Core Viewpoint - The company's shares declined following a revenue report that fell short of market expectations, primarily due to underperformance in Turkey [1] Group 1 - The company's revenue missed market expectations [1] - Poor performance in Turkey significantly impacted the overall revenue results [1]

Q3 FY26 Trading Update February 2026 Q3 FY26 Trading Update ⫶ February 2026 1 Highlights | Group Q3 service revenue | +5.4% | | | | | --- | --- | --- | --- | --- | | Service revenue growth in Europe & Africa | | | | | | Europe Q3 service revenue | +0.4% | | | | | Group Q3 Adj. EBITDAaL | +2.3% | | | | | Germany Q3 service revenue | +0.7% | | | | | Continued service revenue growth in Germany | | | | | | Fixed line service revenue improvement | +1.2pp | | | | | 1&1 customers using our network | >12m | | | | | ...

Core Viewpoint - Vodafone's Q3 revenue for FY2026 showed growth, but disappointing performance in its largest market, Germany, led to a significant drop in stock price, marking the largest decline in a year [1][4]. Group 1: Financial Performance - Q3 total revenue reached €10.5 billion, a 6.5% year-on-year increase, driven by service revenue growth and contributions from the integration of Three UK and Telekom Romania [1]. - Group service revenue grew by 7.3% year-on-year to €8.5 billion, with organic growth of 5.4%, slightly lower than the previous quarter [1]. - EBITDAaL adjusted for leases grew organically by 2.3% to €2.8 billion for the quarter, with a cumulative growth of 5.3% to €8.5 billion for FY2026, aligning with the company's performance expectations [4]. Group 2: Market Performance - The African market remains a core growth engine, with service revenue achieving 13.5% organic growth for the second consecutive quarter [1]. - The UK market experienced a 0.5% organic decline in service revenue, primarily due to a one-time project impact from the previous year [1]. - In Germany, service revenue grew modestly by 0.7% to €2.7 billion, falling short of market expectations for a stronger rebound [3]. Group 3: Strategic Initiatives - Vodafone's CEO, Margherita Della Valle, has been implementing a business revitalization plan focused on streamlining operations and divesting assets, which has received analyst approval [4]. - The company has completed divestitures in Italy and Spain and merged with Three UK in the UK market [4]. - Vodafone reiterated its FY2026 performance outlook, expecting adjusted EBITDA to be between €11.3 billion and €11.6 billion, and free cash flow to be between €2.4 billion and €2.6 billion [5].

Core Viewpoint - Vodafone's share price is experiencing a bull market as Margherita Della Valle's turnaround strategy begins to yield positive results [1] Group 1 - Vodafone's share price increased to a high of 116p this week [1] - The share price has risen by over 110% from its lowest level in 2024 [1]

Mobile group Vodafone on Thursday said top-line growth in Germany and a strong contribution from Turkey and Africa in its third quarter kept it on track to report full-year earnings and cash flow at t... ...

By the end of the session, the benchmarks had pared some losses, with the Sensex down 296.59 points or 0.36% at 82,269.78, while the Nifty fell 98 points or 0.39% to end at 25,320.65.Here's how analysts read the market pulse:Indian equity markets remained volatile ahead of the Union Budget, with benchmark indices dragged lower by weakness in “With geopolitical risks and global tariff pressures rising, the Union Budget is keenly awaited for cues on growth support and fiscal discipline. Globally, although a ...

The FTSE 100 Index continued its rally this week and was hovering near its all-time high as market participants reacted to the key earnings by some American companies and Lloyds Bank. Shell and other energy companies are benefiting from the ongoing crude oil price rally because of rising tensions in the Middle East now that Trump has sent a large armada to the region and Iran has warned of a prolonged fight. It was trading at £10,170, a few points below the all-time high of £10,240. This article explores so ...

