Financials Vodacom Group Limited

Equities

VOD

ZAE000132577

Wireless Telecommunications Services

End-of-day quote Johannesburg S.E. 06:00:00 2024-05-16 pm EDT 5-day change 1st Jan Change
95.23 ZAR +1.00% Intraday chart for Vodacom Group Limited +1.13% -10.16%

Valuation

Fiscal Period: March 2020 2021 2022 2023 2024 2025 2026 2027
Capitalization 1 198,843 214,230 271,112 236,182 190,738 184,312 - -
Enterprise Value (EV) 1 233,481 241,947 298,864 284,465 190,738 223,544 225,295 219,167
P/E ratio 12.5 x 12.9 x 15.8 x 12.9 x 11.7 x 8.82 x 9.13 x 8.95 x
Yield 7.22% 6.53% 5.31% 5.49% - 7.66% 8.06% 8.84%
Capitalization / Revenue 2.19 x 2.18 x 2.64 x 1.98 x 1.27 x 1.22 x 1.17 x 1.11 x
EV / Revenue 2.57 x 2.46 x 2.91 x 2.39 x 1.27 x 1.48 x 1.43 x 1.32 x
EV / EBITDA 6.21 x 6.16 x 7.49 x 6.3 x 3.4 x 4.02 x 3.81 x 3.61 x
EV / FCF 12.3 x 12.1 x 14.8 x 13.7 x - 9.38 x 8.8 x 7.63 x
FCF Yield 8.11% 8.23% 6.75% 7.3% - 10.7% 11.4% 13.1%
Price to Book 2.17 x 2.7 x 3.41 x 2.75 x - 1.83 x 1.72 x 1.71 x
Nbr of stocks (in thousands) 1,699,369 1,696,737 1,694,453 1,935,281 1,935,439 1,935,439 - -
Reference price 2 117.0 126.3 160.0 122.0 98.55 95.23 95.23 95.23
Announcement Date 5/11/20 5/18/21 5/16/22 5/14/23 5/12/24 - - -
1ZAR in Million2ZAR
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: März 2020 2021 2022 2023 2024 2025 2026 2027
Net sales 1 90,746 98,302 102,736 119,170 150,594 151,500 157,537 165,479
EBITDA 1 37,610 39,299 39,888 45,144 56,116 55,578 59,098 60,754
EBIT 1 27,711 27,652 28,236 29,252 35,337 33,470 38,633 37,074
Operating Margin 30.54% 28.13% 27.48% 24.55% 23.47% 22.09% 24.52% 22.4%
Earnings before Tax (EBT) 1 23,058 23,781 24,563 25,008 28,123 29,099 33,659 36,854
Net income 1 15,944 16,581 17,163 16,767 16,292 19,254 20,739 22,478
Net margin 17.57% 16.87% 16.71% 14.07% 10.82% 12.71% 13.16% 13.58%
EPS 2 9.390 9.780 10.13 9.480 8.420 10.80 10.43 10.64
Free Cash Flow 1 18,944 19,918 20,185 20,776 - 23,821 25,598 28,733
FCF margin 20.88% 20.26% 19.65% 17.43% - 15.72% 16.25% 17.36%
FCF Conversion (EBITDA) 50.37% 50.68% 50.6% 46.02% - 42.86% 43.32% 47.29%
FCF Conversion (Net income) 118.82% 120.13% 117.61% 123.91% - 123.72% 123.43% 127.83%
Dividend per Share 2 8.450 8.250 8.500 6.700 - 7.294 7.679 8.419
Announcement Date 5/11/20 5/18/21 5/16/22 5/14/23 5/12/24 - - -
1ZAR in Million2ZAR
Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: March 2020 S2 2021 S1 2021 S2 2022 S1 2022 Q3 2022 S2 2023 Q1 2023 S1 2023 S2 2024 S1 2024 S2
Net sales 1 46,357 47,844 50,458 49,856 26,745 52,880 26,056 53,713 65,457 72,798 77,796
EBITDA 19,444 19,433 - 20,076 - - - 20,200 - 27,286 28,830
EBIT - - - 14,058 - - - 13,268 - - 18,324
Operating Margin - - - 28.2% - - - 24.7% - - 23.55%
Earnings before Tax (EBT) - - - 12,410 - - - 11,076 - 14,102 14,021
Net income - 9,271 - 8,545 - - - 7,740 - 8,385 7,907
Net margin - 19.38% - 17.14% - - - 14.41% - 11.52% 10.16%
EPS 4.780 5.330 4.450 5.040 - 5.090 - 4.570 4.910 4.340 4.080
Dividend per Share - 4.150 - 4.200 - - - 3.400 - - -
Announcement Date 5/11/20 11/16/20 5/18/21 11/15/21 2/1/22 5/16/22 7/21/22 11/14/22 5/14/23 11/10/23 5/12/24
1ZAR in Million
Estimates

Balance Sheet Analysis

Fiscal Period: March 2020 2021 2022 2023 2024 2025 2026 2027
Net Debt 1 34,638 27,717 27,752 48,283 - 39,232 40,984 34,855
Net Cash position 1 - - - - - - - -
Leverage (Debt/EBITDA) 0.921 x 0.7053 x 0.6957 x 1.07 x - 0.7059 x 0.6935 x 0.5737 x
Free Cash Flow 1 18,944 19,918 20,185 20,776 - 23,821 25,598 28,733
ROE (net income / shareholders' equity) 18.8% 19.4% 21.6% 20.3% - 19.7% 21.2% 20.2%
ROA (Net income/ Total Assets) 9.27% 9.16% 9.81% 8.25% - 7.95% 8.5% -
Assets 1 171,940 181,101 174,974 203,140 - 242,187 243,990 -
Book Value Per Share 2 54.00 46.80 46.90 44.40 - 51.90 55.20 55.80
Cash Flow per Share 2 19.00 19.20 19.50 22.50 - 24.80 25.20 26.10
Capex 1 13,890 13,443 13,843 20,175 - 23,026 22,404 23,715
Capex / Sales 15.31% 13.68% 13.47% 16.93% - 15.2% 14.22% 14.33%
Announcement Date 5/11/20 5/18/21 5/16/22 5/14/23 5/12/24 - - -
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
OUTPERFORM
Number of Analysts
12
Last Close Price
95.23 ZAR
Average target price
111.6 ZAR
Spread / Average Target
+17.17%
Consensus
  1. Stock Market
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  4. Financials Vodacom Group Limited
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