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  • January 9, 2020

    Bopping along the bottom: European mobile in Q3 2019

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    European mobile revenues remain decidedly in decline this quarter at -2% – a slight worsening since Q2 as the full force of cuts to intra EU calls hits. There are signs that dual brand strategies may be reaching their useful limit as erstwhile premium customers shift to value. There is scope for some trends to slowly improve from here, although end of contract notifications will impact all markets before the end of 2020, with the UK first off the blocks in Q1.
    European mobile revenues remain decidedly in decline this quarter at -2% – a slight worsening since Q2 as the full force of cuts [...]
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  • November 26, 2019

    Turnaround still elusive at Vodafone Europe

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    Vodafone continues to strike a very shareholder-friendly focus and tone but its operating performance remains decidedly muted, with revenue growth up just a touch but EBITDA growth halved. Vodafone’s drive for convergence is still costing it dearly. German mobile ARPU is down 7% and Liberty Global’s assets disappointed on their first consolidation with cashflow enhancement less than half that expected. Apart from its ill-advised convergence strategy, Vodafone is making many sensible moves and there are indications that its unlimited plans are gaining traction. With leverage tight, pressure is mounting for demonstrable improvements in the financials some time very soon.

    Vodafone continues to strike a very shareholder-friendly focus and tone but its operating performance remains decidedly muted, with [...]

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