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Vodafone
(LSE:VOD)
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Rating:59Neutral
Price Target:
127.00 p
▲(10.82% Upside)
Action:Reiterated
Date:07/11/26
The score is driven mainly by mixed financial fundamentals: strong cash generation and improving revenue trends are offset by volatile/loss-making reported profitability and meaningful leverage. Earnings-call commentary and guidance were constructive (growth, cash flow, dividend actions), but Germany headwinds and leverage impacts temper confidence. Technicals are moderately supportive with price above key moving averages, while valuation is restrained by the negative P/E despite a solid dividend yield.
Positive Factors
Broad service revenue growth
Broad-based service revenue growth supports the durability of Vodafone’s recurring connectivity model. Expansion across Europe and Africa indicates improving commercial traction beyond a single market, helping diversify regional performance over the medium term.
Negative Factors
Meaningful leverage
Vodafone’s sizeable debt burden limits financial flexibility and increases dependence on stable operating cash flow. The U.K. buyout adds temporary leverage, while returning to the preferred range will require sustained cash generation and disciplined capital allocation.
Read all positive and negative factors
Positive Factors
Negative Factors
Broad service revenue growth
Broad-based service revenue growth supports the durability of Vodafone’s recurring connectivity model. Expansion across Europe and Africa indicates improving commercial traction beyond a single market, helping diversify regional performance over the medium term.
Read all positive factors
Vodafone (VOD) vs. iShares MSCI United Kingdom ETF (EWC)
Market Cap
£27.07B
Dividend Yield3.39%
Average Volume (3M)56.13M
Price to Earnings (P/E)―
Beta (1Y)0.82
Revenue Growth11.08%
EPS Growth87.73%
CountryUK
Employees91,128
SectorCommunication Services
Sector Strength97
IndustryTelecommunications Services
Share Statistics
EPS (TTM)-0.02
Shares Outstanding23,110,025,000
10 Day Avg. Volume48,661,239
30 Day Avg. Volume56,129,122
Financial Highlights & Ratios
PEG Ratio0.88
Price to Book (P/B)0.62
Price to Sales (P/S)0.78
P/FCF Ratio3.69
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
£108.44Price Target Upside-5.37% Downside
Rating ConsensusHold
Number of Analyst Covering10
EPS Forecast (FY)0.1
Revenue Forecast (FY)£44.32B
Vodafone Business Overview & Revenue Model
Company Description
Vodafone Group Public Limited Company provides telecommunication services in Germany, the United Kingdom, rest of Europe, Turkey, and South Africa. It offers mobile and fixed services; connectivity business solutions, such as digital services, the...
How the Company Makes Money
Vodafone primarily makes money by selling telecommunications services on subscription and usage-based plans, supplemented by fees from business connectivity, wholesale arrangements, device sales, and other digital services.
1) Consumer mobile ser...
Vodafone Earnings Call Summary
Earnings Call Date:May 12, 2026
(Q4-2026)
| % Change Since: |
Next Earnings Date:Nov 10, 2026
Earnings Call Sentiment Positive
The call balanced clear operational and financial progress — strong Q4 service revenue growth (5.1%), solid adjusted EBITDAaL organic growth (4.5%), EUR 2.6bn adjusted free cash flow, dividend increase, and a reinstated midterm target of double-digit organic free cash flow growth — against notable near-term challenges concentrated in Germany (retail service revenue still negative, expected EBITDA decline) and some U.K. B2B timing headwinds and a temporary leverage bump from the VodafoneThree buyout. Management emphasized portfolio simplification, disciplined leverage, UK synergy capture, and AI-driven productivity, indicating confidence in medium-term delivery despite the regional pressures.Positive Updates
Group Revenue Momentum
Group service revenue growth remained strong in Q4 at 5.1%, with growth across both Europe and Africa, signaling broad-based top-line momentum.
Negative Updates
Germany — EBITDA and Retail Revenue Pressure
Management expects German EBITDA to remain under pressure in FY '27 with retail service revenue growth still negative; TV remains a headwind and the mobile market is described as competitive with lingering price-reset flow-through impacting volumes and revenue.
Read all updates
Q4-2026 Updates
Positive
Negative
Group Revenue Momentum
Group service revenue growth remained strong in Q4 at 5.1%, with growth across both Europe and Africa, signaling broad-based top-line momentum.
