Sunday, May 12, 2019

Just how can one value Vodafone shares?

The business section of the Sunday Times once again gets me scratching my head about City valuations.

It is early days in the stewardship of Nick Read as CEO and it will be years before we discover if he was more like Arun Sarin than Vittorio Colao. Yet he is in control of an International Telecoms business that is far better placed than BT. Vodafone has stated that it's plan's for 5G mobile is focused on a slow and stead deployment rather than a race to be first. It does not have the issues that Three and Telefonica face in terms of access to capital to fund the building of infrastructure. It has the scale to be able to get not just better prices but also better service from its suppliers.

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