Financials Vodacom Group Limited

Equities

VOD

ZAE000132577

Wireless Telecommunications Services

End-of-day quote Johannesburg S.E. Other stock markets 06:00:00 2024-05-08 pm EDT			5-day change	1st Jan Change
92.44 ^ZAR	+0.99%		+1.19%	-12.79%

07:52am	South Africa's Vodacom profit hit by Ethiopia loss	RE
May. 09	Kenya's Safaricom posts 3.5% jump in Group EBIT for FY24	RE

Valuation

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	202,196	198,843	214,230	271,112	236,182	182,260	-	-
Enterprise Value (EV) ¹	225,374	233,481	241,947	298,864	284,465	229,441	227,321	223,148
P/E ratio	12.8 x	12.5 x	12.9 x	15.8 x	12.9 x	10.1 x	9.65 x	9.02 x
Yield	7.13%	7.22%	6.53%	5.31%	5.49%	7.11%	7.49%	8.15%
Capitalization / Revenue	2.33 x	2.19 x	2.18 x	2.64 x	1.98 x	1.22 x	1.22 x	1.17 x
EV / Revenue	2.6 x	2.57 x	2.46 x	2.91 x	2.39 x	1.54 x	1.53 x	1.43 x
EV / EBITDA	6.68 x	6.21 x	6.16 x	7.49 x	6.3 x	4.17 x	4.09 x	3.8 x
EV / FCF	15.7 x	12.3 x	12.1 x	14.8 x	13.7 x	12 x	9.54 x	8.72 x
FCF Yield	6.38%	8.11%	8.23%	6.75%	7.3%	8.32%	10.5%	11.5%
Price to Book	2.43 x	2.17 x	2.7 x	3.41 x	2.75 x	1.93 x	1.82 x	1.71 x
Nbr of stocks (in thousands)	1,814,556	1,699,369	1,696,737	1,694,453	1,935,281	1,935,439	-	-
Reference price ²	111.4	117.0	126.3	160.0	122.0	94.17	94.17	94.17
Announcement Date	5/13/19	5/11/20	5/18/21	5/16/22	5/14/23	-	-	-

¹ZAR in Million²ZAR

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	86,627	90,746	98,302	102,736	119,170	148,806	149,037	156,402
EBITDA ¹	33,714	37,610	39,299	39,888	45,144	54,975	55,633	58,698
EBIT ¹	24,306	27,711	27,652	28,236	29,252	34,354	35,328	38,007
Operating Margin	28.06%	30.54%	28.13%	27.48%	24.55%	23.09%	23.7%	24.3%
Earnings before Tax (EBT) ¹	22,089	23,058	23,781	24,563	25,008	28,805	29,629	33,622
Net income ¹	14,822	15,944	16,581	17,163	16,767	17,765	18,609	20,744
Net margin	17.11%	17.57%	16.87%	16.71%	14.07%	11.94%	12.49%	13.26%
EPS ²	8.720	9.390	9.780	10.13	9.480	9.280	9.760	10.44
Free Cash Flow ¹	14,387	18,944	19,918	20,185	20,776	19,091	23,821	25,598
FCF margin	16.61%	20.88%	20.26%	19.65%	17.43%	12.83%	15.98%	16.37%
FCF Conversion (EBITDA)	42.67%	50.37%	50.68%	50.6%	46.02%	34.73%	42.82%	43.61%
FCF Conversion (Net income)	97.07%	118.82%	120.13%	117.61%	123.91%	107.47%	128.01%	123.4%
Dividend per Share ²	7.950	8.450	8.250	8.500	6.700	6.697	7.056	7.678
Announcement Date	5/13/19	5/11/20	5/18/21	5/16/22	5/14/23	-	-	-

¹ZAR in Million²ZAR

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: March	2020 S1	2020 S2	2021 S1	2021 S2	2022 Q1	2022 S1	2022 Q3	2022 S2	2023 Q1	2023 S1	2023 S2	2024 S1	2024 S2
Net sales ¹	44,389	46,357	47,844	50,458	24,779	49,856	26,745	52,880	26,056	53,713	65,457	72,798	73,731
EBITDA	-	19,444	19,433	-	-	20,076	-	-	-	20,200	-	27,286	27,842
EBIT	-	-	-	-	-	14,058	-	-	-	13,268	-	-	18,154
Operating Margin	-	-	-	-	-	28.2%	-	-	-	24.7%	-	-	24.62%
Earnings before Tax (EBT)	-	-	-	-	-	12,410	-	-	-	11,076	-	14,102	14,910
Net income	-	-	9,271	-	-	8,545	-	-	-	7,740	-	8,385	9,161
Net margin	-	-	19.38%	-	-	17.14%	-	-	-	14.41%	-	11.52%	12.42%
EPS	4.610	4.780	5.330	4.450	-	5.040	-	5.090	-	4.570	4.910	4.340	4.610
Dividend per Share	-	-	4.150	-	-	4.200	-	-	-	3.400	-	-	-
Announcement Date	11/11/19	5/11/20	11/16/20	5/18/21	7/23/21	11/15/21	2/1/22	5/16/22	7/21/22	11/14/22	5/14/23	11/10/23	-

¹ZAR in Million

Estimates

Balance Sheet Analysis

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	23,178	34,638	27,717	27,752	48,283	47,181	45,061	40,888
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	0.6875 x	0.921 x	0.7053 x	0.6957 x	1.07 x	0.8582 x	0.81 x	0.6966 x
Free Cash Flow ¹	14,387	18,944	19,918	20,185	20,776	19,091	23,821	25,598
ROE (net income / shareholders' equity)	20.8%	18.8%	19.4%	21.6%	20.3%	20.1%	20.5%	21.4%
ROA (Net income/ Total Assets)	10.4%	9.27%	9.16%	9.81%	8.25%	7.95%	7.95%	8.5%
Assets ¹	142,504	171,940	181,101	174,974	203,140	223,456	234,077	244,041
Book Value Per Share ²	45.90	54.00	46.80	46.90	44.40	48.70	51.70	54.90
Cash Flow per Share ²	16.20	19.00	19.20	19.50	22.50	23.30	23.10	24.70
Capex ¹	13,653	13,890	13,443	13,843	20,175	20,618	21,286	22,432
Capex / Sales	15.76%	15.31%	13.68%	13.47%	16.93%	13.86%	14.28%	14.34%
Announcement Date	5/13/19	5/11/20	5/18/21	5/16/22	5/14/23	-	-	-

¹ZAR in Million²ZAR

Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for Vodacom Group Limited

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

HOLD

Number of Analysts

Last Close Price

94.17 ZAR

Average target price

112.5 ZAR

Spread / Average Target

+19.42%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Other Wireless Telecommunications Services

	1st Jan change	Capi.
VODACOM GROUP LIMITED	-12.79%	9.88B
T-MOBILE US	+2.41%	193B
AT&T INC.	+2.32%	123B
SOFTBANK GROUP CORP.	+27.20%	74.07B
KDDI CORPORATION	-0.38%	57.57B
CHINA UNICOM HONG KONG LIMITED	+28.16%	24.4B
VODAFONE GROUP PLC	+1.23%	23.52B
ADVANCED INFO SERVICE	-5.07%	16.66B
TELENOR ASA	+8.32%	16.12B
TAIWAN MOBILE CO., LTD.	+6.49%	9.78B

Other Wireless Telecommunications Services