of borrowed shares on a low volume day would cause a significant drop.

As always, we’ll find out too late to benefit.

Fingers crossed that fundamentals win out over manipulation and emotion.