Vodafone Group PLC
VOD: XLON (GBR)
Morningstar Rating for Stocks | Fair Value | Economic Moat | Capital Allocation |
---|---|---|---|
GBX 399.00 | Qgx | Vclnfqhh |
Mixed Trends in Vodafone’s Trading Update; Maintaining Our GBX 125 Fair Value Estimate
Vodafone’s service revenue grew organically by 1.8% in its third fiscal quarter, but only thanks to its African operations, which grew by 3.5% compensating for a 1.1% decline in Europe. We remain at the lower end of management guidance of EUR 15.0 billion to EUR 15.2 billion in adjusted EBITDA (after leases) for the fiscal year ending in March 2023. We maintain our GBX 125 fair value estimate.