Vodafone June 2008 KPIs: economic woes... or competitive struggles?
Vodafone Europe’s service revenue growth dropped by two full percentage points in the quarter to June 2008; Spain plummeted from +5.1% to -2.5%, but the UK and Italy’s underlying growth also fell, with only Germany stable |
Mobile, Non-UK Telecoms, Telecoms |
July 2008 Access this report
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Vodafone June 07 Q1 results
Vodafone’s European operations revenue growth dropped, but not as much as various regulatory interventions would have warranted, implying a strong operational performance
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Mobile, Non-UK Telecoms, Telecoms |
July 2007 Access this report
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Vodafone half year 2010/11 results: slow improvements, strong strategy
Vodafone Europe’s underlying revenue growth rose slightly in the September quarter, performing well in a market that is still only slowly recovering. Control of fixed costs was strong, but rising handset subsidies pushed margins down again
Vodafone’s updated strategy contains strong elements of a focus on the nitty gritty and a move away from the more expansive desires of the past, which is excellent. Successful implementation remains a challenge, but at least head office is likely to be a help, not a hindrance |
Mobile, Telecoms |
November 2010 Access this report
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Vodafone H1 2011/12 results: Doing well in difficult circumstances
Vodafone Europe’s service revenue growth improved marginally in the September quarter, a very solid performance under tricky circumstances, helped by good competitive performances and judicious pricing measures
The combined Europe and group common function EBITDA margin was again held flat, despite continued smartphone adoption pushing up handset costs, with strong cost control again evident |
Mobile, Telecoms |
November 2011 Access this report
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Vodafone H1 2009/10 results: hitting the nadir?
Vodafone Europe’s service revenue growth declined again in the September quarter to -4.6%, but on an underlying basis it improved, and volume growth also improved, suggesting that improving economic fundamentals are starting to feed through
Margins again fell, with the net benefit of the cost reduction program a long way from compensating for revenue declines, but overhead costs are at least dropping in absolute terms |
Mobile, Non-UK Telecoms, Telecoms |
November 2009 Access this report
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Vodafone H1 2006/07 results: on the mend?
Vodafone’s revenue growth has improved, with core underlying growth rising both relative to the previous quarter and relative to its competitors |
Mobile, Telecoms |
November 2006 Access this report
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Vodafone FY 2011/12 results: Revenue growth improves, margins shakier
Vodafone Europe’s revenue growth improved by 1.5ppts on a reported basis and by 0.3ppts on an underlying basis; given the deterioration in macroeconomic conditions, this is a strong result, and Vodafone extended its outperformance of competitors
Margins were weaker with European EBITDA margin dropping about 1ppt on an underlying basis in H2. SAC/SRCs were for once well under control, but a very small rise in ‘other’ costs pushed margins down; with revenue growth well below inflation, maintaining margins is a massive challenge |
Mobile, Telecoms |
May 2012 Access this report
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Vodafone FY 2010/11 results: performing well in a weak market, smartphones helping
Vodafone Europe’s service revenue growth dipped by 1ppt in the March 2011 quarter, but nearly all of this was due to regulated MTR cuts, with its competitive performance actually improving again
The combined Europe and common cost EBITDA margin was actually held flat in H2 10/11 on H2 09/10, aided by some heroic (and, frankly, uncharacteristic) cost cutting efforts, with Vodafone’s cost profligacy days apparently behind it |
Mobile, Telecoms |
May 2011 Access this report
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Vodafone drops Carphone Warehouse, but who will fall further?
