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Research Alert: CFRA Maintains Buy Recommendation On Adss Of Vodafone Group Plc

MT Newswires ·  {{timeTz}}

07:30 AM EDT, 05/18/2022 (MT Newswires) -- CFRA, an independent research provider, has provided MT Newswires with the following research alert. Analysts at CFRA have summarized their opinion as follows:

We retain our Buy opinion on Vodafone (VOD) with the same target price of USD20, implying FY 23 (Mar.) consensus EV/EBITDA of 7.1x, which is similar to VOD's 10-year average EV/EBITDA of 7.2x. We deem the valuation as fair as it balances VOD's improving EBITDA margin trend and optionality of positive M&A deals with macro headwinds. VOD announced that it grew revenues by 4.0% in FY 22 with 2.6% growth in service revenue. FY 22 adjusted EBITDA increased 5.0% organically to EUR15,208 million, on revenue growth and cost controls. For FY 23, VOD maintained its upgraded free cash flow (FCF) guidance of EUR5.3 billion (EUR5.5 billion achieved, as guided, in 2022 vs. guidance of EUR5.2 billion). We expect continued EBITDA and FCF growth in FY 23 on the back of margin expansion, which we believe will continue to support its dividend floor at EUR0.09 for the medium term. We maintain our FY 23 earnings per ADS forecast at EUR1.20 and initiate FY 24's at EUR1.30.

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