© Stockopedia 18th November, 2017

Vodafone

VOD 228.7p 0.3  0.1%
17/11/17 10.00k
Market Cap £61.00bn
Enterprise Value £90.98bn
Revenue £41.62bn
Quality 42
Value 84
StockRank 80

Momentum
Relative Strength (%)
1m +7.3%
3m +3.4%
1yr +1.4%
Volume Change (%)
10d v 3m +30.7%
Price vs... (%)
52w High -2.2%
50d MA +6.47%
200d MA +6.94%
vs.
market
vs.
industry
Growth & Value
12m Forecast Rolling
PE Ratio (f) 27.1
PEG Ratio (f) 0.34
EPS Growth (f) 384.1 %
Dividend Yield (f) 5.71 %
Valuation (ttm)
Price to Book Value 1.00
Price to Tang. Book 2.95
Price to Free Cashflow 11.5
Price to Sales 1.47
EV to EBITDA 7.08
Margin of Safety (beta)
Screens Passed 2
vs.
market
vs.
industry
Quality
Return on Capital 3.97 %
Return on Equity -1.22 %
Operating Margin 9.04 %
Balance Sheet · Income Statement · Cashflow Financial Summary
Year End 31st Mar 2012 2013 2014 2015 2016 2017 TTM 2018E 2019E CAGR / Avg
Revenue €m 45,018 46,698 45,469 48,385 49,810 47,631 46,655 46,193 46,615 +1.1%
Operating Profit €m 6,515 -2,703 -4,640 2,073 1,320 3,725 4,218 -10.6%
Net Profit €m 8,057 507 70,261 7,279 -5,405 -6,297 -37.0 2,338 2,707
EPS Reported 0.14 -0.19 0.50 0.29 -0.20 -0.078 -0.031
EPS Normalised 0.29 0.048 0.72 0.29 -0.18 -0.098 -0.021 0.087 0.099
EPS Growth % -46.6 -83.2 +1,392 -59.3 +14.2
PE Ratio x n/a n/a 29.5 25.9
PEG x n/a n/a 2.08 1.11
Profitability
Operating Margin % 14.5 -5.8 -10.2 4.3 2.7 7.8 9.04 +2.2%
ROA % -3.1 8.5 4.8 -3.2 -0.57
ROCE % 4.7 -2.1 -4.0 1.6 1.0 3.3 3.97 +0.8%
ROE % -5.8 15.5 8.6 -6.2 -2.8 -1.22 +1.9%
Cashflow
Op. Cashflow ps 0.43 0.40 0.28 0.48 0.54 0.51 0.51 +3.5%
Capex ps 0.25 0.35 0.30 0.38 0.52 0.32 0.30 +5.1%
Free Cashflow ps 0.18 0.051 -0.022 0.095 0.017 0.19 0.21 +1.2%
Last ex-div: 23rd Nov, paid: 2nd Feb more... Dividends
Dividend ps 0.20 0.23 0.17 0.15 0.14 0.15 0.15 0.15 0.15 -5.4%
Dividend Growth % +5.41 +13.3 -27.9 -6.28 -6.74 +6.04 +6.27 -5.36 +1.38
Dividend Yield % 5.98 6.00 5.66 5.73
Dividend Cover x 0.70 -0.84 3.00 1.84 -1.40 -0.51 -0.20 0.60 0.67
Balance Sheet
Cash etc €m 10,152 15,276 17,609 14,854 18,259 14,955 12,226 +8.1%
Working Capital €m -4,800 -7,969 -383.6 -12,522 -10,297 -16,847 -17,241
Net Fixed Assets €m 72,037 86,021 61,022 82,609 78,605 82,922 78,658 +2.9%
Net Debt €m 30,174 27,183 13,079 33,648 33,319 26,682 31,956
Book Value €m 92,313 84,765 85,672 91,510 83,325 72,200 68,043 -4.8%
Average Shares m 27,938 26,831 26,682 26,629 26,692 27,971 28,027 +0.02%
Book Value ps 3.41 3.18 3.24 3.45 3.14 2.71 2.55 -4.5%

FINANCIAL BRIEF: For the six months ended 30 September 2017, Vodafone Group plc revenues decreased 4% to EUR23.08B. Net income before extraordinary items increased from EUR152M to EUR1.48B. Revenues reflect Other Europe segment decrease of 26% to EUR2.42B, Other AMAP segment decrease of 15% to EUR2.89B. Net income reflects Financing costs decrease of 73% to EUR181M (expense), Selling and distribution expenses decrease of 9% to EUR1.99B (expense). more »

Health Trend
Bankruptcy Risk
Earnings Manipulation Risk
1472     45%    C-
Magic Formula Score
C-
C-
Other Ratios
Leverage (ttm) Total -Intang +Pension
Gross Gearing % 64.9 190.8 66.1
Net Gearing % 47.0 138 48.2
Cash / Assets % 8.31 8.36
Liquidity (ttm)
Curr. Ratio 0.58
Quick Ratio 0.56
Interest Cov. 6.42
Efficiency (ttm)
Asset Turnover 0.31
Rec's Turnover 6.96
Stock Turnover 50.4
vs.
market
vs.
industry
Recent History
Latest interim period (ended 30th Sep '17) vs. prior year
Sales Growth -4.06 %
EPS Growth 744.8 %
3yr Compound Annual Growth Rate
Sales Growth 1.56 %
EPS Growth n/a %
DPS Growth -2.50 %
Graphical History Current Fiscal Year 2018

