Vodafone (VOD)

Share Price · 24/05/13

194.55p

Day's Change

1.0 0.5%

Market Cap £95.14bn

Enterprise Value £124.09bn

Market Cap Rank 10th

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MOMENTUM

Relative Strength (%)
1m	-3.8%
3m	+11.9%
1yr	-9.9%

Volume Change (%)
10d vs 3m	-1.07%

Price vs... (%)
52w High	-3.1%
50d MA	+1.90%
200d MA	+10.9%

vs.
market vs.
industry GROWTH & VALUE

12m Forecast Rolling
PE Ratio (f)	11.9		Vodafone's P/E Rolling 1y is ranked 6th out of 17 Companies in the Telecommunications Services Industry. ( Industry Median: 12.3 vs. VOD: 11.9 ) Rankings Guide	Vodafone's P/E Rolling 1y is ranked 413th out of 957 Companies in the Market. ( Market Median: 12.9 vs. VOD: 11.9 ) Rankings Guide
PEG Ratio (f)	2.05		Vodafone's PEG Rolling is ranked 8th out of 11 Companies in the Telecommunications Services Industry. ( Industry Median: 1.55 vs. VOD: 2.05 ) Rankings Guide	Vodafone's PEG Rolling is ranked 556th out of 654 Companies in the Market. ( Market Median: 0.87 vs. VOD: 2.05 ) Rankings Guide
EPS Growth (f)	6.16	%	Vodafone's EPS Gwth % Rolling 1y is ranked 9th out of 15 Companies in the Telecommunications Services Industry. ( Industry Median: 6.16 vs. VOD: 6.16 ) Rankings Guide	Vodafone's EPS Gwth % Rolling 1y is ranked 581st out of 809 Companies in the Market. ( Market Median: 13.7 vs. VOD: 6.16 ) Rankings Guide
Dividend Yield (f)	5.54	%	Vodafone's Yield % Rolling 1y is ranked 4th out of 25 Companies in the Telecommunications Services Industry. ( Industry Median: 2.94 vs. VOD: 5.54 ) Rankings Guide	Vodafone's Yield % Rolling 1y is ranked 77th out of 1723 Companies in the Market. ( Market Median: 0.000 vs. VOD: 5.54 ) Rankings Guide

Valuation (ttm)
Price to Book Value	1.37		Vodafone's P/B is ranked 7th out of 22 Companies in the Telecommunications Services Industry. ( Industry Median: 2.80 vs. VOD: 1.37 ) Rankings Guide	Vodafone's P/B is ranked 812th out of 1614 Companies in the Market. ( Market Median: 1.35 vs. VOD: 1.37 ) Rankings Guide
Price to Tang. Book	5.09		Vodafone's P/TB is ranked 8th out of 13 Companies in the Telecommunications Services Industry. ( Industry Median: 4.87 vs. VOD: 5.09 ) Rankings Guide	Vodafone's P/TB is ranked 1031st out of 1368 Companies in the Market. ( Market Median: 2.00 vs. VOD: 5.09 ) Rankings Guide
Price to Free Cashflow	26.9		Vodafone's P/FCF is ranked 13th out of 19 Companies in the Telecommunications Services Industry. ( Industry Median: 13.1 vs. VOD: 26.9 ) Rankings Guide	Vodafone's P/FCF is ranked 569th out of 824 Companies in the Market. ( Market Median: 17.5 vs. VOD: 26.9 ) Rankings Guide
Price to Sales	2.29		Vodafone's P/S is ranked 19th out of 25 Companies in the Telecommunications Services Industry. ( Industry Median: 1.29 vs. VOD: 2.29 ) Rankings Guide	Vodafone's P/S is ranked 929th out of 1502 Companies in the Market. ( Market Median: 1.52 vs. VOD: 2.29 ) Rankings Guide
EV to EBITDA	5,395		Vodafone's EV/ EBITDA is ranked 20th out of 20 Companies in the Telecommunications Services Industry. ( Industry Median: 8.08 vs. VOD: 5,395 ) Rankings Guide	Vodafone's EV/ EBITDA is ranked 1073rd out of 1073 Companies in the Market. ( Market Median: 9.73 vs. VOD: 5,395 ) Rankings Guide

IMPLIED MARGIN OF SAFETY (beta)

◀ ▶ SCREENS PASSED 2

VOD qualifies for Dividend Dogs of the FTSE (in Income Investing).

