MNI BRIEF: Ontario To Cut U.S. Energy Flows When Tariffs Hit

MNI BRIEF: Aussie Labour Market Tightens, Unemployment At 3.9%

MNI: BRAZIL'S COPOM RAISES SELIC RATE BY 100BPS TO 12.25%

MNI BRIEF: US Budget Deficit $367B In Nov; FYTD Record $624B

MNI China Daily Summary: Wednesday, December 11

MNI BRIEF: Chinese Rail Passenger Numbers Break Record

MNI:AUSTRALIA NOV UNEMPLOYMENT RATE +3.9%

MNI: US NOV TREASURY BUDGET -$366.8B

EZ/UK Bond Supply Calendar: BTP Auction on Thursday

MNI EXCLUSIVE: EU-Mercosur Deal Close, But Likely Short-Lived - Officials

AUSTRALIA: 2025 Election Outcome Looking More Uncertain According To Newspoll

© 1982-2024 MNI. All rights reserved.
Terms | Privacy
Log Out
Free Trial

Vodafone FY24 In Line W/ Guidance; Sees Slight Growth For FY25 Amidst Reporting Change

COMMUNICATIONS


  • BBG Consensus figures skewed by treatment of Spanish/Italian entities as discontinued operations; Q4 revenue -2.5% YoY vs. re-presented FY23 figures, group service revenue -1.3% but +6.3% organically.
  • Adj-EBITDAal -11.3% YoY but +2.2% organically (this is in line with company-provided consensus released which accounts for the change in reporting; see link below). Reported FY FCF of EUR 2.6bn came against the company-provided consensus of EUR 2.44bn.
  • Key German market returned to service revenue growth (+0.2% for the year and +0.6% in Q4) though adj-EBITDAal was -5.8% for the year with performance offset by the first MDU regulatory impact.
  • FY24 guidance on EBITDAal and FCF was met. Reported EBITDAal leverage of 2.5x down from 2.7x at H124, putting it in the middle of the new 2.25-2.75x target.
  • FY25 guidance implies adj-EBITDAal of EUR ~11bn (vs. a re-based FY24 figure of EUR 10.7bn) with adj-FCF of least EUR 2.4bn (from a re-based FY24 figure of EUR 2.4bn).
  • https://investors.vodafone.com/sites/vodafone-ir/files/2024-05/consensus-output-may.pdf.
Credit BulletsBulletHomepagemarkets-real-timeCredit
Credit BulletsBulletHomepagemarkets-real-timeCredit

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.