Vodafone Group PLC
VOD: XLON (GBR)
Morningstar Rating for Stocks | Fair Value | Economic Moat | Capital Allocation |
---|---|---|---|
GBX 636.00 | Kyl | Mxcrhrny |
Vodafone Earnings: Misses Full-Year Guidance, but Launches Encouraging Long-Term Strategic Review
No-moat Vodafone's shares are down 4% at the time of the writing as the company missed its full-year targets, with adjusted EBITDAaL coming in at EUR 14.7 billion compared with guidance of EUR 15.0 billion to 15.5 billion. We maintain our GBX 125 fair value estimate as our fiscal 2023 forecast was already below the EUR 15.0 billion target and our model also assumes almost EUR 500 million annual expenses that management considers nonrecurring.