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VOD qualifies for Dividend Dogs (Forecast) of the FTS… (in Income Investing).

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vs.
market vs.
industry QUALITY

Return on Capital	2.05	%	Vodafone's ROCE % is ranked 17th out of 24 Companies in the Telecommunications Services Industry. ( Industry Median: 11.0 vs. VOD: 2.05 ) Rankings Guide	Vodafone's ROCE % is ranked 871st out of 1653 Companies in the Market. ( Market Median: 2.92 vs. VOD: 2.05 ) Rankings Guide
Return on Equity	-2.33	%	Vodafone's ROE % is ranked 19th out of 23 Companies in the Telecommunications Services Industry. ( Industry Median: 8.67 vs. VOD: -2.33 ) Rankings Guide	Vodafone's ROE % is ranked 1029th out of 1618 Companies in the Market. ( Market Median: 2.96 vs. VOD: -2.33 ) Rankings Guide
Operating Margin	5.23	%	Vodafone's Op Mgn % is ranked 14th out of 25 Companies in the Telecommunications Services Industry. ( Industry Median: 5.23 vs. VOD: 5.23 ) Rankings Guide	Vodafone's Op Mgn % is ranked 736th out of 1515 Companies in the Market. ( Market Median: 4.89 vs. VOD: 5.23 ) Rankings Guide

Balance Sheet · Income Statement · Cashflow FINANCIAL SUMMARY

Year End 31st Mar		2008	2009	2010	2011	2012	2013	TTM	2014E	2015E	CAGR / Avg
Revenue	£m	31,104	35,478	41,017	44,472	45,884	46,417	41,495	44,419	45,247	+8.3%
Operating Profit	£m	-1,564	10,047	5,857	9,480	5,596	11,187	2,170
Net Profit	£m	6,660	3,078	8,645	7,968	6,957	429	-1,705	7,583	7,899
EPS Reported	p	12.5	5.81	16.4	15.1	13.7	0.87	-3.47
EPS Normalised	p	12.6	14.0	20.5	24.9	19.5	11.0	8.94	15.4	16.3	+32.6%
EPS Growth	%		+163.8	+11.3	+46.2	+21.5	-21.5	-54.3	-21.3	+6.16
PE Ratio	x						9.95	21.8	12.6	11.9
PEG	x						n/a	n/a	2.05	1.91
Profitability
Operating Margin	%	-5.0	28.3	14.3	21.3	12.2	24.1	5.23			+15.9%
ROA	%		5.6	2.2	5.6	5.2	4.8	-1.26
ROCE	%	-1.7	9.5	4.7	7.4	4.5	9.7	2.05			+5.7%
ROE	%		9.2	3.7	9.8	9.0	8.5	-2.33			+8.0%
Cashflow
Op. Cashflow ps	p	18.7	19.7	23.1	24.7	22.7	25.0	21.1			+6.0%
Capex ps	p	8.22	8.82	13.2	13.2	16.4	15.4	14.1			+13.4%
Free Cashflow ps	p	10.5	10.8	9.90	11.5	6.36	9.62	7.01			-1.8%
Last ex-div: 12th Jun, paid: 7th Aug more... Dividends
Dividend ps	p	7.51	7.77	8.31	8.90	9.52	10.2	9.74	10.6	10.8	+7.1%
Dividend Growth	%	-2.55	+11.1	+3.46	+6.95	+7.10	+6.97	+2.31	+11.0	+2.01
Dividend Yield	%						4.89	5.01	5.43	5.54
Dividend Cover	x	-1.32	1.66	0.75	1.97	1.70	1.43	-0.36	1.46	1.52
Balance Sheet
Cash etc	£m	7,481	1,699	4,878	4,811	6,926	8,461	7,607			+2.5%
Working Capital	£m	-6,133	-13,249	-14,918	-14,397	-10,072	-4,000	-6,559
Net Fixed Assets	£m	40,532	48,215	64,732	68,508	65,659	60,037	61,563			+8.2%
Net Debt	£m	15,134	25,495	36,495	34,984	31,355	26,159	27,908			+11.6%
Book Value	£m	67,067	78,043	86,162	90,381	87,555	76,935	69,435			+2.8%
Average Shares	m	53,287	52,969	52,849	52,748	50,958	49,434	50,378			-1.6%
Book Value ps	p	126.6	146.7	164.2	171.6	169.8	155	141.2			+4.1%