Core Thesis - Vodafone Group Public Limited Company is perceived as a low-growth telecom company despite having significant asset value, including a 45% stake in tower and infrastructure assets worth approximately $10 billion [2] Valuation and Market Perception - Vodafone's share price was $13.18 as of January 13, with trailing and forward P/E ratios of 20.37 and 37.45 respectively [1] - The market continues to price Vodafone as a "boring" income stock, with a stock price of 96p as of December 23, 2025, reflecting no credible growth options [3] Growth Opportunities - Vodafone's exposure to AST SpaceMobile and its European joint venture, Sat-co, could represent significant growth potential, which is largely ignored in current valuations [3][4] - AST SpaceMobile's equity has increased significantly, now exceeding Vodafone's market capitalization, with Vodafone holding 14.5 million shares worth approximately $1.2 billion [4] Strategic Importance of Sat-co - Sat-co aims to provide direct-to-device broadband and voice connectivity across Europe using AST's LEO satellites, which could eliminate coverage gaps without new hardware [4] - Full European coverage is expected by the end of 2026, with interest from mobile operators in 21 EU countries [5] - The strategic importance of Sat-co is enhanced by upcoming European S-band spectrum allocation and rising defense spending, positioning Vodafone favorably against competitors like Starlink [6] Financial Impact - If Sat-co generates over €1 billion in incremental EBITDA for Vodafone, it could significantly improve earnings growth, quality, and free cash flow, potentially leading to a re-rating of Vodafone's valuation multiples [6]

Core Viewpoint - The decision to freeze Vodafone Idea's (Vi) adjusted gross revenue (AGR) dues provides temporary relief, but the company faces significant challenges with its spectrum dues amounting to approximately ₹1.22 lakh crore, limiting the government's options for further assistance [6][2]. Financial Obligations - Vodafone Idea owes approximately ₹1.22 lakh crore in spectrum dues, with scheduled payments of ₹2,500 crore in FY26, ₹7,000 crore in FY27, ₹15,000 crore in FY28, and ₹27,000 crore from FY29 to FY32 [6][5]. - The frozen AGR dues total ₹87,695 crore, with a payment plan requiring Vi to pay ₹124 crore annually from March 2026 to March 2031, followed by ₹100 crore annually from March 2032 to March 2035, and the remaining dues in equal installments from March 2036 to March 2041 [8][5]. Revenue and Growth Projections - Analysts project that Vi's EBITDA could reach ₹900 crore in FY26, ₹1,250 crore in FY27, ₹1,600 crore in FY28, and ₹1,940 crore in FY29, contingent on a 15% tariff hike by mid-2026 and a 1% annual subscriber growth [6][5]. - To meet cash outflows from internal accruals, Vi needs its average revenue per user (ARPU) to rise to approximately ₹340 by FY29, compared to ₹169 in 2QFY26 [6][5]. Strategic Considerations - An equity fundraise could allow the government to convert Vi's spectrum dues into equity, but this would require a substantial amount of fundraising, potentially leading to significant dilution for minority shareholders [3][6]. - The upcoming spectrum auctions starting in 2029 may increase Vi's net debt, and it is likely that the company will not re-acquire all its current holdings due to a reduced market share [3][6]. Future Outlook - The telecom department plans to form a committee to reassess the AGR dues, and its decision will be final, which could impact Vi's ability to secure a long-pending debt fundraise of ₹25,000 crore necessary for capital expenditure plans [8][6].

Core Viewpoint - Vodafone Idea Ltd. is exploring debt financing options to enhance growth following the Indian government's decision to cap annual payouts for past spectrum fees, which provides a crucial support for the company [1][5]. Group 1: Financing Plans - Vodafone Idea may seek financing from both local and global lenders to improve its network and compete more effectively against larger rivals such as Bharti Airtel Ltd. and Reliance Jio Infocomm Ltd. [2] - The company is also in discussions with Tillman Global Holdings regarding a potential stake investment valued at several billion dollars, contingent on the government providing a financial package to cover Vodafone Idea's liabilities [3]. Group 2: Government Support - The Indian government has agreed to cap yearly payments for past spectrum fees until 2035, which is intended to prevent the telecom sector from becoming a duopoly and offers a critical lifeline to Vodafone Idea [5]. - The government holds a 49% stake in Vodafone Idea, making it the largest shareholder, followed by Vodafone Group Plc and Aditya Birla Group [5]. Group 3: Equity Investment Considerations - While Vodafone Idea is focusing on raising debt, there remains a possibility of a significant equity investment from Tillman Global Holdings, which is still in talks with the company's major shareholders [4].