Read all positive updates
Company Guidance
Vodafone said FY‑26 hit the upper end of expectations with Q4 group service revenue up 5.1% (Europe and Africa both growing), FY‑26 organic adjusted EBITDAaL +4.5% and adjusted free cash flow of EUR 2.6bn, and a FY‑26 dividend increase of 2.5%; for FY‑27 management guides to continued “good” growth in both adjusted EBITDAaL and adjusted free cash flow (Europe broadly stable at the midpoint, Germany expected to see an EBITDA decline while the U.K. should grow as it benefits from ~2 months of VodafoneThree ownership, early synergies and the first meaningful cost/CapEx synergies), expects U.K. CapEx to peak in FY‑27 then fall, and targets double‑digit organic midterm growth in adjusted free cash flow (organic guidance only), with Vodacom also targeting double‑digit midterm growth; other quantified items mentioned included the GBP 4.2bn U.K. buyout, GBP 700m of cost/CapEx synergies to deliver by 2030, expanding FWA to 3.7m U.K. homes, Africa’s fintech >100m users, and a plan to return to the lower half of Vodafone’s leverage corridor by end FY‑27.Vodafone Financial Statement Overview
Summary
Income Statement
48
Neutral
Balance Sheet
56
Neutral
Cash Flow
63
Positive
| Breakdown | Mar 2026 | Mar 2025 | Mar 2024 | Mar 2022 | Mar 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 40.08B | 37.45B | 36.72B | 45.71B | 43.81B |
| Gross Profit | 12.61B | 12.52B | 12.26B | 14.86B | 13.72B |
| EBITDA | 15.79B | 11.61B | 14.78B | 11.77B | 17.52B |
| Net Income | -393.25M | -4.17B | 1.14B | 11.84B | 59.00M |
Balance Sheet | |||||
| Total Assets | 130.04B | 128.52B | 144.35B | 155.52B | 155.06B |
| Cash, Cash Equivalents and Short-Term Investments | 15.77B | 15.49B | 10.53B | 18.48B | 11.87B |
| Total Debt | 52.69B | 53.14B | 54.36B | 61.50B | 66.80B |
| Total Liabilities | 75.52B | 74.61B | 83.35B | 91.04B | 97.25B |
| Stockholders Equity | 50.68B | 52.74B | 59.97B | 63.40B | 55.80B |
Cash Flow | |||||
| Free Cash Flow | 8.45B | 8.67B | 9.70B | 13.10B | 11.80B |
| Operating Cash Flow | 13.27B | 15.37B | 16.56B | 18.05B | 17.21B |
| Investing Cash Flow | -5.45B | 4.76B | -6.12B | -379.00M | -9.26B |
| Financing Cash Flow | -9.56B | -15.28B | -15.86B | -13.43B | -15.20B |
Vodafone Technical Analysis
Neutral
114.60
Price Trends
112.38
Positive
112.48
Positive
106.75
Positive
Market Momentum
1.51
Positive
50.33
Neutral
31.85
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For GB:VOD, the sentiment is Neutral. The current price of 114.6 is below the 20-day moving average (MA) of 119.06, above the 50-day MA of 112.38, and above the 200-day MA of 106.75, indicating a neutral trend. The MACD of 1.51 indicates Positive momentum. The RSI at 50.33 is Neutral, neither overbought nor oversold. The STOCH value of 31.85 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for GB:VOD.
Vodafone Risk Analysis
Vodafone disclosed 13 risk factors in its most recent earnings report. Vodafone reported the most risks in the "Macro & Political" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
Vodafone Peers Comparison
UnderperformOutperform
Sector (60)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
85 Outperform | £964.59M | 20.81 | 13.14% | 2.36% | 11.46% | -3.50% | |
67 Neutral | £11.86B | 22.81 | 23.72% | 1.59% | 26.75% | 104.78% | |
60 Neutral | $48.67B | 4.58 | -11.27% | 4.14% | 2.83% | -41.78% | |
59 Neutral | £27.07B | -69.43 | -0.79% | 3.46% | 11.08% | 87.73% | |
55 Neutral | £19.86B | 13.89 | 11.37% | 4.25% | -3.55% | 2.13% | |
51 Neutral | £3.58B | -61.80 | -23.48% | ― | ― | ― | |
43 Neutral | £12.83M | -5.80 | -12.42% | ― | -5.76% | -432.02% |
* Communication Services Sector Average
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Vodafone Corporate Events
Business Operations and StrategyPrivate Placements and Financing
Vodafone Aligns Subordination Terms Across Long-Dated Subordinated Debt
Positive
Aug 18, 2026
Vodafone has amended the terms of several long-dated capital securities and subordinated notes, including euro- and sterling-denominated instruments maturing between 2078 and 2086, to align their subordination provisions. The changes ensure these ...
Regulatory Filings and Compliance
Vodafone Discloses Share Sale by Vodacom CEO Shameel Joosub
Neutral
Aug 7, 2026
Vodafone Group disclosed that Shameel Joosub, CEO of its subsidiary Vodacom Group, has sold 745,000 ordinary Vodafone shares on the London Stock Exchange. The transaction, carried out at a price of £1.195 per share on 7 August 2026, totals ap...