FINANCIAL BRIEF: For the six months ended 30 September 2012, Vodafone Group plc revenues decreased 21% to L18.6B. Net loss totaled L1.98B vs. income of L6.68B. Revenues reflect Spain segment decrease of 21% to L1.94B, Italy segment decrease of 16% to L2.41B. Net loss reflects Impairment losses increase from L450M to L5.9B (expense), Other Income & Expenses decrease of 100% to L4M (income). Dividend per share remained flat at L0.03. more »

3 Piotroski F-Score

HEALTH TREND

-0.83 Altman Z2-Score

BANKRUPTCY RISK

EARNINGS MANIPULATION RISK

1998 49% C-

MAGIC FORMULA SCORE

C-

OTHER RATIOS

Leverage (ttm)		Total	Ex Intang
Gross Gearing	%	51.1	189.9
Net Gearing	%	40.2	149.2
Cash / Assets	%	5.81

Liquidity (ttm)
Current Ratio	0.74
Quick Ratio	0.72
Interest Cover	n/a

Efficiency (ttm)
Asset Turnover	0.31
Rec's Turnover	4.07
Stock Turnover	54.3

vs.
market vs.
industry RECENT HISTORY

Latest interim period (ended 30th Sep '12) vs. prior year
Sales Growth	-20.9	%	Vodafone's Sales Gwth % Q on PYQ is ranked 23rd out of 25 Companies in the Telecommunications Services Industry. ( Industry Median: -0.77 vs. VOD: -20.9 ) Rankings Guide	Vodafone's Sales Gwth % Q on PYQ is ranked 1227th out of 1419 Companies in the Market. ( Market Median: 3.63 vs. VOD: -20.9 ) Rankings Guide
EPS Growth	-72.6	%	Vodafone's EPS Gwth % Q on PYQ is ranked 14th out of 15 Companies in the Telecommunications Services Industry. ( Industry Median: -5.51 vs. VOD: -72.6 ) Rankings Guide	Vodafone's EPS Gwth % Q on PYQ is ranked 763rd out of 806 Companies in the Market. ( Market Median: 7.43 vs. VOD: -72.6 ) Rankings Guide
3yr Average Annualised
Sales Growth	4.21	%	Vodafone's Sales 3y CAGR % is ranked 9th out of 24 Companies in the Telecommunications Services Industry. ( Industry Median: 2.70 vs. VOD: 4.21 ) Rankings Guide	Vodafone's Sales 3y CAGR % is ranked 815th out of 1443 Companies in the Market. ( Market Median: 6.35 vs. VOD: 4.21 ) Rankings Guide
EPS Growth	11.7	%	Vodafone's EPS 3y CAGR % is ranked 5th out of 16 Companies in the Telecommunications Services Industry. ( Industry Median: 2.63 vs. VOD: 11.7 ) Rankings Guide	Vodafone's EPS 3y CAGR % is ranked 340th out of 767 Companies in the Market. ( Market Median: 8.53 vs. VOD: 11.7 ) Rankings Guide
DPS Growth	7.01	%	Vodafone's DPS 3y CAGR is ranked 9th out of 15 Companies in the Telecommunications Services Industry. ( Industry Median: 7.01 vs. VOD: 7.01 ) Rankings Guide	Vodafone's DPS 3y CAGR is ranked 318th out of 668 Companies in the Market. ( Market Median: 6.66 vs. VOD: 7.01 ) Rankings Guide

GRAPHICAL HISTORY Current Fiscal Year 2014

BROKER FORECASTS

31st Mar 2014

31st Mar 2015

Price Target: 199.5p (+2.61% above Price)	Net Profit	EPS	DPS	Net Profit	EPS	DPS
Est. Long Term Growth Rate: +5.1%	(£)	(p)	(p)	(£)	(p)	(p)
Consensus Estimate	7.58bn	15.4	10.6	7.90bn	16.3	10.8
1m Change	-	-	-	-35.7m	-0.066	-0.18
3m Change	-	-	-	+2.80m	+0.051	-0.19

