Vodafone Estimates Raised at Goldman After Broad-Based 2Q Beat
2014-11-11 07:45:55.844 GMT
By Sam Chambers
Nov. 11 (Bloomberg) -- Vodafone’s 2Q organic service rev.
improvement was broad, with Italy, Spain and Turkey seeing
greatest sequential improvements, Goldman says.
* 2Q results were boosted by lower competitive intensity in
Italy and early signs of monetizing 4G
* KPIs are solid in major mkts, with co. reporting positive
contract net adds in Spain for first time since 2011 and net
adds also rebounding in Germany
* Raises FY Ebitda est. 1% to GBP11.85b and FY16 est +2%
* Boosts PT by 4% to 240p; reiterates neutral rating due to
belief that sustainable growth in European mobile is only
achievable with broad sector consolidation
* NOTE: Shrs closed at a 4-year low on Oct. 16 and have since
risen 13%: Bloomberg data
For Related News and Information:
First Word scrolling panel: FIRST<GO>
First Word newswire: NH BFW<GO>
To contact the reporter on this story:
Sam Chambers in London at +44-20-7673-2021 or
schambers7@bloomberg.net
To contact the editors responsible for this story:
James Ludden at +44-20-7673-2645 or
jludden@bloomberg.net
Andrew Rummer
2014-11-11 07:45:55.844 GMT
By Sam Chambers
Nov. 11 (Bloomberg) -- Vodafone’s 2Q organic service rev.
improvement was broad, with Italy, Spain and Turkey seeing
greatest sequential improvements, Goldman says.
* 2Q results were boosted by lower competitive intensity in
Italy and early signs of monetizing 4G
* KPIs are solid in major mkts, with co. reporting positive
contract net adds in Spain for first time since 2011 and net
adds also rebounding in Germany
* Raises FY Ebitda est. 1% to GBP11.85b and FY16 est +2%
* Boosts PT by 4% to 240p; reiterates neutral rating due to
belief that sustainable growth in European mobile is only
achievable with broad sector consolidation
* NOTE: Shrs closed at a 4-year low on Oct. 16 and have since
risen 13%: Bloomberg data
For Related News and Information:
First Word scrolling panel: FIRST<GO>
First Word newswire: NH BFW<GO>
To contact the reporter on this story:
Sam Chambers in London at +44-20-7673-2021 or
schambers7@bloomberg.net
To contact the editors responsible for this story:
James Ludden at +44-20-7673-2645 or
jludden@bloomberg.net
Andrew Rummer