Publications

Format: Dec 2017
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Vodafone KPIs - strategic issues

  • Vodafone
Telecoms 27 January 2006
Vodafone June quarter KPIs: the slide continues

Vodafone’s European revenue growth continued to slide, down to -4.4% in the June quarter from -3.3% last quarter, which itself was a sharp drop

A substantial element of this quarter’s decline was driven by an acceleration in termination rate cuts in Germany, but the general trend is weak volumes driven by a weak economy

With a substantial termination rate cut in the UK taken from 1st July, we expect growth to decline again in the September quarter, before stabilising/improving for the rest of the year

  • Vodafone
Telecoms, Mobile, Non-UK Telecoms 25 July 2009
Vodafone June quarter KPIs: excuses, excuses…

Vodafone blamed a harsh competitive environment and the timing of Easter for its low revenue growth in core markets reported this week. Its growth did at least not decline again, although we expect that Vodafone will again prove to be underperforming its competitors as they report their figures over the coming weeks 

CPW will also benefit from its partnership with AOL for portal advertising, content and other internet-based applications, relatively small but fast-growing value-added services in which CPW has little experience or market position, which will prove important in terms of both customer retention and margins.

  • Vodafone
Telecoms 25 July 2006
Vodafone June quarter 2011 results: Spain continues to drag

Vodafone Europe’s service revenue growth dropped by 0.5ppts to -1.3% in the June quarter, although most of this was due to a sharp MTR cut in the UK

Revenue in Spain was very weak due to a price re-adjustment, but trends elsewhere were broadly positive, with voice minutes growth improving overall

Medium term prospects are good, with MTR cuts fading, competitive performance improving and data growth likely to re-accelerate, but we expect declining growth in Turkey to drive a worse performance in the short term

  • Vodafone
  • Orange
Mobile, Telecoms 24 July 2011
Vodafone June quarter 2010 results: confidence issues

Vodafone Europe’s revenue growth again notched up, increasing by 0.7ppts as reported or 0.3ppts in underlying terms, with minutes volume growth accelerating by 1.8ppts

This is a little disappointing in the context of the rate of reported GDP recovery, but consumer confidence, particularly in Southern Europe, has re-dipped in the last few months, making raw GDP figures less relevant than they once were

Data revenue is forging ahead, but voice pricing is steadily weakening, and with many offers linking voice, text and data into an inseparable bundle the former may be causing the later, implying that data’s contribution to overall revenue is easy to overestimate

 

  • Vodafone
Telecoms, Mobile, Non-UK Telecoms 22 July 2010
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

  • Vodafone
Telecoms, Mobile, Non-UK Telecoms 21 July 2008
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

 

  • Vodafone
Mobile, Telecoms, Non-UK Telecoms 17 July 2007
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

Vodafone’s medium term expectations are for growing revenue and stable margins, which is laudably ambitious compared to past performances, and may even be achievable if it can balance smartphone tariffs and handset subsidies to its net advantage

  • Vodafone
Telecoms, Mobile 11 November 2010
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

Pricing, competitive, regulatory and cost trends are all going well; but macroeconomic trends are clearly not, and are likely to make an acceleration in the second half of the year very difficult

  • Vodafone
  • T-Mobile
Mobile, Telecoms 10 November 2011
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

We are optimistic that revenue growth can continue recovering in Europe, implying a still-depressed 2009/10 but a much better 2010/11, with positive revenue growth in 2010/11 a real possibility, and that the company could stabilise margins if it sticks to cost reduction plans, and resists the temptation to ‘reinvest’ in ‘strategic’ initiatives

  • Vodafone
Telecoms, Mobile, Non-UK Telecoms 11 November 2009
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

  • Vodafone
Telecoms, Mobile 16 November 2006
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

The Group’s strategy continues to be sound, and is validated by its competitive outperformance, but market conditions are likely to keep its revenue growth negative and margins slightly declining for the next year at least

  • Vodafone
Mobile, Telecoms 22 May 2012
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

The outlook for next quarter is poor due to the UK MTR cut, but we then expect revenue growth to steadily improve for the rest of the year, with smartphone-driven data growth a help rather than a hindrance

  • Vodafone
Mobile, Telecoms 17 May 2011
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

  • Vodafone
  • Orange
  • Carphone Warehouse
Telecoms, Mobile 14 October 2006
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

We expect revenue growth to continue to improve as economic comparables improve, with a return to positive growth likely by the end of 2010

  • Vodafone
Telecoms, Fixed Line, Non-UK Telecoms 4 February 2010
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

  • Vodafone
Telecoms, Mobile 1 February 2008
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

We expect the water to be very cold - results from Orange, NTL and BT suggest continued very low consumer interest in fixed-mobile convergence, and we doubt that Vodafone will fare much better

  • Vodafone
Telecoms 14 September 2006
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

The impact of an acquisition, while gradual, would reverberate for years to come. Wireline wholesalers, then corporate service retailers would be affected, notably BT. Later, the impact could spread to the small business segment. The prospect of Vodafone’s re-entry into the UK residential wireline market would remain distant but more likely

  • Vodafone
  • Cable & Wireless
  • BT
Fixed Line, Mobile, Telecoms 23 April 2012
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.

 

 

 

  • Vodafone
Telecoms, Mobile 12 November 2004
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

Overall, if Vodafone 360 can stimulate data usage amongst low- to mid-end handset users, Vodafone would profit in both revenue and loyalty terms, but competing at the high end with the likes of Apple, RIM and Google strikes us as both needless and futile

  • Vodafone
Telecoms, Mobile 23 September 2009

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