Member Info for ValueS

Cash is down 19% despite a reduction in headcount.

Profit after tax is down by a whopping 34% despite a revenue increase by 3%. What is there not to like 🙄

"A random example looking at historic vod R.N.S, is 3 sept 2021, vod bought back 5,707,176 shares at an average price of 121.26 per share, nearly 50p more than todays price."

I made some digging about this "random example". It turned out to be just one transaction out of hundreds others that were carried out from 26/07/2021 to 08/03/2022 by GS in several tranches in order to pay for a £1,720,000,000 MCB loan in exchange for 1,426,710,898 VOD shares (including interest @ 1.2%).

In other words, VOD sold those shares to the MCB holders at a SP=120.55 p per share! from the treasury. Then, after the MCB had matured, VOD tasked GS to buyback a similar number of shares from the open market to restore the treasury. A rough calculation (based on the value of the 200 sma on 09/03/2022) shows that the average price of this particular bb was 119.5 p! Which means that VOD actually made a profit of c. 1p per share after accounting for the interest paid (in shares) for the this particular loan! Total profit according to this calculation = £14.6 m

Best Regards ValueS

Correction:

"as of this morning's RNS is 24,924,458,472. The MC = £18.818 bn. which is only £97 m less."

Should be:

as of this morning's RNS is 24,992,458,472. The MC = £18.869 bn. which is only £46 m less.

"The market cap valuation after getting nearer to the end of the first 2 Billion spend, in the investment of Vod shares is about the same now as it was on the 15th March 2024."

Spot on! On 15/03/2024 there were 27,078,982,357 shares in circulation and the closing SP was 69.85 p, thus the MC = £18.915 bn. The closing price yesterday was 75.5 p and the number of shares in circulation as of this morning's RNS is 24,924,458,472. The MC = £18.818 bn. which is only £97 m less.

32 years ago, not 42. Doh....

"You need to look at the 30 year chart, it’s even worse"

At current SP, one would be forgiven when thinks that VOD is back to SEPT -NOV 1997 levels, some 27.5 years ago. But, if inflation is taken into account and how it affects the currency, VOD is actually back to the H1 1993 era! Some 42 years ago! VOD was trading below 28 p, as the £ has surely lost more than 60% since then.

Yep! In the past 7 sessions, 209,607,771 were boutback for a total consideration of £142,329,579 (average price = 67.9028 p). This is approximately €169,793,937 which is 35.2 % of the €480 m allocated for the 4th batch! At this rate the whole batch will be done within

the next 3 weeks! 2 months ahead of schedule.

Heavy falls already as the pre-market report -15 cents fall. Ouch! And that is despite record buybacks in the past 7 sessions!

I love this share! So predictable! Damn it!🤑

Best Regards ValueS

Rolled, my broker (II) and many others, pay on the same payday date (07/02)! But many others, such as Barclays, HSBC ... etc don't, from what I heard. I don't understand why so many people choose them to be their broker! Yours, for example, charges £11 per trade I was told. With II it is just £3.99 and also real time share prices. In any case, don't forget that on Monday the NASDAQ gapped up! So, there is a double effect there.

Best Regards ValueS

IMO, the rise yesterday was due to automatic dividend reinvestment, the fall today is due to NASDAQ diving by more than 240 points initially. However, it has largely recovered since. I should reasonably expect a nice rise tomorrow, if the NASDAQ finishes the day in positive territory, just like most other major indices, and completely close the initially gap down. 👍

Best Regards ValueS

"Good to see Vodafone acting on debt"

Yes, billions of $s, £s and €s + other currencies worth of debt is on offer to be re-paid earlier. The participation is voluntary, so no early redemption clauses apply. The company, obviously using the cash proceeds from the Italy sale as early as they could.

Regarding buybacks, I absolutely agree with you. Anyone thinks that buyback at current prices is not good needs their head examined. Shares in treasury have the dual use of paying for hybrid loans as well.

Best regards ValueS

Which I hope is going to be soon.

Best Best ValueS

Just bought back in @ 64.3892! I have a good feeling about this. Germany will be back in shape when the war is over which I ho

Thank god, I sold 75% of my holdings yesterday. Pitty I kept the rest in the hope of good results. Ah well, at least the buyback is back! Come on canoblisation machine, start eating! Bonne appetite!

Still waiting for the pre-market report from NASDAQ to decide whether to buy back in.

Best Regards ValueS

May the Lord listen to your prayers and answer them! I doubt it though!

On the subject of buybacks. The whole €4 B is actually be fully covered by the dividend cut of 50% in just 6 years, if not even less! The number of shares in circulation before any BB was 27,080,821,283. And the amount of money saved by the cut = €609.3185 m/year + the additional savings in dividend payout proportional to the reduction in the number of qualifying shares as the BB rumbles on!

Best Regards ValueS

"has the one with Citi completed?"

Yes, see the 23/01/2025 RNS at 1:56 pm. It is why there was a dip in VOD last week, as the SP lost the support of buyback.

Best Regards ValueS

I've become increasingly convinced that it's really the NASDAQ that determines the VOD share price, the LSE merely follows suit with some minor fluctuations. The after-hours shows that VOD was up 0.05 to $8.42; hence VOD is in the blue this morning. However, shortly the pre-market report will be out. Depending on that report, the VOD SP here on the LSE will follow suit. It may not be immediate, there may be some fluctuations, but the end result will be reached. At 14:30 the American Market will open, so for the remaining 2 hours the LSE will closely follow the ADR.

I love this share! So predictable!

PS. The VOD may jump when the company announces the allocation of a 4th batch of €500m of buybacks.

Best Regards ValueS

Boe1, these are changes for the better, what I meant was changes for the worst that warrant a fall of 15.7% in the SP of a behemoth like VOD in just 4 months and 1 week!

Best Regards ValueS

"I fully expected with all the actions taken by MdV and with Luka on board, we will be at least 80p+."

In 17/09/2024, the peak was 79.5 p. What has changed since then? I wonder! With the falls since then, particularly this week, it does not look like we're going to see 72 p any time soon, let alone 80p!!

Best Regards ValueS