Vodafone Group PLC

VOD: XLON (GBR)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	GBX 596.00	Hyqp	Ltnylwk

Vodafone Earnings: In Line With Guidance; Maintaining Fair Value Estimate

Javier Correonero

May 14, 2024

No-moat Vodafone’s fiscal 2024 results came slightly ahead of guidance in organic terms, with EUR 13.4 billion in EBITDA after leases compared with the EUR 13.3 billion outlook, a 5.8% organic decline year on year. Vodafone expects EUR 11 billion in adjusted EBITDAaL in 2025 after the divestments of Italy and Spain. We are maintaining our GBX 125 fair value estimate and see the shares as undervalued, although we do not see any near-term catalyst in place.

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