Morningstar

Morningstar, Inc.

Equity Bottom-Up

Vodafone has transitioned from one of the world’s largest wireless telecom firms to a diversified operator offering converged mobile and fixed-line services in many markets. This shift comes as many of its core wireless markets have fully matured and competition has intensified. As a result, growth has stalled and capital needs have increased, pressuring the balance sheet. Shareholders likely face a bumpy year as Vodafone pushes to close its deal with Liberty Global, continue building fixed-line…

Vodafone is successfully transitioning from one of the world’s largest wireless-only telecom firms to a diversified operator offering converged mobile and fixed-line services in many markets. We think this is an important transition, as Europe is rapidly moving into a converged world. The acquisitions of Kabel Deutschland in Germany, Ono in Spain, and Cable &amp; Wireless Worldwide in the United Kingdom provide Vodafone with some key fixed-line infrastructure in three of its biggest European…

We were disappointed Vodafone chose to cut its dividend before it received regulatory approval to acquire Liberty Global’s operations in Germany, Romania, Hungary, and the Czech Republic. However, on the call, the CEO was very positive that the remedy package Vodafone offered in response to the regulator's concerns will suffice for the deal to be approved. That said, we are still not wholly convinced regulators will sign off. Thus, we continue to exclude the acquisition from our model
The firm…

On May 13, Vodafone announced it agreed to sell Vodafone New Zealand to Infratil and Brookfield Asset Management for an enterprise value of NZ $3.4 billion (EUR 2.1 billion, $2.2 billion). Vodafone previously attempted to merge its New Zealand business with Sky New Zealand and, more recently, with TPG. However, both deals were struck down by regulators. With Vodafone's efforts to grow in New Zealand thwarted by regulators, it chose to exit the market and will use the cash to reduce debt. The…

On May 7, Vodafone announced it had reached an agreement to wholesale fixed-line telephony, broadband, and pay TV services to Telefonica Deutschland across its combined Kabel Deutschland and Unitymedia footprint if regulators approve Vodafone’s agreed acquisition of Liberty Global’s operations in Germany, Romania, Hungary, and the Czech Republic. We have been sceptical of this deal closing, primarily because previous attempts to combine Kabel Deutschland and Unitymedia have been struck down by…

United States

Vodafone Group Plc provides a range of mobile telecommunications services, including voice and data communications.  Vodafone has equity interests in 28 countries and Partner Networks in a further 7 countries with almost all the Group's mobile subsidiaries operating principally under the brand name Vodafone. In the United States their associated undertaking operates as Verizon Wireless.

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