May 14, 2019
Vodafone: maturing test
A big cut to the dividend on Tuesday could be the first of many, unless Vodafone can deploy new technology to lower costs and revive growth. Vodafone long ago crossed the limit above which the yield on a stock is too good to last. Vodafone had headline free cash flow of €8bn last year, crudely calculated. Vodafone prefers a stripped-down cash flow measure of about €4bn after spectrum costs. Just like the organic Lex writers I work alongside, Vodafone is a legacy system.
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