DividendsRegulatory Filings and Compliance
Vodafone Executives Boost Holdings Through Dividend Reinvestment Plan
Positive
Aug 5, 2026
Vodafone has disclosed share acquisitions by senior executives under EU Market Abuse Regulation reporting rules, signalling continued managerial participation in the company’s dividend reinvestment programme. Chair Jean-François van Box...
Business Operations and StrategyDelistings and Listing Changes
Vodafone Adds 612,740 Ordinary Shares to London Listing
Neutral
Aug 5, 2026
Vodafone Group has admitted 612,740 new ordinary shares to trading on the London Stock Exchange, increasing its total shares in issue to 24,328,991,329. The newly admitted securities are fully fungible with existing ordinary shares, ensuring equal...
Executive/Board ChangesRegulatory Filings and Compliance
Vodafone Discloses Executive Share Award and Sale Under Global Incentive Plan
Neutral
Aug 4, 2026
Vodafone Group, a major telecoms operator across Europe and Africa, provides mobile, broadband and digital connectivity to about 370 million customers in 17 countries, with further investments and partnerships expanding its global reach. The compa...
DividendsRegulatory Filings and Compliance
Vodafone discloses insider share transactions by senior executives and associates
Neutral
Aug 3, 2026
Vodafone Group, a major European and African telecoms provider, disclosed share dealings involving senior figures in line with EU Market Abuse Regulation requirements. The company, which operates extensive mobile, broadband, IoT and financial serv...
Regulatory Filings and Compliance
Vodafone Updates Market on Total Voting Rights and Share Capital
Neutral
Aug 3, 2026
Vodafone has updated the market on its total voting rights and share capital as of 31 July 2026, reporting an issued share capital of 24.33 billion ordinary shares, of which about 1.22 billion are held in treasury. This leaves 23.11 billion voting...
Business Operations and StrategyM&A Transactions
Vodafone Sells VodafoneZiggo Stake to Liberty Global, Targets Debt Reduction
Positive
Aug 3, 2026
Vodafone has completed the sale of its interests in VodafoneZiggo Group Holding to Liberty Global, receiving €1.0 billion in cash and a 10% stake in Ziggo Group, which will own VodafoneZiggo and Liberty Global’s Belgian subsidiary Tele...
Regulatory Filings and Compliance
Vodafone Discloses Routine Share Purchase by Non-Executive Director
Neutral
Jul 31, 2026
Vodafone Group, a major telecoms provider in Europe and Africa, serves hundreds of millions of mobile and broadband users and operates extensive subsea cable and IoT infrastructure. The company also delivers mobile financial services to a large cu...
Business Operations and StrategyExecutive/Board Changes
Vodafone Ties Executive Equity Awards to Cash Flow and ESG Targets
Positive
Jul 31, 2026
Vodafone has granted global long-term incentive performance shares and market value share options to several senior executives, including Group Chief Executive Margherita Della Valle, CFO Pilar López and Vodafone Business CEO Marika Auramo, u...
Executive/Board ChangesRegulatory Filings and Compliance
Vodafone Executives Exercise Performance Share Awards and Sell Shares for Tax
Neutral
Jul 30, 2026
Vodafone has disclosed a series of transactions by senior executives under its Global Incentive Plan, following the vesting of performance‑linked share awards. Chief Executive Margherita Della Valle, Group General Counsel and Company Secreta...
Business Operations and StrategyFinancial DisclosuresM&A Transactions
Vodafone Takes Full Control of VodafoneThree in £4.3bn Deal
Positive
Jul 30, 2026
Vodafone has completed the £4.3 billion acquisition of CK Hutchison Group Telecom’s 49% stake in VodafoneThree, taking full ownership of the UK’s largest mobile operator and a fast-growing broadband provider. The deal, funded enti...
Business Operations and StrategyPrivate Placements and Financing
Vodafone to Redeem Long-Dated Dollar Capital Securities
Positive
Jul 30, 2026
Vodafone Group has announced it will redeem its NC5.25 Capital Securities due 2081 at par, paying 100% of the principal amount plus any accrued and unpaid interest on the redemption date. The move streamlines the company’s long-dated capital...
Regulatory Filings and Compliance
Vodafone Executive Ahmed Essam Sells £3 Million in Shares
Neutral
Jul 29, 2026
Vodafone Group has disclosed a share transaction by Ahmed Essam, Executive Chairman of Vodafone Germany and CEO of European Markets, under EU Market Abuse Regulation requirements. Essam sold 2.5 million ordinary Vodafone shares on 28 July 2026 on ...
