Member Info for slarti_bartfast

The interim dividend per share is 4.5 eurocents (FY22 H1: 4.5 eurocents). The ex-dividend date for the interim dividend is 24 November 2022 for ordinary shareholders, the record date is 25 November 2022 and the dividend is payable on 3 February 2023.

Resilient performance in Europe & Africa, good progress on operational & portfolio priorities

https://www.londonstockexchange.com/news-article/VOD/half-year-report/15715306

'high inflation and a nasty bear market'
I am hoping VOD is relatively recession proof. In a (recession) previous cycle, subscribers could reduce their usage and reduce their bill (VODs service revenue). Since the advent of product/ data bundling, you can generally only choose to be a subscriber or not, so VOD revenues would be more resilient than previous cycles. As the markets are likely to consolidate this should leave consumers with no option except to choose a network based on price or not participate in mobile internet etc. Having just experienced no service whilst out of bundle and internationally roaming, I would say all consumers would generally choose to keep a subscription and cant live without their mobile or their tablet.

There is likely some cost pressure from energy etc, but VOD will increase tariffs for inflation in April. VOD also sold 50% of Vantage so moving to a model where they only pay for what they use rather than the whole lot.

Whiles the market changes, VOD is changing too and in many ways is more aligned with GDP of the country/ countries in its footprint because of WTO/ BEREC/ OFCOM etc but there is plenty of evidence Reed has a firm grip on any incremental commercial initiatives and capital requirements.

Maintaining the dividend whilst the economies cycle and build again is all I am really hoping for at the moment and not miss the rerate reflecting all the recent valuations we have seen.
Tomorrow, 2% service revenue growth and FCF guidance c€5.0Bn would keep the dividend, I think..

think it still needs Ofcom and CMA approval. The 2 organisations could agree by the end of next month was the last reported timeline I saw. interesting that niel supports consolidation and France is already at 3 operators...
https://news.sky.com/story/vodafone-and-three-uk-accelerate-talks-to-dial-up-merger-12711050

Being positive about it, they have guarenteed funds for debt pay down as it comes due in next 8 years.

Anyways, next week we hear if they are still committed to the dividend policy and if there is any sweetner.

maybe some earnings dilution and completes in 2023 so perhaps market dissapointed not sooner. Liquidity is tight?

When do they get the upfront payment?

I would love to see a div incremental increase to compensate for the last div cut. With valuations exceeding the MV and cash from asset sales mixed with net cash received from service revenue growth, I am hoping for a solid performance with no weasel words on outlook.

Just got back online after my spend manager locked me out due to an increase in out of bundle international roaming billing. Multiply out for all international roamers (airline travel etc) and Q2 may see an uptick in service and offset any churn/ cost of living adjustment.

Anyways, a hold for me and no tinkering until 180p..
GLA

Good post Troajan and sums it up.
I am currently roaming out of uk and because we brexited, there are a host of vod out of bundle charges which will translate to a recovery in international revenues. So while there is a mix of things up and down, its incrementally net up imo

The QIA has entered into discussions with state-run Telecom Egypt to acquire 20% of the latter’s 45% stake in Vodafone Egypt. Vodafone Group itself currently in the process of selling its 55% stake in Vodafone Egypt to Vodacom Group, with the deal being valued at roughly $2.7 billion
https://totaltele.com/qatari-sovereign-wealth-fund-mulls-taking-20-stake-in-vodafone-egypt/

Vodger, I agree. The days of burning capital are gone. Think nov 15 should confirm vod is a cash cow and will retain the div. But who knows what happens next. Gov in disarray. Maybe Vantage will bring some good cheer?

I will be happy with a dividend being declared.
Vantage sale reducing some debt and increasing cash would be a bonus.

'Bids are expected as soon as next week and a decision could come next month, according to Bloomberg.'

https://seekingalpha.com/news/3889736-american-tower-weighs-bid-for-vodafones-vantage-towers-stake-bloomberg

SM did say, this year entrepreneurial iis, next year small/ medium cap ii's. 3% must be the largest single holding?

Follow the money?

'Holding 28/29 all week is a decent sign'
yep, hanging in the air in the same way bricks dont ;-)

vodger, '95% of the PI's will want the SP to drop and buy back in'. Think there are earlier posts that refer to the MM's and how they count the trades in and out. They would have to be stupid to give money away. But thats possible also LoL

'happy if this sits at 29 till update'

That would be nice. 95% of the PI's will want the SP to drop and buy back in imho

all the net present value adjustment will be materially baked in the macro environment at 2% interest imho. After that its whatever trade agreements have been done, china opening up etc will diffuse into the economies. I think that means generally up over 5 years. Not at 2% yet so volatility till then imho

Well Aim, I sort of agree with your synopsis on the sentiment of the article. Feels like he has found a pair of comfortable old slippers somewhere in Wales and positioning for his 'retirement' pay out. 25p still seems low for £3Bn of revenue and my thinking is that it has bottomed out but needs a new CEO for post transformation. Perhaps some material on the new Commercial management team that Morgan referred to in the April update but really, RNS contract wins will lift the SP in the short term. Certainly debt pay down in Nov and brighter 2023 on the cards, but drifting a little imho

https://www.msn.com/en-gb/news/uknews/more-healthcare-to-go-online-in-england-under-digitisation-plan/ar-AAYYWRP?ocid=msedgdhp&pc=U531&cvid=78e853f616d54607bd9ae7bc008c1f3c

Yes an improvement from my perspective because it confirms they are on track based on facts rather than outlook. Wasnt expecting anymore than they had already outlooked at the end of last FY.