Member Info for Longish

Might be german auction as bidding picks up. Sentiment around cashflow etc?

20 day moving average is c 142p and might find some support here into new tax year...

We might see 2000p in that time. Remember the dotcom bubble year 2000...

Just seen the RNS which says:
'This concludes Vodafone's funding requirements for the acquisition of Liberty Global's assets in Germany, the Czech Republic, Hungary and Romania, having raised a total of €20 billion at an average euro equivalent rate of 2.3% and a weighted average maturity of 9.7 years'
http://www.lse.co.uk/share-regulatory-news.asp?shareprice=VOD&ArticleCode=1ojguxwq&ArticleHeadline=VOD_CLOSES_US2_BILLION_HYBRID_SECURITIES_OFFERING

Dan, hard to say. Bond and Equity markets starting to diverge and maybe more volatility ahead.

Nice close today plus tax year watershed should drive some incremental volume into new tax year

Interest rates will rise to offset inflation. Vod should put its prices up to cover div, interest payments, debt pay down etc

I can imagine the SP recovering if EU interest rates rise (Draghi goes later this year...). General bond prices would fall (globally circa $10 trillion debt currently with negative interest rates).

The zero coupon auction earlier this FY split the bondholders 50:50 (a bit like an indicative vote ...)

From a treasury perspective its a clever bit of financial engineering. Wish I had sold at 185 and repurchased at 131..

In any event, EU interest rates will remain low for a while yet and debt is cheap. The incremental annual cost hardly impacts div distributions. Trading performance and lower P&L costs should support div...depends where the SP settles post Liberty

Historically auction prices in Germany have fallen more slowly for lower frequencies due to their propagation characteristics. Cheaper 5G auction prices (and therefore lower GBP per MHz per head of population)
suggests 5G usage for rural coverage rather than cities currently served by wifi/ 3/4G and where Vod will compete through Liberty deal

5G may suit large cells and rural coverage. This means lower network costs and Huawei less of an issue in the cell, as opposed to the core network

Liberty deal looks positive. Macquairie also referenced in this article. The industrial internet/ IOT set to kick off in germany region by region related to 5G and market definition.

http://www.lse.co.uk/ShareNews.asp?shareprice=VOD&code=tj9yiq8e&headline=UPDATE_2EU_has_no_major_concerns_in_Germany_over_VodafoneLiberty_deal__sources

Anything that moves sentiment positively cant be bad... The xnewspress article refers to an old Macquarie broker rating which has also increased to 170p and outperform (21 March).

If RBC lift their rating, Vod will have all broker forecasts in the blue.

I guess if the credit rating (Moodys et al) is improved, the SP will then fly?

https://www.youinvest.co.uk/articles/stockmarketwire/168786/broker-forecast-macquarie-issues-broker-note-vodafone-group-plc

Hi Aw,
Yes, I have been working on a retirement plan with my Broker. Turns out its his.
When I complained he said 'longish, you're always glass half full or half empty with Vod' so now I also top up with whiskey...
GLA, 147 again this week!

LoL you wish ;-)

Finally, Macquarie have lifted their view to out perform 170p. Previousley 125p

..still holding.

LoL for sure. Whatever individual share you buy, your broker lends % to short you...

We will soon be talking about FCF div versus soectrum costs. Looks like Germany might be expensive but the roll out is region by tegion so NR hopefully should be paying in instalments...
https://m.marketscreener.com/1-1-DRILLISCH-435990/news/German-5G-auction-design-could-force-up-spectrum-costs-D-Telekom-28251626/

Could be taking profits - 31 March is financial year end for a lot of entities. Who knows with Vod..?

One possibility. FY results report 14th May at same time purchases end and div to declare