Download App

Log in to access Online Inquiry

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.

This presentation is for informational and educational use only and is not a recommendation or endorsement of any particular investment or investment strategy. Investment information provided in this content is general in nature, strictly for illustrative purposes, and may not be appropriate for all investors. It is provided without respect to individual investors’ financial sophistication, financial situation, investment objectives, investing time horizon, or risk tolerance. You should consider the appropriateness of this information having regard to your relevant personal circumstances before making any investment decisions. Past investment performance does not indicate or guarantee future success. Returns will vary, and all investments carry risks, including loss of principal.

Moomoo is a financial information and trading app offered by Moomoo Techonologies Inc.

In the U.S., investment products and services available through the moomoo app are offered by Moomoo Financial Inc., a broker-dealer registered with the U.S. Securities and Exchange Commission (SEC) and a member of Financial Industry Regulatory Authority (FINRA)/Securities Investor Protection Corporation (SIPC).

In Singapore, investment products and services available through the moomoo app are offered through Moomoo Financial Singapore Pte. Ltd. ("Moomoo Financial SG") regulated by the Monetary Authority of Singapore (MAS). Moomoo Financial SG is a Capital Markets Services Licence (License No. CMS101000) holder with the Exempt Financial Adviser Status. This advertisement has not been reviewed by the Monetary Authority of Singapore.

In Australia, financial products and services available through the moomoo app are provided by Futu Securities (Australia) Ltd, an Australian Financial Services Licensee (AFSL No. 224663) regulated by the Australian Securities and Investment Commission (ASIC). Please read and understand our Financial Services Guide, Terms and Conditions, Privacy Policy and other disclosure documents which are available on our websites and Moomoo Technologies Inc., Moomoo Financial Inc., Moomoo Financial Singapore Pte. Ltd. and Futu Securities (Australia) Ltd are affiliated companies.