Deutsche Bank's analysis of Vodafone highlights a 9.3% organic EBITDA growth year-over-year, despite flat organic service revenue for two years. The report suggests that underlying MSR is improving, growing at 2% when excluding regulation and handset sales. It anticipates reduced drag from poor handset sales and roaming regulations in 2018, potentially leading to a re-rating. The analysis also discusses investment risks, 5G efficiency, fibre deployment, and a possible deal with Liberty Global for Virgin Media. Vodafone's stock is considered undervalued with a 6.0x 19E EV/EBITDA and a 6% dividend yield. Catalysts include improving organic growth and M&A.
doj/DataSet10/EFTA01385536.pdf
{"title":"Vodafone Financial Analysis by Deutsche Bank","key_people":["Robert Grindle"],"document_date":"January 2018","document_type":"other","document_subtype":"financial analysis","key_organizations":["Deutsche Bank","Vodafone","Liberty Global","Virgin Media","CityFibre"],"reference_numbers":["DB-SDNY-0086822","SDNY_GM_00233006","EFTA01385536"]}