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Prices & Quotes - UK Markets - Vodafone Group (VOD)

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Share Price:
Up 130.46p
Change Today:
1.00p
Market Cap:
36,367m
Sector:
Mobile Telecommunications

Berenberg upgrades Vodafone to 'buy', sees higher growth than at BT

By Alexander Bueso

Date: Wednesday 06 Jan 2021

LONDON (ShareCast) - (Sharecast News) - Analysts at Berenberg upgraded their recommendation for shares of Vodafone to 'buy', pointing three drivers which they argued would allow the company to deleverage and close its valuation discount versus peers.
In the past, the firm has suffered from all of the ills that afflict the sector, a lack of growth, excessive debt and complexity.

But the broker expected that from 2021/22, Vodafone would post "consistent" revenue growth, allowing it to pare its debt to the bottom end of its target range as a proportion of earnings before interest, taxes, debt and depreciation of 2.5 to 3.0 times.

The analysts also expected Vodafone to continue making progress on simplifying its portfolio.

Other drivers for the firm's performance were expected to be its continued focus on mobile, the benefits that accrue from being a 'challenger' and not an 'incumbent' and its "large" exposure to the German market "which has a segmented, two-tier market structure, and has shown over time that it can grow broadly in line with GDP."

Vodafone derived approximately 55% of its revenues from mobile, versus 30-50% for most other large-capitalisation peers.

As an aside, they added: "We would characterise BT [buy] as having more actionable catalysts over the next six to nine months to stimulate a re-rating. However, Vodafone is the higher growth story, which we would be more comfortable holding for a multi-year period."

They also said that, trading on 6.1 times its estimated EV/EBITDA for 2021/22, against the sector average of 7.2 times, Vodafone's shares were "cheap".

Their target price was revised higher from 148.0p to 155.0p.

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Vodafone Group Market Data

Currency UK Pounds
Price 130.46p
Change Today 1.00p
52 Week High 142.42p
52 Week Low 101.70p
Volume 22,092,977
Shares Issued 27,876m
Market Cap 36,367m

Performance Indicators

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What The Brokers Say

Strong Buy 18
Buy 2
Neutral 0
Sell 0
Strong Sell 1
Total 21
strong_buy
Broker recommendations should not be taken as investment advice, and are provided by the authorised brokers listed on this page.

Vodafone Group Dividends

  Latest Previous
  Final Interim
Ex-Div 24-Jun-21 17-Dec-20
Paid 06-Aug-21 05-Feb-21
Amount 4.50¢ 4.50¢

Trades for 22-Jun-2021

Time Volume / Share Price
15:31 3,909 @ 130.41p
15:31 2,324 @ 130.46p
15:31 8,500 @ 130.46p
15:31 5,277 @ 130.44p
15:31 9,300 @ 130.44p

Vodafone Group Key Personnel

CEO Nick Read