© Stockopedia 27th February, 2017

Vodafone

VOD 202.36p -0.5  -0.2%
11:24am 10.00k
Market Cap £54.00bn
Enterprise Value £90.79bn
Revenue £46.23bn
Quality 35
Value 63
StockRank 32

Momentum
Relative Strength (%)
1m +3.4%
3m -4.6%
1yr -21.3%
Volume Change (%)
10d v 3m -30.1%
Price vs... (%)
52w High -15.5%
50d MA +0.93%
200d MA -6.18%
vs.
market
vs.
industry
Growth & Value
12m Forecast Rolling
PE Ratio (f) 31.0
PEG Ratio (f) 0.67
EPS Growth (f) 85.6 %
Dividend Yield (f) 6.17 %
Valuation (ttm)
Price to Book Value 0.87
Price to Tang. Book 2.92
Price to Free Cashflow 43.7
Price to Sales 1.17
EV to EBITDA 12.7
Margin of Safety (beta)
Screens Passed 3 / 1
vs.
market
vs.
industry
Quality
Return on Capital -3.39 %
Return on Equity -10.4 %
Operating Margin -7.49 %
Balance Sheet · Income Statement · Cashflow Financial Summary
Year End 31st Mar 2011 2012 2013 2014 2015 2016 TTM 2017E 2018E CAGR / Avg
Revenue €m 53,994 45,018 46,698 45,469 53,842 55,945 54,847 54,845 54,472 +0.7%
Operating Profit €m 6,585 6,515 -2,703 -4,640 2,508 1,880 -4,106 -22.2%
Net Profit €m 9,376 8,057 507 70,261 7,346 -5,494 -8,251 1,769 2,080
EPS Reported 0.33 0.14 -0.19 0.50 0.27 -0.21 -0.30
EPS Normalised 0.54 0.29 0.048 0.72 0.28 -0.18 -0.13 0.065 0.079
EPS Growth % +26.6 -46.6 -83.2 +1,392 -61.1 +21.7
PE Ratio x n/a n/a 37.1 30.5
PEG x n/a n/a 1.71 0.84
Profitability
Operating Margin % 12.2 14.5 -5.8 -10.2 4.7 3.4 -7.49 +3.1%
ROA % 2.3 -3.1 8.5 4.6 -5.17
ROCE % 4.7 4.7 -2.1 -4.0 1.9 1.5 -3.39 +1.1%
ROE % 4.1 -5.8 15.5 8.2 -6.3 -10.4 +3.1%
Cashflow
Op. Cashflow ps 0.49 0.43 0.40 0.28 0.47 0.54 0.53 +1.8%
Capex ps 0.35 0.25 0.35 0.30 0.43 0.61 0.48 +11.4%
Free Cashflow ps 0.14 0.18 0.051 -0.022 0.040 -0.070 0.054
Last ex-div: 24th Nov, paid: 3rd Feb more... Dividends
Dividend ps 0.19 0.20 0.23 0.17 0.14 0.16 0.15 0.15 0.15 -4.0%
Dividend Growth % +11.6 +5.41 +13.3 -27.9 -13.5 +9.28 +1.13 -6.29 +1.43
Dividend Yield % 6.50 6.28 6.09 6.18
Dividend Cover x 1.70 0.70 -0.84 3.00 1.91 -1.32 -1.99 0.44 0.53
Balance Sheet
Cash etc €m 7,838 10,152 15,276 17,609 14,826 18,259 13,567 +18.4%
Working Capital €m -11,399 -4,800 -7,969 -383.6 -12,496 -6,640 -3,738
Net Fixed Assets €m 74,309 72,037 86,021 61,022 81,793 74,948 73,153 +0.2%
Net Debt €m 31,345 30,174 27,183 13,079 28,065 39,090 41,915
Book Value €m 99,090 92,313 84,765 85,672 91,333 83,325 73,816 -3.4%
Average Shares m 28,771 27,938 26,831 26,682 26,629 26,692 27,221 -1.5%
Book Value ps 3.52 3.41 3.18 3.24 3.44 3.14 2.77 -2.3%

FINANCIAL BRIEF: For the six months ended 30 September 2016, Vodafone Group plc revenues decreased 4% to EUR27.05B. Net loss increased from EUR2.5B to EUR5.13B. Revenues reflect United Kingdom segment decrease of 17% to EUR3.56B, Vodacom segment decrease of 14% to EUR2.46B. Higher net loss reflects Impairment loss increase from EUR0K to EUR6.38B (expense), Financing costs increase of 2% to EUR1.17B (expense). Dividend per share remained flat at EUR0.05. more »

Health Trend
Bankruptcy Risk
Earnings Manipulation Risk
2038     34%    D+
Magic Formula Score
D+
D+
Other Ratios
Leverage (ttm) Total -Intang +Pension
Gross Gearing % 75.2 252.6 76.9
Net Gearing % 56.8 190.8 58.6
Cash / Assets % 8.68 8.75
Liquidity (ttm)
Curr. Ratio 0.89
Quick Ratio 0.87
Interest Cov. -1.87
Efficiency (ttm)
Asset Turnover 0.34
Rec's Turnover 9.26
Stock Turnover 56.0
vs.
market
vs.
industry
Recent History
Latest interim period (ended 30th Sep '16) vs. prior year
Sales Growth -3.90 %
EPS Growth n/a %
3yr Compound Annual Growth Rate
Sales Growth 6.21 %
EPS Growth n/a %
DPS Growth -12.0 %
Graphical History Current Fiscal Year 2017

