Nov 13, 2018

Opening Quote: Vodafone dividend — on hold 

A "Stable" interim dividend of 4.84 euro cents - in line with last year - will be paid, with the "Full year dividend per share expected to be in-line with FY18.". Although critics have expressed doubts over the €18.4bn acquisition of Liberty Global's cable networks in Europe, Vodafone said it should help to grow free cash flow, which underpins the dividend. Group revenue down 5.5 per cent to €21.8bn.Loss of €7.8bn, due to a loss on the disposal of Vodafone India and impairments. Landsec reported a fall of £188m, or 1.4 per cent, in the valuation of its portfolio to £14bn. This decline was driven by the ever-struggling retail sector, with the value of Landsec's retail parks dropping 4.5 per cent, and its shopping centres and shops down 2.9 per cent. Still, Landsec's shares - on a 36 per cent discount to NAV and a 5.6 per cent dividend yield - arguably more than reflect this.

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