Broker Forecasts
31st Mar 2018
31st Mar 2019

Price Target: €2.78
(+8.51% above Price)
Net Profit EPS DPS Net Profit EPS DPS
Est. Long Term Growth Rate: +14.0% (€) (€) (€) (€) (€) (€)
Consensus Estimate 2.34bn 0.087 0.15 2.71bn 0.099 0.15
1m Change +12.5m +0.001 -0.003 -67.0m -0.002 -0.003
3m Change -18.1m - - -69.3m -0.002 +0.001
24 brokers Broker Consensus Trend
Broker Recommendations for Vodafone
Recommendation:Strong SellSellHoldBuyStrong Buy
No. of Analysts: 0 2 8 8 10

Named Brokers and Analysts
Bank of America Merrill Lynch David Wright , Deutsche Bank Equity Research Robert Grindle , Stifel Nicolaus and Company, Incorporated , Jefferies Jerry Dellis , HSBC Adam Rumley , Credit Suisse Justin Funnell , RBC Capital Markets Jonathan Dann , Morgan Stanley Emmet Kelly , Citi Simon Weeden , BERNSTEIN Dhananjay Mirchandani , Goldman Sachs Research Andrew Lee , Robert W. Baird & Co. , UBS Equities Polo Tang , Roe Equity Research Kevin Roe , Nomura Securities , Santander GCB John Davies , Numis Securities John Karidis , Natixis , Mirabaud Securities William Draper , Exane BNP Paribas Sanvir Dhillon , Macquarie Research , Societe Generale Ottavio Adorisio , ESN/Banca Akros Andrea De Vita , JPMorgan Akhil Dattani , Berenberg Usman Ghazi , Oddo Securities Vincent Maulay , Hamburger Sparkasse (HASPA) , Raymond James Europe RJEE/RJFI Stephane Beyazian , Barclays Maurice Patrick , Haitong Research (UK) , Arete Research Andrew Beale , Morningstar, Inc. Allan Nichols , Day by Day Valérie GASTALDY , Landesbank Baden-Wuerttemberg Bettina Deuscher , Alphavalue Jean-Michel Salvador , 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) 55, Nicholas Read (CFO) 50, Hannes Ametsreiter (CEX) 50, Vivek Badrinath (CEX) 48, Aldo Bisio (CEX) , Antonio Coimbra (CEX) , Ahmed Essam (CEX) , Nicholas Jeffery (CEX) 44, Johan Wibergh (CTO) 54, Rosemary Martin (GCN) 57, Gerard Kleisterlee (NEC) 71, Maria Martinez (NED) , Crispin Davis (NID) 67, Mathias Dopfner (NID) 53, Clara Furse (NID) 60,

No. of Employees: 111,556 No. of Shareholders: 367,910


Last Annual March 31st, 2017
Last Interim September 30th, 2017
Incorporated July 17, 1984
Public Since October 26, 1988
Shares in Issue 26,673,804,179
Free Float 26.64bn (99.9%)

VOD Share Price Performance VODQuote
228.7p
0.3  0.1%
Traded 5:04pm · Minimum 15 min delayed · NMS: 10.00k

Latest VOD News Announcements (delayed)

Upcoming VOD Events
Wednesday 22nd November, 2017
Dividend For VOD
Wednesday 22nd November, 2017
Dividend For VOD
Thursday 23rd November, 2017
Dividend For VOD
Thursday 1st February, 2018
Q3 2018 Vodafone Group PLC Trading Statement Release
Tuesday 15th May, 2018
Full Year 2018 Vodafone Group PLC Earnings Release

Recent ↓
Tuesday 14th November, 2017
Half Year 2018 Vodafone Group PLC Earnings Presentation
Tuesday 14th November, 2017
Half Year 2018 Vodafone Group PLC Earnings Release
Tuesday 19th September, 2017
Vodafone Group PLC Fixed / Convergence Open Office
Tuesday 19th September, 2017
Vodafone Group PLC at World Economic Forum Sustainable Development Impact Summit
Wednesday 13th September, 2017
Vodafone Group PLC at Goldman Sachs Communacopia Conference
Monday 11th September, 2017
Vodafone Group PLC: Vodafone Germany Gigabit Investment Plan
Thursday 31st August, 2017
Vodafone Group PLC at Credit Suisse European Telecoms Conference
Friday 28th July, 2017
Vodafone Group PLC Annual Shareholders Meeting
Friday 21st July, 2017
Q1 2018 Vodafone Group PLC Trading Statement Call
Friday 21st July, 2017
Q1 2018 Vodafone Group PLC Trading Statement Release
Thursday 8th June, 2017
Dividend For VOD
Wednesday 7th June, 2017
Dividend For VOD
Wednesday 7th June, 2017
Dividend For VOD
Tuesday 16th May, 2017
Full Year 2016/2017 Vodafone Group PLC Earnings Presentation
Tuesday 16th May, 2017
Full Year 2016/2017 Vodafone Group PLC Earnings Release
Thursday 23rd March, 2017
Vodafone Group PLC at Deutsche Bank Depositary Receipts Virtual Investor Conference
Wednesday 22nd March, 2017
Vodafone Group PLC at Citi European & Emerging Markets Telecoms Conference
Monday 6th March, 2017
Vodafone Group PLC at Deutsche Bank Media, Internet and Telecom Conference
Thursday 2nd February, 2017
Q3 2016 Vodafone Group PLC Trading Statement Presentation
Thursday 2nd February, 2017
Q3 2016 Vodafone Group PLC Trading Statement Release


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