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
Vodafone UK has announced a tariff refresh that includes ‘free’ mobile browsing with all of its new contract plans
Carphone Warehouse had a solid quarter, and its expectation of a currency-aided 9-10% growth rate in 2008/2009 distribution revenue looks achievable, as does guidance of 4-5% growth in fixed line revenue, unless loss of telephony-only customers accelerates
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
Distribution growth improved considerably (retail grew 13% versus 8% last quarter), with strong contract sales more than counteracting a relatively weak prepay performance
This report looks at the prospects for mobile operators. It focuses on the UK, and Vodafone in particular, because of the high quality of data available to analysts. We think the main conclusions apply widely across European operators.
It is well placed to weather any downturn, though its dependence on recruitment advertising continues to concern outside observers.
The Orange Prospectus
We have forecast that the increase in the number of users during the whole of 2001 will be as follows