VOD DB 16 Dec 09 - Company Europe United Kingdom Telecommunications Wireless Services 16 Dec 2009 10:00:25 PM BST Global Markets Research COMPANY

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Unformatted text preview: Company Europe United Kingdom Telecommunications Wireless Services 16 Dec 2009- 10:00:25 PM BST Global Markets Research COMPANY ALERT Company Update Vodafone Group Plc Buy View on VZW divi from our US telco team is supportive Reuters:VOD.L Exchange:LSE Ticker:VOD Price (GBP) 140.85 Price target (GBP) 185.00 52-week range (GBP) 147.80 - 112.00 Market cap (GBP)(m) 73,994.0 Shares outstanding (m) 52,734 FTSE 100 INDEX 5,285.8 Free float (%) 100 FYE 3/31 2009A 2010E 2011E Revenue (GBPm) 41,017 43,358 43,883 DB PBT (GBPm) 4,189 10,576 11,336 Stated PBT (GBPm) 4,189 10,576 11,336 DB EPS (GBP) 17.10 16.04 17.04 DPS (GBP) 7.77 8.04 8.44 P/E (DB EPS) (x) 8.0 8.8 8.3 Our new US telco team (Brett Feldman et al) has initiated on Verizon (VZ) with a Buy (TP $40 vs $33 current). One key tenet is that despite tough times (market maturity, price competition, higher subsidies), VZ's mobile subsidiary Verizon Wireless (VZW), of which Vodafone owns 45%, has a strong network, a loyal customer base, is not overly dependent on a single...
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This note was uploaded on 02/05/2012 for the course FINANCE 101 taught by Professor George during the Spring '11 term at University of Phoenix.

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