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Vodafone Group PLC - Stock Quote VOD

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Morningstar's Vodafone Group PLC Stock Analysis

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Germany Remains Weak for Vodafone During Fiscal Q4 as it Seeks Options Elsewhere in Europe

Analyst Note

| Michael Hodel, CFA |

Vodafone delivered reasonably solid financial results to end fiscal 2022 even as it continued to struggle operationally in Germany. Management has yet to deliver the sort of transformational transaction in Europe that investors and we have hoped for, but commented that numerous discussions remain ongoing. For fiscal 2023, the firm expects inflation and other pressures will offset modest revenue growth, resulting in roughly flat free cash flow. Vodafone still has a way to go in reshaping its operations, but we continue to believe the market has overly discounted the value of its assets, as our GBX 185 fair value estimate reflects.

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Vodafone Group PLC's Company Profile

Business Description

With about 280 million wireless customers in its consolidated operations, Vodafone is one of the largest wireless carriers in the world. The firm has also acquired cable operations and gained access to additional fixed-line networks, either building its own or gaining wholesale access. Vodafone is increasingly pushing converged services of wireless and fixed-line telephone services. Europe accounts for about three fourths of reported service revenue, with major operations in Germany (about 30% of total service revenue), the U.K. (13%), Italy (12%), and Spain (10%). Outside of Europe, 65%-owned Vodacom, which serves sub-Saharan Africa, is Vodafone’s largest controlled subsidiary (12% of total service revenue). The firm also owns stakes in operations in the Netherlands.

Vodafone House, The Connection
Newbury, Berkshire, RG14 2FN, United Kingdom
T +44 163533251
Sector Communication Services
Industry Telecom Services
Most Recent Earnings Sep 30, 2008
Fiscal Year End Mar 31, 2022
Stock Type
Employees 104,755