Vodafone: Throwing money at the problem

Report Overview

Vodafone: Throwing money at the problem

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Vodafone: Throwing money at the problem

Contents

Splashing the cash

Will they deliver on growth?

Leverage under control, but reliant on growth

EBITDA hit harder than revenues

EBITDA struggles in all but Germany

UK: slow-pedalling but mobile revenues better

Germany: revenue momentum hit by lockdown, but EBITDA boosted

Italy: EBITDA trend going backwards

Spain: weak revenue momentum, very disappointing EBITDA

About Enders Analysis

About Venture Insights

Figures and Tables

Figure 1: Revenue and EBITDA growth in Euro terms Figure 2: Headline organic EBITDA growth versus growth in Euro terms (Enders' preferred EBITDA growth measure) Figure 3: EBITDA growth including and excluding roaming drag Figure 4: Vodafone's forecasted use of cash (€m) Figure 5: Vodafone forecast Net Debt to EBITDA ratio Figure 6: Service revenue and EBITDA growth Figure 7: 'Organic' and Enders' preferred service revenue growth Figure 8: 'Organic' and Enders' preferred EBITDA growth Figure 9: Organic service revenue growth Figure 10: Mobile service revenue growth in Europe Figure 11: Vodafone fixed service revenue growth in the 'top 4' markets Figure 12: Organic EBITDA growth Figure 13: UK operational and financial metrics Figure 14: UK fixed performance Figure 15: UK contract net additions (000) Figure 16: UK mobile service revenue growth by operator Figure 17: ‘Sweet spot’ bundle with iPhone 6s/7/8/XR/11/12 Figure 18: SIM-only pricing by data allowance (GB)—November 2020 (£/month) Figure 19: SIM-only pricing by data allowance (GB)—May 2021 (£/month) Figure 20: 12-month, SIM-only unlimited data bundle pricing (£/month) Figure 21: 18-24-month, SIM-only unlimited data pricing (£/month) Figure 22: MNO price increases in 2021 Figure 23: Inflation-linked price increases, 2020-2021 Figure 24: Germany operational and financial metrics Figure 25: Germany contract net additions (000) Figure 26: German mobile service revenue growth by operator Figure 27: German operator contract ARPU growth Figure 28: Germany fixed performance Figure 29: Italy operational and financial metrics Figure 30: Italy fixed performance Figure 31: Italy service revenue growth by operator Figure 32: Italy total subscriber net additions (000) Figure 33: Spain operational and financial metrics Figure 34: Spain fixed performance Figure 35: Spain service revenue growth by operator Figure 36: Spain contract net additions (000)