May 16, 2017

Vodafone: elephant in the room

A cheery reaction to full-year results on Tuesday - shares rose 4 per cent - suggests hopes are too high. Tax, depreciation and amortisation in the UK fell 16 per cent. Even better, Vodafone's 45 per cent holding in the combined entity means the requirement to consolidate an extra €8.7bn into group net debt is gone. After just meeting targets on group ebitda improvement at 3 per cent, Vodafone promised a bit more: between 4 to 8 per cent growth this year. Free cash flow should rise a quarter towards €5bn. That should mean more dividend potential after only a 2 per cent lift in 2016, assuming no major acquisitions.

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