Momentum
Relative Strength (%)
1m -6.7%
3m -10.1%
1yr +2.3%
Volume Change (%)
10d v 3m +19.7%
Price vs... (%)
52w High -15.3%
50d MA -6.04%
200d MA -4.49%
vs.
market
vs.
industry
Growth & Value
12m Forecast Rolling
PE Ratio (f) 24.2
PEG Ratio (f) n/a
EPS Growth (f) -32.0 %
Dividend Yield (f) 5.33 %
Valuation (ttm)
Price to Book Value 0.68
Price to Tang. Book 1.35
Price to Free Cashflow 29.8
Price to Sales 1.36
EV to EBITDA 7.65

Margin of Safety (beta)
Screens Passed 3 / 1
vs.
market
vs.
industry
Quality
Return on Capital 5.91 %
Return on Equity 23.6 %
Operating Margin 15.9 %
Balance Sheet · Income Statement · Cashflow Financial Summary
Year End 31st Mar 2008 2009 2010 2011 2012 2013 TTM 2014E 2015E CAGR / Avg
Revenue £m 35,478 41,017 44,472 45,884 46,417 44,445 41,726 43,022 43,026 +4.6%
Operating Profit £m 10,047 5,857 9,480 5,596 11,187 4,728 6,650 -14.0%
Net Profit £m 6,660 3,078 8,645 7,968 6,957 429 20,360 5,146 2,414 -42.2%
EPS Reported p 22.9 10.7 30.0 27.7 25.0 1.59 67.5 -41.3%
EPS Normalised p 23.1 25.7 37.6 45.7 35.8 20.4 72.1 13.0 8.86 -2.5%
EPS Growth % +163.8 +11.3 +46.2 +21.5 -21.5 -43.2 +253.7 -36.0 -32.0
PE Ratio x 10.5 2.97 16.4 24.2
PEG x n/a n/a n/a 10.8
Profitability
Operating Margin % 28.3 14.3 21.3 12.2 24.1 10.6 15.9 +18.5%
ROA % 2.2 5.6 5.2 4.8 0.4 12.7
ROCE % 9.5 4.7 7.4 4.5 9.7 4.2 5.91 +6.7%
ROE % 3.7 9.8 9.0 8.5 0.6 23.6 +6.3%
Cashflow
Op. Cashflow ps p 36.0 42.3 45.3 41.7 45.9 39.7 40.2 +1.9%
Capex ps p 16.2 24.1 24.2 30.0 28.2 32.3 33.1 +14.8%
Free Cashflow ps p 19.9 18.2 21.1 11.7 17.6 7.39 7.11 -18.0%
Last ex-div: 20th Nov, paid: 5th Feb more... Dividends
Dividend ps p 13.8 14.2 15.2 16.3 17.5 18.7 19.2 11.5 11.4 +6.3%
Dividend Growth % +11.1 +3.46 +6.95 +7.10 +6.97 +7.04 +2.55 -38.2 -1.09
Dividend Yield % 8.72 8.95 5.39 5.33
Dividend Cover x 1.66 0.75 1.97 1.70 1.43 0.086 3.52 1.13 0.78
Balance Sheet
Cash etc £m 1,699 4,878 4,811 6,926 8,461 12,973 10,009 +50.2%
Working Capital £m -13,249 -14,918 -14,397 -10,072 -4,000 -7,937 21,953
Net Fixed Assets £m 48,215 64,732 68,508 65,659 60,037 67,014 49,318 +6.8%
Net Debt £m 25,495 36,495 34,984 31,355 26,159 28,424 23,983 +2.2%
Book Value £m 78,043 86,162 90,381 87,555 76,935 71,477 83,295 -1.7%
Average Shares m 29,065 28,892 28,826 28,771 27,795 26,964 26,757 -1.5%
Book Value ps p 268.5 301 314.6 311.2 284.1 267.9 315.1 -0.05%

FINANCIAL BRIEF: For the six months ended 30 September 2013, Vodafone Group plc revenues increased 2% to L19.06B. Net income before extraordinary items totaled L15.6B vs. loss of L4.34B. Revenues reflect United Kingdom segment increase of 25% to L3.21B, India segment increase of 11% to L2.26B. Net Income reflects Impairment losses decrease from L5.9B (expense) to L0K, Financing Costs decrease of 18% to L703M (expense). Dividend per share remained flat at L0.06. more »

Health Trend

Bankruptcy Risk

Earnings Manipulation Risk

4333     70%    B+
Magic Formula Score
B+
B+

Other Ratios
Leverage (ttm) Total Ex Intang
Gross Gearing % 40.8 81.0
Net Gearing % 28.8 57.1
Cash / Assets % 6.88
Liquidity (ttm)
Curr. Ratio 1.67
Quick Ratio 1.65
Interest Cov. 5.33
Efficiency (ttm)
Asset Turnover 0.30
Rec's Turnover 5.15
Stock Turnover 67.4

vs.
market
vs.
industry
Recent History
Latest interim period (ended 30th Sep '13) vs. prior year
Sales Growth 2.49 %
EPS Growth n/a %
3yr Compound Annual Growth Rate
Sales Growth -0.021 %
EPS Growth -18.5 %
DPS Growth 7.04 %
Graphical History Current Fiscal Year 2014

