Member Info for Longish

Poker, I think the €700m incremental cash from India is outside the 'ring fenced' activity ie Vod still has 100% ownership of some elements that can be monetised

Vod will have a long list of internal initiatives to ensure they bring in cash required as they progress through the delivery of their financial plan. I am sure it will be in all their performance management objectives and reviews

https://www.vodafone.com/content/annualreport/annual_report18/index.html#downloads

This is Vod investor relations data.

The Vod financials spreadsheet, tab 4, shows the free cashflow with and without spectrum H1 H2 16/17 and H1 H2 17/18

https://www.investopedia.com/terms/f/freecashflow.asp
Here is a link to a definition as well as some variations depending on the interests of the stakeholder

Vod div policy

If H1 report comes in continuing Q1 free cash flow and the new CEO reconfirms the div policy then should be OK?

If he says H2 free cashflow will be better, even better?

Vodafones last annual report (statutory report, audited, 2 years in Jail if any false statements etc..)

..'our long-term average annual spectrum cost, which was €1.2 billion taking the average of the past nine years, we expect that our FCF generation will – on average – continue to cover our dividend obligations. This provides the Board with the confidence to reiterate our intention to grow the dividend per share annually'

So, even if Vod has recently overpaid the average spectrum cost in Italy, there is shortly €700m cash from the India merger and €13.5Bn cash on the balance sheet in any event.

Toff, I think it is the same all round.

Today a watchlist taken from investors chronicle analysing companies using the F Score is down 11% before divs so far this year.. circa 38 companies

Narcissistic Personality Disorder. An NPD has to want to change [google..LoL]

Individual country CEOs run their own companies so [portfolio] risk is well diversified.

Div is safe...if free cash reduces by £1, reduce costs by £1... all the levers are in place, tipping points financially managed.

New products and revenue streams from capital reinvestment cycle, 5G etc...retire 1G 2G assets, save operational costs ...

Complex business but experienced management who know what they can back into when they eventually communicate...only a few more weeks and we will know

5G will enable Vod to provide different sevices to different users on the same physical infrastructure ie lower network operational and capital costs, new revenue streams eg the Internet of Things (IoT), connected vehicles and augmented reality ...

Andy, licensed new entrants can sell at a loss or low margin to get market share to work with. 3UK is generating profit after 18 years, c£12bn+ investment and carries a large intercompany loan from its listed HK parent who operate in 6 european countries... as Hutch own Felixstowe Harwich Thamesport, superdrug etc...they leverage group facilities in the same way Vod uses debt...LoL

..for example, UK operators overpaid 3G, underpaid 4G...the long run average cost of operating an efficient network is 15 to 20 year for each generation and in the annual depreciation charge...

The US has higher debt to revenue, lower margins and warehouses spectrum...

A good read for a general understanding whats going on, I recommend Fotheringham and Sharma 'Wireless Broadband Conflict and Convergence'

I think Brexit is a red herring. All EU mnos do and will comply with WTO and GATT on accounting rates and a common definition of cost (long run incremental/average cost). This is also why Read can accurately forecast his cash flows. The spectrum costs are also a red herring with 1G 2G 3G 4G bought regularly from 1990s to underpin the service quality vs competition

Father Xmas, if you are listening, please sell Vod for £60Bn and you can book £8Bn to goodwill

Gabster, I agree. Market Value £40Bn, net assets £68bn...

MRD, last set of statutory accounts. Total asssets £246Bn...

Market Value £40Bn...Net Asset value £68Bn...

JPAM, The Consumer (and in the EU, the Citizen)

JPAM, LoL. I havent come across a more honest Telco

JPAM, I believe Cod apoligised for that