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Thread: Vodafone IPO

  1. #1
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    Lightbulb Vodafone IPO

    As you may have seen in NBR "Vodafone to float on the NZX", an announcement is expected within 2 weeks (IPO to be run by Deutsche Bank).

    Revenue of $2.02b, EBITDA of 481m, enterprise value of $3.4b.

    Thoughts?

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    Quote Originally Posted by trader_jackson View Post
    As you may have seen in NBR "Vodafone to float on the NZX", an announcement is expected within 2 weeks (IPO to be run by Deutsche Bank).

    Revenue of $2.02b, EBITDA of 481m, enterprise value of $3.4b.

    Thoughts?
    See anything about the proposed listing value?

  3. #3
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    Every IPO is about a fair price for future value. 'Enterprise value' is just over 7 multiples of EBITDA but have to understand gearing, future capital and.... realistic forecasts of future earnings.

  4. #4
    FEAR n GREED JBmurc's Avatar
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    Be interested in Yield ..... been Vodafone user for decades
    People don't have ideas, ideas have people

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    Quote Originally Posted by trader_jackson View Post
    As you may have seen in NBR "Vodafone to float on the NZX", an announcement is expected within 2 weeks (IPO to be run by Deutsche Bank).

    Revenue of $2.02b, EBITDA of 481m, enterprise value of $3.4b.

    Thoughts?
    As usual, the devil is in the detail. Thanks for the heads up but until the prospectus is issued it is hard to say how good a deal the listing will be. Keep us informed all the same. Cheers.

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    Will be avoiding this

  7. #7
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    "royalty" payments to parent company will be the big question on this one.

    The bulk of Vodafone's profit boost was thanks to a $35m drop in finance costs that followed a move by its British parent to inject more equity into the company and to reduce the interest rate the subsidiary has to pay on internal company loans.
    - Stuff
    Last edited by axe; 08-09-2017 at 10:18 AM.

  8. #8
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    Quote Originally Posted by axe View Post
    "royalty" payments to parent company will be the big question on this one.
    Agree. How much of a transfer the parent demands will be the key factor in the local operation's profitability.

    Another key issue for mobile in the NZ market (and globally) is static to declining ARPU and the relatively high cost of customer acquisition.
    NZ already has a highly saturated mobile market so the real growth opportunity is IoT - this is what will be driving investment in 5G and beyond.

    The obvious advantage to VF is scale. They are the biggest global brand, have incredibly deep pockets and are capable of demanding enormous concessions from network equipment providers in terms of price and equipment exclusivity arrangements. As such, their technology costs and deployment timelines can be controlled a lot more tightly than their competitors, and their time to market tends to be faster.

    The other elephant in the room is regulation. Mobile providers have got of relatively lightly in NZ for a long time but that could change with little warning.
    Saying that, the market is pretty competitive so intervention by ComCom doesn't seem likely in the medium term.

  9. #9
    An Awesome Cool Cat winner69's Avatar
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    )ne way to solve a problem ...tell the customers to piss off

    https://www.stuff.co.nz/business/ind...nical-problems
    “Imagination is more important than knowledge.”

  10. #10
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    Quote Originally Posted by winner69 View Post
    )ne way to solve a problem ...tell the customers to piss off

    https://www.stuff.co.nz/business/ind...nical-problems
    Certainly not a great sign if they cant provide an email address.
    I've used one of their sub domain names within my email for a very long time, after they bought out my first ISP. This is their only service I use, and its cost me $5 a month (somewhat unnecessarily) But I've been very reluctant to change my email address simply for reasons of continuity, now I will be forced to.

  11. #11
    Gnawing on Bones Beagle's Avatar
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    Often referred too as Vodafail...I'll put the popcorn on for this one and watch from the sidelines.
    No butts, hold no mutts, (unless they're the furry variety).

  12. #12
    FEAR n GREED JBmurc's Avatar
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    Vodafone Group yield-2017 5.7%
    People don't have ideas, ideas have people

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    Quote Originally Posted by Beagle View Post
    Often referred too as Vodafail...I'll put the popcorn on for this one and watch from the sidelines.
    Hound I agree 100%.
    Total waste of space.If you have a problem tough luck, as the the easiest thing for them to do is nothing.

  14. #14
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    Quote Originally Posted by peat View Post
    Certainly not a great sign if they cant provide an email address.
    I've used one of their sub domain names.
    I would have thouhht this to be relatively straight forward for a technology driven communications company. That they can't get this right suggest there is potential for mammy other things to go wrong and be left unresolved.

    I won't be in to an ipo.

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    Mobile internet data becoming more and more competitively priced.Increasing data caps and even unlimited data.Which provider can build the biggest pipes quicker?
    Vodafone at the moment has best mobile data performance

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