(News Bulletin 247) – UBS confirms its advice to buy but lowers its target price to 100 E (instead of 105 E). The analyst believes that the first quarter should be mixed.
‘ Pricing boosts service revenue, but German broadband trends remain weak. Currency effects and more conservative assumptions on German basic cable reduce FCF by -3%,’ the analysts said.
Vodafone expects FY2024 adjusted EBITDAaL to be ‘broadly stable’ at around €13.3 billion and adjusted free cash flow at around €3.3 billion, ‘reflecting expected fund movements working capital, interest and dividend income ‘.
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