Report Overview
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Vodafone plods on
- PublisherEnders Analysis.
- Publish Date February 17, 2020
- Sector Telecom.
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Vodafone’s revenue performance remains decidedly lacklustre. Italy and Spain are struggling to bounce back, Germany is still languishing, and the UK’s 0.6% service revenue growth is the highlight of the quarter
Liberty Global’s assets are disappointing both in terms of opening financials (revenues and EBITDA 8% and 12% lower than expected respectively) and outlook (now growing at half the rate at the time of deal announcement and guidance for Germany as a whole to be ‘flattish’)
Vodafone’s guidance for a pickup in revenue growth to more than 1% in Q4 is encouraging but these are very tentative steps forward in challenging times
Contents
Starting to slow-pedal on convergence?
Liberty Global – lower revenues, EBITDA and outlook
Leverage driving strategy
European mobile still languishing
Fixed businesses disappoint
No European revenue improvement
Rest of World growing 4% in real terms
Churn bopping around; not correlated to convergence
UK – still gaining traction (probably)
- Unlimited take-up continues at pace
- Pricing remains competitive
- Fixed business plods along
- Guidance positive in spite of challenges
Germany – Unitymedia question marks, muted outlook
- Mobile – converged customers slowing sharply
- Fixed – DSL migrations going better
Italy – a bumpy road to recovery
Spain – a slow and tentative recovery emerges
List of charts/tables
Figure 1: Group organic service revenue growth
Figure 2: Unitymedia revenues (€m)
Figure 3: Unitymedia revenue growth rates
Figure 4: Vodafone mobile service revenue growth in the ‘top 4’ markets
Figure 5: Vodafone fixed service revenue growth in the ‘top 4’ markets
Figure 6: Organic service revenue growth
Figure 7: Service revenue growth and inflation
Figure 8: Vodafone ‘top 4’ markets contract churn
Figure 9: Convergence and churn correlation to year ending Dec 2019
Figure 10: UK operational and financial metrics
Figure 11: UK contract net additions (000)
Figure 12: UK service revenue growth by operator
Figure 13: SIM-only pricing by data allowance (GB) –direct distribution
Figure 14: SIM-only unlimited data bundle pricing
Figure 15: UK fixed performance
Figure 16: Germany operational and financial metrics
Figure 17: Germany contract net additions (000
Figure 18: Germany service revenue growth by operator
Figure 19: Germany fixed performance
Figure 20: Italy operational and financial metrics
Figure 21: Italy service revenue growth by operator
Figure 22: Italy total subscriber net additions (000)
Figure 23: Italian mobile package pricing (€/month), November 2019
Figure 24: Italian mobile package pricing (€/month), February 2020
Figure 25: Italy fixed performance
Figure 26: Spain operational and financial metrics
Figure 27: Spain service revenue growth by operator
Figure 28: Spain contract net additions (000)
Figure 29: Spain fixed performance