Financials Vodafone Group Plc Deutsche Boerse AG

Equities

VODI

GB00BH4HKS39

Wireless Telecommunications Services

Real-time Estimate Tradegate Other stock markets 07:30:43 2024-05-23 EDT			5-day change	1st Jan Change
0.88 ^EUR	-0.70%		-1.55%	+10.59%

12:44pm	Traffic light coalition struggles over use of Chinese technology in mobile networks	DP
10:58am	Correction: Swisscom Completes Financing of EUR8 Billion Vodafone Italia Acquisition	MT

Valuation

Fiscal Period: März	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	44,227	34,034	43,727	39,776	27,419	23,897	-	-
Enterprise Value (EV) ¹	72,377	76,202	84,270	81,354	60,794	55,556	53,989	53,350
P/E ratio	-6.03 x	-40.6 x	408 x	20.7 x	2.38 x	19.6 x	10.3 x	9.76 x
Yield	5.54%	7.08%	5.81%	6.07%	8.86%	10.9%	7.05%	6.47%
Capitalization / Revenue	0.98 x	0.76 x	1 x	0.87 x	0.6 x	0.56 x	0.62 x	0.59 x
EV / Revenue	1.61 x	1.69 x	1.92 x	1.78 x	1.33 x	1.31 x	1.41 x	1.32 x
EV / EBITDA	5.12 x	5.12 x	5.86 x	5.35 x	4.15 x	4.34 x	4.88 x	4.32 x
EV / FCF	13.3 x	13.4 x	16.8 x	15 x	12.6 x	5.43 x	22.1 x	17.7 x
FCF Yield	7.52%	7.48%	5.96%	6.68%	7.96%	18.4%	4.53%	5.65%
Price to Book	0.72 x	0.61 x	0.82 x	0.79 x	0.44 x	0.39 x	0.37 x	0.36 x
Nbr of stocks (in thousands)	27,215,847	26,771,934	28,211,023	26,839,146	26,997,639	27,012,604	-	-
Reference price ²	1.625	1.271	1.550	1.482	1.016	0.8847	0.8847	0.8847
Announcement Date	19-05-14	20-05-12	21-05-18	22-05-17	23-05-16	24-05-14	-	-

¹EUR in Million²EUR

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: März	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	45,066	44,974	43,809	45,580	45,706	43,020	38,315	40,348
EBITDA ¹	14,139	14,881	14,386	15,208	14,665	13,017	11,054	12,359
EBIT ¹	4,474	4,555	5,463	6,690	6,624	4,613	4,309	4,995
Operating Margin	9.93%	10.13%	12.47%	14.68%	14.49%	10.72%	11.25%	12.38%
Earnings before Tax (EBT) ¹	-	795	4,400	3,954	12,816	2,622	3,162	3,683
Net income ¹	-7,444	-920	112	2,088	11,838	1,697	2,111	2,382
Net margin	-16.52%	-2.05%	0.26%	4.58%	25.9%	3.94%	5.51%	5.9%
EPS ²	-0.2695	-0.0313	0.003800	0.0717	0.4262	0.0421	0.0860	0.0906
Free Cash Flow ¹	5,443	5,700	5,019	5,437	4,842	10,226	2,448	3,015
FCF margin	12.08%	12.67%	11.46%	11.93%	10.59%	6.83%	6.39%	7.47%
FCF Conversion (EBITDA)	38.5%	38.3%	34.89%	35.75%	33.02%	22.58%	22.15%	24.4%
FCF Conversion (Net income)	-	-	4,481.25%	260.39%	40.9%	173.27%	115.95%	126.58%
Dividend per Share ²	0.0900	0.0900	0.0900	0.0900	0.0900	0.0900	0.0624	0.0572
Announcement Date	19-05-14	20-05-12	21-05-18	22-05-17	23-05-16	24-05-14	-	-

¹EUR in Million²EUR

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: März	2020 S1	2020 S2	2021 S1	2021 S2	2022 S1	2022 S2	2023 Q1	2023 S1	2023 S2	2024 Q1	2024 S1	2024 S2
Net sales ¹	21,939	23,035	21,427	22,382	22,489	23,091	11,278	22,930	22,776	10,740	21,937	21,908
EBITDA	7,105	7,776	7,023	7,363	7,565	7,643	-	7,244	7,421	-	-	-
EBIT	1,681	2,874	2,549	2,914	3,290	3,400	-	3,343	3,281	-	1,655	-
Operating Margin	7.66%	12.48%	11.9%	13.02%	14.63%	14.72%	-	14.58%	14.41%	-	7.54%	-
Earnings before Tax (EBT)	-	-	-	-	1,276	2,678	-	1,728	11,088	-	-	-
Net income	-	1,208	1,314	-1,202	996	1,092	-	986	10,852	-	-	-
Net margin	-	5.24%	6.13%	-5.37%	4.43%	4.73%	-	4.3%	47.65%	-	-	-
EPS	-	0.0411	-	-0.0407	0.0339	0.0378	-	-	-	-	-0.0128	0.0549
Dividend per Share	0.0450	0.0450	0.0450	0.0450	0.0450	0.0450	-	0.0450	0.0450	-	-	0.0450
Announcement Date	19-11-12	20-05-12	20-11-16	21-05-18	21-11-16	22-05-17	22-08-15	22-11-15	23-05-16	23-08-14	23-11-14	24-05-14

¹EUR in Million

Estimates

Balance Sheet Analysis

Fiscal Period: März	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	28,150	42,168	40,543	41,578	33,375	33,242	30,092	29,452
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	1.991 x	2.834 x	2.818 x	2.734 x	2.276 x	2.502 x	2.722 x	2.383 x
Free Cash Flow ¹	5,443	5,700	5,019	5,437	4,842	10,226	2,448	3,015
ROE (net income / shareholders' equity)	2.23%	2.66%	4.08%	5.79%	6.22%	3.67%	4.32%	4.47%
ROA (Net income/ Total Assets)	1.01%	1.06%	1.48%	2.07%	2.37%	0.97%	0.4%	0.4%
Assets ¹	-739,960	-86,869	7,574	100,850	498,862	174,717	527,831	595,533
Book Value Per Share ²	2.250	2.090	1.890	1.890	2.290	2.250	2.370	2.470
Cash Flow per Share ²	0.4700	0.5900	0.5800	0.6200	0.6500	0.3300	0.3200	0.3700
Capex ¹	7,227	7,411	7,854	8,306	8,378	6,331	7,307	7,391
Capex / Sales	16.04%	16.48%	17.93%	18.22%	18.33%	18.21%	19.07%	18.32%
Announcement Date	19-05-14	20-05-12	21-05-18	22-05-17	23-05-16	24-05-14	-	-

¹EUR in Million²EUR

Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for Vodafone Group Plc

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

0.8847 EUR

Average target price

1.088 EUR

Spread / Average Target

+23.02%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Other Wireless Telecommunications Services

	1st Jan change	Capi.
T-MOBILE US	+3.22%	194B
AT&T INC.	+4.29%	125B
SOFTBANK GROUP CORP.	+38.73%	78.42B
KDDI CORPORATION	-3.52%	57.88B
CHINA UNICOM HONG KONG LIMITED	+26.73%	24.42B
ADVANCED INFO SERVICE	-5.07%	16.8B
TELENOR ASA	+6.95%	16.44B
VODACOM GROUP LIMITED	-8.98%	10.24B
TAIWAN MOBILE CO., LTD.	+8.52%	10.02B

Other Wireless Telecommunications Services