European Event-Driven Analyst

Patryk Basiewicz

PGB Research

Equity Bottom-Up

I build my investment case on Vodafone’s dividend-paying power. I show that it is the most crucial factor in driving Vodafone’s equity value.
I believe that current sell-side consensus underestimates Vodafone’s dividend progression in the next three to four years, and even just a moderately higher dividend assumptions vis-à-vis the consensus will deliver my bullish thesis.
Note that this is a bit a ‘technical note’ in that it describes a method for valuing Vodafone and the resultant value. It does not address the fundamental aspects of the story. This I will address in future insights. 
Results are out on Tuesday this week, I provide a list of items that are important for Vodafone as an investment.

I build my investment case on Vodafone’s dividend-paying power. I show that it is the most crucial factor in driving Vodafone’s equity value.
I believe that current sell-side consensus underestimates Vodafone’s dividend progression in the next three to four years, and even just a moderately higher dividend assumptions vis-à-vis the consensus will deliver my bullish thesis.
Note that this is a bit a ‘technical note’ in that it describes a method for valuing Vodafone and the resultant value. It does not address the fundamental aspects of the story. This I will address in future insights. 
Results are out on Tuesday this week, I provide a list of items that are important for Vodafone as an investment.  

Vodafone (VOD LN): If You Look at Vodafone a Bit Differently, It Is a Solid Long-Term Play.