Broker Forecasts
31st Mar 2014
31st Mar 2015

Price Target: 250 (+16.71% above Price) Net Profit EPS DPS Net Profit EPS DPS
Est. Long Term Growth Rate: -13.2% (£) (p) (p) (£) (p) (p)
Consensus Estimate 5.15bn 13.0 11.5 2.41bn 8.86 11.4
1m Change -425.0m -2.23 -0.12 -125.1m -0.91 -0.052
3m Change -900.7m -8.37 -6.56 -1.28bn -9.34 -5.32
29 brokers Broker Consensus Trend
Broker Recommendations for Vodafone
Recommendation:Strong SellSellHoldBuyStrong Buy
No. of Analysts: 0 2 12 8 7

Named Brokers and Analysts
Jefferies & Company, Inc. Jerry Dellis , Credit Suisse Justin Funnell , Sanford Bernstein Robin Bienenstock , ING FM , Nomura Securities James Britton , Jefferies International Ltd , Santander GBM John Davies , Natixis Benoit Maynard Jacques de Greling , Macquarie Research Guy Peddy , Societe Generale Ottavio Adorisio , Evolution Securities (Hist) , ESN/Banca Akros Andrea De Vita , Berenberg Paul Marsch , DZ Bank , Oddo Securities Vincent Maulay , Edelweiss Capital Ltd , Hamburger Sparkasse (HASPA) Tina Hecking , Charles Stanley Tom Gidley-Kitchin , Raymond James Euro Equities Stephane Beyazian Sugandhi Sud , Espirito Santo Investment Bank Robert Grindle , Morningstar, Inc. Allan Nichols , Day by Day Valérie GASTALDY , Landesbank Baden-Wuerttemberg , Liberum Lawrence Sugarman , Alphavalue Jean-Michel Salvador ,

Vodafone Group Plc (Vodafone), is a mobile communications company. Vodafone Red offers consumers and businesses a package with mobile data allowances, unlimited calls and texts, plus cloud and back-up services to secure personal data. Vodafone Cloud allows customers to store their personal digital content, such as contacts, photos and videos in the Vodafone network and to access it on the move from any connected device. Vodafone OneNet integrates landlines and mobiles providing a communication solution. Vodafone Secure Device Manager gives customer a way to manage many of their smart devices. In February 2014, Verizon Communications Inc completed the acquisition of Vodafone Group Plc's 45% indirect interest in Verizon Wireless. In April 2014, Vodafone Group Plc acquired100 %of its Indian subsidiary, Vodafone India Limited (VIL).

Directors: Vittorio Colao (CEO) 52, Nicholas Read (CFO) 48, Paolo Bertoluzzo (Corp. Exec.) 47, Philipp Humm (Corp. Exec.) 54, Serpil Timuray (Corp. Exec.) 43, Stephen Pusey (CTO) 52, Rosemary Martin (Counsel) 53, Ronald Schellekens (Dir.-HR) 49, Warren Finegold (Other) 56, Nicholas Jeffery (Other) 40,

No. of Employees: 91,272 No. of Shareholders: 533,740


Last Annual March 31st, 2013
Last Interim September 30th, 2013
Shares in Issue 26,439,960,221
Free Float 26.39bn (99.8%)
ISIN GB00BH4HKS39

VOD Share Price Performance VOD Quote
217.03p
0.0  0.0%
Traded 5:12pm · Minimum 15 min delayed · NMS: 10.00k

Latest VOD News Announcements (delayed)

Upcoming VOD Events
Tuesday 20th May, 2014
Preliminary 2013 Vodafone Group PLC Earnings Release
Friday 25th July, 2014
Vodafone Group PLC Interim Management Statement for the quarter ended 30 June 2014
Tuesday 29th July, 2014
Vodafone Group PLC Annual General Meeting
Tuesday 11th November, 2014
Interim 2014 Vodafone Group PLC Earnings Release

Recent ↓
Thursday 27th March, 2014
Vodafone Group PLC 4G Webinar
Wednesday 19th March, 2014
Vodafone Group PLC at Citi European & Emerging Telecoms Conference
Monday 17th March, 2014
Vodafone Group PLC to Acquire Grupo Corporativo Ono, S.A. Conference Call
Monday 24th February, 2014
Dividend For VOD.L
Monday 24th February, 2014
Dividend For VOD
Monday 24th February, 2014
Dividend For VOD.BA
Monday 24th February, 2014
Vodafone Group PLC Reverse Split For VOD.L
Monday 24th February, 2014
Vodafone Group PLC Reverse Split For VOD
Monday 24th February, 2014
Vodafone Group PLC Reverse Split For VOD.BA
Thursday 13th February, 2014
Vodafone Group PLC at Citi INDIA INVESTOR CONFERENCE


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