Turnaround still elusive at Vodafone | Nov 2019

Sectors: 
Telecoms
Companies: 
EE
Liberty Global
O2
T-Mobile
Telecom Italia
Vodafone

Vodafone continues to strike a very shareholder-friendly focus and tone but its operating performance remains decidedly muted, with revenue growth up just a touch but EBITDA growth halved

Vodafone’s drive for convergence is still costing it dearly. German mobile ARPU is down 7% and Liberty Global’s assets disappointed on their first consolidation with cashflow enhancement less than half that expected 

Apart from its ill-advised convergence strategy, Vodafone is making many sensible moves and there are indications that its unlimited plans are gaining traction. With leverage tight, pressure is mounting for demonstrable improvements in the financials some time very soon 

Access Turnaround still elusive at Vodafone