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Research Alert: CFRA Maintains Buy Recommendation On Adss Of Vodafone

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CFRA, an independent research provider, has providedwith the following research alert. Analysts at CFRA have summarized their opinion as follows:

We maintain our 4-STARS (Buy) recommendation, as we believe Vodafone has emerged in a much better position after portfolio rebalancing, with stabilization in Germany and improved shareholder returns of EUR3.1B in FY 26 (Mar.), with EUR1.1B in dividends and EUR2.0B in buybacks. We keep our target price at USD17, representing FY 27 consensus EV/EBITDA of 5.8x, in line with its large telco peers. We maintain our FY 27 EPS estimate at EUR1.00 and introduce our FY 28 EPS estimate at EUR1.30. In May 2026, Vodafone fully consolidated VodafoneThree in the U.K. by acquiring CK Hutchison's 49% stake for GBP4.3B, which management stated would allow for faster integration and realization of synergies. Management provided upbeat FY 27 guidance of EUR11.9B-EUR12.2B for adjusted EBITDAaL and EUR2.6B-EUR2.9B for adjusted free cash flow. We think that Vodafone will enter FY 27 with improved cash flow prospects and that the company can benefit from potential African divestments to focus on Europe, removing currency risk.

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