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北京时间·🕒 发布 14:08:24时区推断·⟳ 抓取 14:16:22·⚡ 决策 07-27 14:17:34 +1m12s·92.3 天前
沃达丰一季度服务收入增速小幅超预期并上调全年EBITDAaL区间
沃达丰一季度服务收入增长5.2%，高于彭博一致预期4.6%，德国市场改善是主要增量。
📄 原文Bloomberg↗ 原文
Vodafone Group Plc reported first-quarter service revenue growth that beat analysts’ estimates after sales increased in…
不做 沃达丰（VOD.GB）
排期内季度更新虽小幅超预期，但股价已因复苏和股东变化上涨超过30%，增量相对市值不足，盘后追多edge不够。
展开详情(成交明细 / 研究档案 / 原文全文 / 决策记录链)
研究档案
消息传播链
- 彭博报道沃达丰一季度服务收入增速高于分析师预期，并披露公司上调全年EBITDAaL区间。市场反应:报道发生在伦敦开盘前，伦敦正股尚未交易。
- 公司投资者关系页面列示季度交易更新入口，支持该事件为官方经营更新口径。
关键理由
- 沃达丰一季度服务收入增长5.2%，高于彭博一致预期4.6%，德国市场改善是主要增量。
- 公司将全年EBITDAaL指引上调至130亿至133亿欧元并预计达到区间上端，但增量相对264亿英镑市值不算强烈。
- 这属于排期内季度经营更新，且股价过去12个月已上涨超过30%，短线预期差不足以支持盘后追多。
主要风险
- 德国有线电视和宽带业务仍在消化2024年法规变化后的客户流失，复苏持续性仍需后续季度验证。
- Xavier Niel增持和资产重组预期已经推动股价显著上行，利好披露后存在见光死风险。
反向证据
- 做多前查反向 · 来源 web · 日期 2026-07-27 · 影响 weakens
德国仍是公司最大市场，2024年法规变化导致的电视和宽带客户流失仍是复苏质量的核心反证。
检索:Vodafone Germany cable TV broadband customer loss 2024 law Q1 2026 原文 ↗ - 做多前查反向 · 来源 web · 日期 2026-07-27 · 影响 weakens
股价过去12个月已上涨超过30%，且Xavier Niel增持已强化重组预期，降低本次小幅业绩超预期的剩余edge。
检索:Vodafone shares up 30% last 12 months Xavier Niel stake July 2026 原文 ↗
原文全文
展开原文 · 2,063 字
Vodafone Group Plc reported first-quarter service revenue growth that beat analysts’ estimates after sales increased in Germany, the phone carrier’s largest market.
Service revenue rose 5.2% in the fiscal quarter ending in June, the company said in a statement on Monday. Analysts, on average, were expecting a 4.6% gain, according to Bloomberg-compiled data.
Chief Executive Officer Margherita Della Valle has been working to reignite growth at the British phone company and improve share prices. She’s sold off underperforming assets in Spain and Italy and worked to bolster key markets, such as the UK where the company bought out its partner CK Hutchison Holdings Ltd. to gain control over the country’s biggest mobile operator. In Germany, the carrier’s biggest market, it is trying to recover ground after a 2024 law change barred landlords from bundling rent with TV and broadband services, costing the company millions of customers.
While shareholders have rewarded Della Valle, sending shares up more than 30% in the last 12 months, the pared-back phone company is still trading well below its valuation a decade ago. French telecommunications billionaire Xavier Niel became Vodafone’s biggest shareholder this month, agreeing to pay $6 billion for a more than 16% stake from Emirates Telecommunications Group Co. Niel’s Vega investment vehicle holds about 18.8% of Vodafone’s share capital after buying an additional holding less than a week later.
Read More: Niel’s $6 Billion Vodafone Deal Expands Global Telecom Empire
The company raised its estimate for earnings before interest, taxes, depreciation and amortization after leases to a range of €13 billion ($14.8 billion) to €13.3 billion for the full year ending in March. The increase reflects contributions from Kenya and Ethiopia after Vodafone took full control of the Safaricom business. The company said it expects to achieve the upper end of that range.
Vodafone shares fell 1.3% on Friday to close at 114.60 pence in London trading, giving the company a market value of £26.4 billion.
Service revenue rose 5.2% in the fiscal quarter ending in June, the company said in a statement on Monday. Analysts, on average, were expecting a 4.6% gain, according to Bloomberg-compiled data.
Chief Executive Officer Margherita Della Valle has been working to reignite growth at the British phone company and improve share prices. She’s sold off underperforming assets in Spain and Italy and worked to bolster key markets, such as the UK where the company bought out its partner CK Hutchison Holdings Ltd. to gain control over the country’s biggest mobile operator. In Germany, the carrier’s biggest market, it is trying to recover ground after a 2024 law change barred landlords from bundling rent with TV and broadband services, costing the company millions of customers.
While shareholders have rewarded Della Valle, sending shares up more than 30% in the last 12 months, the pared-back phone company is still trading well below its valuation a decade ago. French telecommunications billionaire Xavier Niel became Vodafone’s biggest shareholder this month, agreeing to pay $6 billion for a more than 16% stake from Emirates Telecommunications Group Co. Niel’s Vega investment vehicle holds about 18.8% of Vodafone’s share capital after buying an additional holding less than a week later.
Read More: Niel’s $6 Billion Vodafone Deal Expands Global Telecom Empire
The company raised its estimate for earnings before interest, taxes, depreciation and amortization after leases to a range of €13 billion ($14.8 billion) to €13.3 billion for the full year ending in March. The increase reflects contributions from Kenya and Ethiopia after Vodafone took full control of the Safaricom business. The company said it expects to achieve the upper end of that range.
Vodafone shares fell 1.3% on Friday to close at 114.60 pence in London trading, giving the company a market value of £26.4 billion.
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