Financials Vodacom Group Limited

Equities

VOD

ZAE000132577

Wireless Telecommunications Services

End-of-day quote Johannesburg S.E. 03:30:00 29/04/2024 am IST 5-day change 1st Jan Change
91.35 ZAR +2.08% Intraday chart for Vodacom Group Limited +3.05% -13.82%

Valuation

Fiscal Period: March 2019 2020 2021 2022 2023 2024 2025 2026
Capitalization 1 2,02,196 1,98,843 2,14,230 2,71,112 2,36,182 1,76,802 - -
Enterprise Value (EV) 1 2,25,374 2,33,481 2,41,947 2,98,864 2,84,465 2,23,512 2,20,908 2,16,066
P/E ratio 12.8 x 12.5 x 12.9 x 15.8 x 12.9 x 9.72 x 9.23 x 8.6 x
Yield 7.13% 7.22% 6.53% 5.31% 5.49% 7.39% 7.78% 8.48%
Capitalization / Revenue 2.33 x 2.19 x 2.18 x 2.64 x 1.98 x 1.19 x 1.18 x 1.13 x
EV / Revenue 2.6 x 2.57 x 2.46 x 2.91 x 2.39 x 1.5 x 1.48 x 1.38 x
EV / EBITDA 6.68 x 6.21 x 6.16 x 7.49 x 6.3 x 4.07 x 3.97 x 3.68 x
EV / FCF 15.7 x 12.3 x 12.1 x 14.8 x 13.7 x 11.2 x 9.15 x 8.31 x
FCF Yield 6.38% 8.11% 8.23% 6.75% 7.3% 8.92% 10.9% 12%
Price to Book 2.43 x 2.17 x 2.7 x 3.41 x 2.75 x 1.87 x 1.77 x 1.66 x
Nbr of stocks (in thousands) 18,14,556 16,99,369 16,96,737 16,94,453 19,35,281 19,35,439 - -
Reference price 2 111.4 117.0 126.3 160.0 122.0 91.35 91.35 91.35
Announcement Date 13/05/19 11/05/20 18/05/21 16/05/22 14/05/23 - - -
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 1,02,736 1,19,170 1,48,713 1,49,203 1,56,598
EBITDA 1 33,714 37,610 39,299 39,888 45,144 54,970 55,682 58,770
EBIT 1 24,306 27,711 27,652 28,236 29,252 34,324 35,203 37,992
Operating Margin 28.06% 30.54% 28.13% 27.48% 24.55% 23.08% 23.59% 24.26%
Earnings before Tax (EBT) 1 22,089 23,058 23,781 24,563 25,008 28,805 29,697 34,234
Net income 1 14,822 15,944 16,581 17,163 16,767 17,933 18,793 21,241
Net margin 17.11% 17.57% 16.87% 16.71% 14.07% 12.06% 12.6% 13.56%
EPS 2 8.720 9.390 9.780 10.13 9.480 9.397 9.894 10.62
Free Cash Flow 1 14,387 18,944 19,918 20,185 20,776 19,948 24,132 26,008
FCF margin 16.61% 20.88% 20.26% 19.65% 17.43% 13.41% 16.17% 16.61%
FCF Conversion (EBITDA) 42.67% 50.37% 50.68% 50.6% 46.02% 36.29% 43.34% 44.25%
FCF Conversion (Net income) 97.07% 118.82% 120.13% 117.61% 123.91% 111.24% 128.41% 122.44%
Dividend per Share 2 7.950 8.450 8.250 8.500 6.700 6.748 7.104 7.742
Announcement Date 13/05/19 11/05/20 18/05/21 16/05/22 14/05/23 - - -
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 11/05/20 16/11/20 18/05/21 23/07/21 15/11/21 01/02/22 16/05/22 21/07/22 14/11/22 14/05/23 10/11/23 -
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 46,710 44,106 39,264
Net Cash position 1 - - - - - - - -
Leverage (Debt/EBITDA) 0.6875 x 0.921 x 0.7053 x 0.6957 x 1.07 x 0.8497 x 0.7921 x 0.6681 x
Free Cash Flow 1 14,387 18,944 19,918 20,185 20,776 19,948 24,132 26,008
ROE (net income / shareholders' equity) 20.8% 18.8% 19.4% 21.6% 20.3% 20.3% 20.8% 21.7%
ROA (Net income/ Total Assets) 10.4% 9.27% 9.16% 9.81% 8.25% 7.95% 7.95% 8.5%
Assets 1 1,42,504 1,71,940 1,81,101 1,74,974 2,03,140 2,25,569 2,36,392 2,49,898
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 20,569 21,309 22,533
Capex / Sales 15.76% 15.31% 13.68% 13.47% 16.93% 13.83% 14.28% 14.39%
Announcement Date 13/05/19 11/05/20 18/05/21 16/05/22 14/05/23 - - -
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

Trading Rating
Investor Rating
ESG Refinitiv
B
More Ratings
Sell
Consensus
Buy
Mean consensus
HOLD
Number of Analysts
10
Last Close Price
91.35 ZAR
Average target price
113.7 ZAR
Spread / Average Target
+24.47%
Consensus
  1. Stock Market
  2. Equities
  3. VOD Stock
  4. Financials Vodacom Group Limited