30 brokers

BROKER CONSENSUS & FORECAST TREND

Broker Recommendations for Vodafone

Recommendation:	Strong Sell	Sell	Hold	Buy	Strong Buy
No. of Analysts:	0	3	9	11	7

Named Brokers and Analysts

Jefferies & Company, Inc. Jerry Dellis , Credit Suisse Justin Funnell , Sanford Bernstein Robin Bienenstock , Investec Bank (UK) Plc , ING FM , Nomura Securities James Britton , Jefferies International Ltd , Santander GBM John Davies , Natixis Benoit Maynard Jacques de Greling , Collins Stewart & Co , Macquarie Research Guy Peddy , Societe Generale Ottavio Adorisio , Evolution Securities (Hist) , ESN/Banca Akros Andrea De Vita , UniCredit Research , WestLB Equity Markets , Berenberg Paul Marsch , Northland Capital Partners Limited , DZ Bank , Oddo Securities Vincent Maulay , Edelweiss Capital Ltd , Hamburger Sparkasse (HASPA) Tina Hecking-Veltman , Charles Stanley Tom Gidley-Kitchin , MF Global (Historical) , Bryan Garnier , Espirito Santo Investment Bank Will Draper , Morningstar, Inc. Allan Nichols , Day by Day Valerie Gastaldy , Landesbank Baden-Wuerttemberg , Liberum Capital Lawrence Sugarman , Alphavalue Jean-Michel Salvador ,

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PROFILE INFORMATION

Vodafone Group Plc (Vodafone) is a mobile communications company operating across the globe providing a range of communications services. It offers a range of products and services, including voice, messaging, data and fixed-line solutions and devices to assist customers in meeting their total communications needs. It has a global presence, with equity interests in over 30 countries and over 40 partner markets worldwide. It operates in three geographic regions: Europe, Africa and Central Europe; Asia Pacific, and the Middle East, and has an investment in Verizon Wireless in the United States. In March 2012, Verizon Wireless, which is a joint venture of Verizon Communications Inc. and Vodafone, purchased the operating assets of Cellular One of Northeast Pennsylvania from the Company. In May 2013, Vodafone Group Plc announced launch of its carrier services business unit.

Directors: Vittorio Colao (CEO) 50, Andrew Halford (CFO) 53, Paolo Bertoluzzo (Corp. Exec.) 46, Philipp Humm (Corp. Exec.) , Nicholas Read (Corp. Exec.) 47, Stephen Pusey (CTO) 50, Rosemary Martin (Counsel) 53, Ronald Schellekens (Dir.-HR) 47, Warren Finegold (Other) 55, Matthew Kirk (Other) 51,

No. of Employees: 86,373 No. of Shareholders: 536,833

Last Annual	March 31st, 2012
Last Interim	September 30th, 2012
Shares in Issue	48,915,988,759
Free Float	48.71bn (99.6%)

Sector	Telecoms
Industry	Telecommunications Services
Index	FTSE Eurofirst 100 , FTSEUROFIRST 300 , E300 ex EURO COR, FTSE Higher Yield , FTSE 350 Act , FT350 Mob Teleco Gbp , FTSE 100 , FTSE 100 Eod Gbp , FTSE Techmark All-share,
Exchange	London Stock Exchange (Full)
Eligible for	an ISA? a SIPP?

Address	Vodafone House The Connection, NEWBURY, RG14 2FN, United Kingdom
Web	http://www.vodafone.com/
Phone	+44 1635 33251
Contact	Anthony Hamilton (Senior Manager - Investor Relations)
Registrar	Computershare Investor Services PLC (Bristol)
Auditors	Deloitte LLP

VOD SHARE PRICE PERFORMANCE VOD QUOTE

VOD Share Price GBp

194.55p

Day's Change

1.0 0.5%

Traded 5:04pm · Minimum 15 min delayed

Volume 119,501,781	Bid - Ask 194.6 - 194.6	Day's Range 193.4 - 195.6	Spread 3bps
Avg Vol (3m) 106,094,211	Open - Close 194.0 - 193.6	12m Range 154.2 - 200.7	Beta 0.59

LATEST VOD NEWS ANNOUNCEMENTS (delayed)

Fri 7:00am	Transaction in Own Shares
Thu 8:00am	Vodafone Connected Worker Report
Thu 7:00am	Transaction in Own Shares
Wed 7:00am	Transaction in Own Shares
Tue 7:00am	Final Results
Tue 7:00am	Transaction in Own Shares