Business Operations and StrategyExecutive/Board ChangesShareholder Meetings
Vodafone strengthens board with appointment of Olaf Koch
Positive
Jul 29, 2026
Vodafone Group has appointed Olaf Koch as a Non-Executive Director following shareholder approval at its 2026 Annual General Meeting. He will also join the company’s Remuneration Committee and ESG Committee, strengthening oversight of pay po...
Business Operations and StrategyExecutive/Board ChangesStock BuybackDividendsShareholder Meetings
Vodafone AGM Backs Dividend, Governance Changes and Board Refresh
Positive
Jul 27, 2026
Vodafone shareholders approved all substantive resolutions at the company’s Annual General Meeting held in London, including the receipt of the 2026 accounts, the re-election and election of most board members, and a final dividend of 2.3625...
Business Operations and StrategyFinancial DisclosuresM&A Transactions
Vodafone lifts guidance after strong Q1 and Safaricom consolidation
Positive
Jul 27, 2026
Vodafone reported a strong start to its 2027 financial year, with total revenue rising 9.7% to €10.3 billion and organic service revenue up 5.2%, driven by broad-based growth across Germany, the U.K., other European markets, Türkiye and...
Executive/Board ChangesShareholder Meetings
Vodafone Withdraws AGM Resolution After Sudden Board Resignation
Neutral
Jul 13, 2026
Vodafone Group Plc has withdrawn Resolution 7 from its 2026 Annual General Meeting agenda following the immediate resignation of board member Hatem Dowidar, meaning previously cast votes on his re-election as director will no longer be counted. Th...
Business Operations and StrategyExecutive/Board ChangesM&A Transactions
Vodafone Confirms Sale of e& Stake to Niel Family’s Vega, Ending Strategic Pact
Neutral
Jul 10, 2026
Vodafone has confirmed that Emirates Telecommunications Group Company, known as e, has agreed to sell its entire shareholding in Vodafone to Vega, an acquisition vehicle wholly owned by the Niel family group, marking a significant change in its sh...
Business Operations and StrategyRegulatory Filings and Compliance
Vodafone Sets Total Voting Rights at 23.03 Billion Shares
Neutral
Jul 1, 2026
Vodafone has confirmed that as of 30 June 2026 its issued share capital stands at 24.33 billion ordinary shares, of which about 1.30 billion are held in treasury. This leaves approximately 23.03 billion voting rights in issue, a figure shareholder...
Business Operations and StrategyM&A Transactions
Vodacom Secures Majority Control of Safaricom in €1.8bn Deal
Positive
Jun 30, 2026
Vodacom Group, Vodafone’s African subsidiary, has completed the acquisition of an additional effective 20% stake in Kenyan operator Safaricom, lifting its shareholding to 55% and securing majority control. The transaction involved purchasing...
Executive/Board ChangesRegulatory Filings and Compliance
Vodafone Executives Boost Holdings Through Bonus-Linked Share Purchases
Positive
Jun 26, 2026
Vodafone has disclosed that several senior executives, including Group Chief Financial Officer Pilar López, Vodafone Business CEO Marika Auramo, Vodafone Investments Strategy CEO Guillaume Boutin and Chief Human Resources Officer Ruth McGill...
Private Placements and FinancingRegulatory Filings and Compliance
Vodafone Updates €30 Billion Euro Medium Term Note Programme Prospectus
Neutral
Jun 11, 2026
Vodafone Group Plc has published a new base prospectus for its €30 billion Euro Medium Term Note Programme, following approval by the U.K. Financial Conduct Authority. The document, now available via regulatory platforms, refreshes Vodafone&...
Business Operations and Strategy
Vodafone Greece and PPC Plan 50:50 Fibre Joint Venture Covering 1.6 Million Homes
Positive
Jun 10, 2026
Vodafone Greece, the Greek arm of global telecoms group Vodafone, and PPC Group, the leading integrated utility in Southeastern Europe, plan to combine their fibre-to-the-home networks and wholesale fibre businesses in Greece in a 50:50 joint vent...
Regulatory Filings and Compliance
Vodafone Updates Total Voting Rights to 23 Billion Shares in Issue
Neutral
Jun 1, 2026
Vodafone Group has reported that, as of 29 May 2026, its issued share capital comprises 24,328,378,589 ordinary shares, of which 1,301,637,307 are held in treasury, leaving 23,026,741,282 voting rights in issue. The updated voting-rights figure pr...
Financial DisclosuresRegulatory Filings and ComplianceShareholder Meetings
Vodafone Publishes 2026 Annual Report and Sets Date for AGM
Neutral
May 22, 2026
Vodafone has published its Annual Report for the year ended 31 March 2026, along with the U.S. Form 20-F filing and the notice of its 2026 Annual General Meeting. The documents are available on the company’s website, via the U.S. securities ...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.