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Vodafone Group PLC ADR - Stock Quote VOD

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Morningstar's Vodafone Group PLC ADR Stock Analysis

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Vodafone Continues to Make Gradual Progress as Potential Consolidation Comes Into Focus

Analyst Note

| Michael Hodel, CFA |

Vodafone’s fiscal third-quarter results were broadly as expected, with management stating that the firm remains on track to hit the upper end of its financial expectations for the year. The firm only reports revenue and customer metrics for odd-numbered quarters. More importantly, management clearly sounded optimistic that it will move forward with transactions that change the structure of its operations in several countries. Rumors have swirled around potential merger partners for Vodafone’s operations in the U.K., Italy, and Spain, each of which continues to face challenging competitive environments. We continue to believe the market has overly discounted the long-term value of Vodafone’s assets, and we suspect moves to improve the economics in certain countries will help uncover that value. We don’t plan to change our GBX 185 fair value estimate. 

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Vodafone Group PLC ADR'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

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