In a fit of pique over increasing subsidies, Vodafone UK is dropping Carphone Warehouse (CPW) as a distributor, and moving exclusively to Phones4U with lower subsidy levels and volume guarantees, while Orange is reportedly also considering its position with CPW |
Mobile, Telecoms |
October 2006 Access this report
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Vodafone December quarter update: inflection attained
Vodafone’s European revenue growth improved by 1.4 percentage points in the December 2009 quarter to reach -3.2%, the first improvement since the start of the economic slowdown in 2008
While data revenue is growing fast in absolute terms, its contribution to growth is flat to slightly down, with the main driver being more traditional services improving due to the recovery in year-on-year GDP growth |
Fixed line, Non-UK Telecoms, Telecoms |
February 2010 Access this report
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Vodafone December quarter KPIs: improved performance, and prospects good for 2008
Vodafone’s European performance was very solid, with underlying growth of 1.9%, up from 1.7% last quarter, with some very encouraging moderation to price cuts in Germany and elsewhere |
Mobile, Telecoms |
February 2008 Access this report
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Vodafone chooses wholesale broadband from BT
Vodafone is taking the first step in implementing its convergence strategy in the UK by buying broadband from BT Wholesale; while we believe the strategy is misguided, Vodafone’s approach is at least cautious
The company is at least unlikely to be losing money on the product, and is perhaps just sensibly testing the water for positive consumer interest in a bundled package from Vodafone |
Telecoms |
September 2006 Access this report
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Vodafone and Cable & Wireless Worldwide: a UK telecoms milestone in prospect
Vodafone’s proposed acquisition of Cable & Wireless Worldwide is far from a done deal and is unlikely to be completed until September
The cost synergies are real but likely slim, with the main rationale being to cost effectively expand Vodafone’s fixed enterprise business in the UK, and to gain the expertise to do this elsewhere |
Mobile, Fixed line, Telecoms |
April 2012 Access this report
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Vodafone 3G Launch
Vodafone this week announced its formal 3G launch to great fanfare, with new handsets, services and pricing. This brief note gives our view on the launch and likely impact in Europe and Japan.
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Mobile, Telecoms |
November 2004 Access this report
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Vodafone 360 - all spin?
Vodafone has launched a suite of internet services, platforms and handsets under the ‘Vodafone 360’ umbrella brand
Our views are mixed: we applaud the contacts back-up service that will be available across a wide range of handsets, provided it proves user friendly, but are puzzled by the point of a Vodafone-designed user interface built onto a fairly obscure smartphone operating system |
Mobile, Telecoms |
September 2009 Access this report
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Vodafone 2009/10 FY results: economic recovery benefits revenue, costs not-so-much
Vodafone Europe’s organic revenue growth improved again, from -3.2% to -2.4%, with it enjoying a fair share of the improvement in mobile market growth driven by improving economies across Europe
EBITDA margin fell, partly as a result of weak cost control but mainly because SAC/SRCs rose as Vodafone subsidised consumers getting more expensive handsets, which involves a short term (but not long term) profitability hit |
Mobile, Telecoms |
May 2010 Access this report
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Vodafone 2008/09 H1 results: underperforming competitors
Vodafone’s European organic service revenue growth dropped again in the September quarter, to -1.3%, and we estimate that it continues to underperform its competitors’ growth by two percentage points, thus losing market share. Margins also fell, as the company’s cost reduction measures continue to fail to stop costs rising |
Mobile, Non-UK Telecoms, Telecoms |
November 2008 Access this report
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Vodafone 2008/09 full year results: economy and competition start to hurt
Vodafone’s European revenue growth dipped sharply in the March 2009 quarter to -3.3% from -1.4% in the previous quarter, due to a combination of recessionary impact and continuing underperformance of the market
EBITDA margins also declined by 2ppts, with falling handset subsidies more than compensated for by a sharp rise in general operating expenses, despite cost cutting efforts |
Mobile, Telecoms |
May 2009 Access this report
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Vodafone 2007/08 interim results: guidance up, but performance down
Vodafone’s European revenue growth has dropped again in the latest quarter, both relative to the prior quarter and its competitors, with Spain performing particularly poorly |
Mobile, Non-UK Telecoms, Telecoms |
November 2007 Access this report
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Vodafone 2007/08 full year results and outlook: solid prospects, but distractions remain
Vodafone’s Q4 revenues were healthy if a little weak, with underlying growth slowing from 2.0% to 1.8%, but the improvement in Germany is very welcome |
Mobile, Telecoms |
May 2008 Access this report
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