VOD
Vodafone Group Public Limited Company
$14.94
Stable Earnings Power
40%
P/Adj-EPS × Normalized Multiple
Moderate
·
Conviction
Undervalued
Trading 29.3% below fair value
You pay
$14.94
Bear
$16.92
Fair
$21.14
Bull
$25.37
Bear
$16.92
+13.2%
$1.08 × 18x P/E
Fair
$21.14
+41.5%
$1.08 × 22x P/E
Bull
$25.37
+69.8%
$1.08 × 27x P/E
Key Value Driver
Normalized P/E multiple (22x base case)
Implied Market Multiple
13.8x
Summary
Our base-case estimate uses a valuation based on adjusted earnings per share and a normalized price-to-earnings multiple. We then blend that result with the average analyst price target of $11.58 from 25 analysts, using a 25% weight on analyst consensus. That produces an estimated intrinsic value of $21.14 per share.
Warnings
Wall Street's average price target is $11.58 (from 25 analysts). Our estimate is 110% above the consensus -- consider that gap carefully.
Financial statements were converted from EUR into USD using EURUSD at 1.1629 USD per EUR.
Key Risks
- Growth DCF inappropriate — terminal value assumptions dominate
- EV/EBITDA misleading for regulated businesses where capex is mandated
- Regulatory risk is a fat tail not visible in normal multiples