Broker Forecasts
31st Mar 2017
31st Mar 2018

Price Target: €2.70
(+12.01% above Price)
Net Profit EPS DPS Net Profit EPS DPS
Est. Long Term Growth Rate: +19.2% (€) (€) (€) (€) (€) (€)
Consensus Estimate 1.78bn 0.065 0.15 2.08bn 0.079 0.15
1m Change -82.9m -0.003 - -137.4m -0.005 -0.003
3m Change +62.9m -0.002 -0.008 -51.9m -0.006 -0.008
23 brokers Broker Consensus Trend
Broker Recommendations for Vodafone
Recommendation:Strong SellSellHoldBuyStrong Buy
No. of Analysts: 0 2 9 8 7

Named Brokers and Analysts
Stifel Nicolaus and Company, Incorporated , Jefferies Jerry Dellis , Credit Suisse Justin Funnell , BERNSTEIN Dhananjay Mirchandani , Nomura Securities , Santander GCB John Davies , Natixis , Mirabaud Securities William Draper , Macquarie Research , Societe Generale Ottavio Adorisio , ESN/Banca Akros Andrea De Vita , Berenberg Paul Marsch , Oddo Securities Vincent Maulay , Hamburger Sparkasse (HASPA) , Raymond James Europe RJEE/RJFI Stephane Beyazian , Haitong Research (UK) John Karidis , Morningstar, Inc. Allan Nichols , Day by Day Valérie GASTALDY , Landesbank Baden-Wuerttemberg Bettina Deuscher , Beaufort Securities Ben Maitland ,

Profile Summary

Vodafone Group Plc (Vodafone) is a telecommunications company. The Company's business is organized into two geographic regions: Europe, and Africa, Middle East and Asia Pacific (AMAP). Its segments include Europe and AMAP. Its Europe segment includes geographic regions, such as Germany, Italy, the United Kingdom, Spain and Other Europe. The Other Europe includes the Netherlands, Portugal, Greece, Hungary and Romania, among others. Its AMAP segment includes India, South Africa, Tanzania, Mozambique, Lesotho, Africa, Turkey, Australia, Egypt, Ghana, Kenya, New Zealand and Qatar, among others. The Company provides a range of services, including voice, messaging and data across mobile and fixed networks. The Company acquires spectrum and licenses to use radio frequencies that deliver mobile services. Its fixed capabilities include cable, fiber and copper networks to enable television, broadband and voice services.

Directors: Vittorio Colao (CEO) 54, Nicholas Read (CFO) 49, Hannes Ametsreiter (CEX) 50, Vivek Badrinath (CEX) 48, Aldo Bisio (CEX) , Antonio Coimbra (CEX) , Ahmed Essam (CEX) , Jeroen Hoencamp (CEX) , Nicholas Jeffery (CEX) 43, Johan Wibergh (CTO) 54, Gerard Kleisterlee (NEC) 70, Crispin Davis (NID) 66, Mathias Dopfner (NID) , Clara Furse (NID) 60, Valerie Gooding (NID) 65,

No. of Employees: 107,667 No. of Shareholders: 406,585


Last Annual March 31st, 2016
Last Interim September 30th, 2016
Incorporated July 17, 1984
Public Since October 26, 1988
Shares in Issue 26,618,918,090
Free Float 26.52bn (99.6%)

VOD Share Price Performance VODQuote
202.36p
-0.5  -0.2%
Traded 11:24am · Minimum 15 min delayed · NMS: 10.00k

Latest VOD News Announcements (delayed)

Upcoming VOD Events
Tuesday 16th May, 2017
Full Year 2016 Vodafone Group PLC Earnings Release
Friday 21st July, 2017
Q1 2017 Vodafone Group PLC Trading Statement Release
Friday 28th July, 2017
Vodafone Group PLC Annual Shareholders Meeting

Recent ↓
Thursday 2nd February, 2017
Q3 2016 Vodafone Group PLC Trading Statement Presentation
Thursday 2nd February, 2017
Q3 2016 Vodafone Group PLC Trading Statement Release
Tuesday 6th December, 2016
Vodafone Group PLC at Berenberg European Conference
Thursday 24th November, 2016
Dividend For VOD
Tuesday 22nd November, 2016
Dividend For VOD
Tuesday 22nd November, 2016
Dividend For VOD
Tuesday 15th November, 2016
Half Year 2016 Vodafone Group PLC Earnings Presentation
Tuesday 15th November, 2016
Half Year 2016 Vodafone Group PLC Earnings Release
Thursday 29th September, 2016
Vodafone Group PLC Open Office Germany
Wednesday 21st September, 2016
Vodafone Group PLC at Goldman Sachs Communacopia Conference
Friday 16th September, 2016
Vodafone Group PLC European Telecoms Framework Call
Thursday 1st September, 2016
Vodafone Group PLC at Credit Suisse European Telecoms Conference
Friday 29th July, 2016
Vodafone Group PLC Annual Shareholders Meeting
Friday 22nd July, 2016
Q1 2016 Vodafone Group PLC Trading Statement Presentation
Friday 22nd July, 2016
Q1 2016 Vodafone Group PLC Trading Statement Release
Thursday 9th June, 2016
Dividend For VOD.L
Wednesday 8th June, 2016
Dividend For VOD
Wednesday 8th June, 2016
Dividend For VOD.BA
Wednesday 1st June, 2016
Vodafone Group PLC at Berenberg TMT Conference
Tuesday 17th May, 2016
Full Year 2015 Vodafone Group PLC Earnings Presentation


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