We Lower Our Fair Value Estimate for Vodafone to GBX 100

Vodafone is a telecommunications conglomerate in more than 20 countries around the world. Its most important markets are Germany and the United Kingdom. Vodafone has historically been a mobile player, but in the last decade it carried out several deals to solidify its fixed-line presence, acquiring two cable networks in Germany: Kabel Deutschland (2013) and Liberty Global Germany (2019). As of 2024, Vodafone is seeing headwinds in Germany due to regulatory changes in the housing market: in the past, thousands of rental contracts came in with Vodafone as a preset broadband and TV provider. The new regulation allows tenants to choose and many are moving to other operators, with Deutsche Telekom being the main beneficiary.