Vodafone Group Plc (VOD:LN)

Telecommunications/Telecommunication Services Price: 113.80 GBX Report Date: September 24, 2021 Business Description and Key Statistics

Vodafone Group is a holding company. Through its subsidiaries, Current YTY % Chg Co. provides mobile and fixed telecommunication services including: access charges, voice and video calls, messaging, Revenue LFY (M) 37,330 -6.4 interconnect fees, fixed and mobile broadband and related services EPS Diluted LFY 0.00 such as providing televisual and music content, connection fees and equipment sales. Co. provides a range of mobile services, Market Value (M) 32,119 enabling customers to call, text and access data in Europe and Africa. Co. also provides mobile, fixed and a suite of converged Shares Outstanding LFY (000) 28,224,194 communication services to support its business customers, who Book Value Per Share 1.68 range from small home offices to large multinational companies, including Internet of Things, cloud and security, and carrier EBITDA Margin % 43.00 services. Net Margin % 0.3 Website: www.vodafone.com Long-Term Debt / Capital % 46.1 ICB Industry: Telecommunications Dividends and Yield TTM 0.04 - 3.50% ICB Subsector: Telecommunication Services Payout Ratio TTM % 100.0 Address: Vodafone House;The Connection Newbury 60-Day Average Volume (000) 72,962 GBR 52-Week High & Low 142.42 - 101.70 Employees: 96,506 Price / 52-Week High & Low 0.80 - 1.12

Price, Moving Averages & Volume

144.5 144.5 Vodafone Group Plc is currently trading at 113.80 which is 3.8% below its 50 day 138.9 138.9 moving average price of 118.35 and 10.3% below its 133.3 133.3 200 day moving average price of 126.88.

127.7 127.7 VOD:LN is currently 20.1% below its 52-week high price of 142.42 and is 11.9% above its 122.1 122.1 52-week low price of 101.70. Over the past 52-weeks, 116.5 116.5 VOD:LN is up 9.6% while on a calendar year-to-date basis it is down 5.9%. 110.9 110.9 The Relative Strength Index (RSI) indicator for VOD:LN is 105.3 105.3 currently 33.38. An RSI value of 70 and above is considered 99.7 99.7 overbought and 30 and below 10/20 11/20 12/20 1/21 2/21 3/21 4/21 5/21 6/21 7/21 8/21 9/21 oversold. Volume (000) 275,686 275,686

207,848 207,848

140,010 140,010

Mean (78243.71) 72,172 72,172

4,334 4,334 10/20 11/20 12/20 1/21 2/21 3/21 4/21 5/21 6/21 7/21 8/21 9/21

Price Price (50-Day Simple Moving Average) Price (200-Day Simple Moving Average)

Telecommunications/Telecommunication Services Price: 113.80 GBX Report Date: September 24, 2021 Price Performance, Technical Indicators & Risk Metrics

Difference Price Performance % Change vs FTSE 350 Technical Indicators 1-Day % -0.47 0.01 50-Day Average Price 118.35 1-Week % -0.45 -0.71 Price / 50-Day Average 0.96 4-Week % -7.10 -5.68 200-Day Average Price 126.88 52-Week % 9.59 -14.76 Price / 200-Day Average 0.90 RSI - Relative Strength Index 33.38 Quarter-to-Date % -6.21 -7.34

Year-to-Date % -5.90 -16.12 Risk Metrics Last Month % 4.98 3.06 Price Volatility 3.47 Last Quarter % -7.99 -12.66 Sharpe Ratio -0.12 Last Calendar Year % -17.59 -4.60 Sortino Ratio -0.21

5-Year Price Performance vs. FTSE 350

Vodafone Group Plc Current: 0.51 CAGR: -12.5% Over the past five years, FTSE 350 Index Current: 1.18 CAGR: 3.4% Vodafone Group Plc's stock price is down 48.7% which is 1.3 1.3 67.1% below the FTSE 350 Index performance of 18.4% over the same period. 1.2 1.2 Vodafone Group Plc's ^NMX:LN cumulative annualized growth 1.2 1.2 rate (CAGR) over the five year period has been -12.5% while that of the FTSE 350 Index 1.1 1.1 has been 3.4%.

Over the past year, Vodafone 1.0 1.0 Group Plc's stock price performance of 9.6% has 0.9 0.9 underperformed that of the FTSE 350 Index by 14.8%. On a year-to-date basis, 0.9 0.9 Vodafone Group Plc's stock price performance of -5.9% 0.8 0.8 has underperformed the FTSE 350 Index by 16.1%.

0.7 0.7 Over the past week, Vodafone Group Plc's stock price performance of -0.4% has 0.6 0.6 underperformed that of the FTSE 350 Index by 0.7%. 0.6 0.6

VOD:LN 0.5 0.5

0.4 0.4 2017 2018 2019 2020 2021 2022

Telecommunications/Telecommunication Services Price: 113.80 GBX Report Date: September 24, 2021 Growth and Profitability Metrics

5-Year 10-Year Historical Growth 3-Year 5-Year 10-Year Profitability Current Average Average Revenues % -3.0 -1.8 -2.0 Gross Margin % 31.3 30.0 29.4 Revenues Per Share % -4.7 -3.8 -2.3 EBITDA Margin % 43.0 34.0 27.4 EBITDA % 7.4 8.2 6.7 Pre-Tax Margin % 9.3 4.9 1.6 EPS Diluted % -65.2 999.9 -35.9 Net Margin % 0.3 -6.0 14.9 Free Cash Flow % 7.8 20.0 2.5 Return on Equity % 0.2 -3.8 7.5 Cash from Operations % 7.1 7.0 2.0 Return on Capital % 0.1 -2.5 5.9 Book Value % -8.8 -7.4 -5.9 Return on Assets % 0.1 -1.8 4.4

Revenue (M) Vodafone Group Plc's cumulative annualized revenue Current: 37329.60 Median: 39882.45 High: 40855.71 Low: 37329.60 CAGR: -2.2% growth rate over the charted 41,560.9 41,560.9 40,761.6 40,855.7 period is -2.2%. This compares to cumulatative 39,882.4 40,091.7 40,091.7 annualized growth of -3.0% over the past 3 years. 38,622.5 38,622.5 37,434.7 37,329.6 37,153.3 37,153.3 2016 2017 2018 2019 2020 2021 Vodafone Group Plc's EPS Diluted cumulative annualized EPS Current: 0.00 Median: -0.03 High: 0.08 Low: -0.28 CAGR: 0.0% growth rate over the charted 0.15 0.15 period is 0.0%. This compares 0.08 to cumulatative annualized 0.00 0.00 -0.03 0.00 growth of -65.2% over the past 3 years. -0.15 -0.19 -0.15 -0.25 -0.30 -0.30 2016 2017 2018 2019 2020 2021

Net Profit Margin % Vodafone Group Plc's net profit margin of 0.3% is 6.2% Current: 0.26 Median: -5.84 High: 5.26 Low: -18.49 CAGR: 0.1% above the period's mean net 6.4 6.4 margin of -6.0%. During the charted period, the observed -2.3 -2.3 Mean (-5.98) net profit margin high and low were 5.3% and -18.5% -11.0 -11.0 respectively.

-19.7 -19.7 2016 2017 2018 2019 2020 2021 Vodafone Group Plc's return Return on Equity % on equity of 0.2% is 4.0% Current: 0.20 Median: -3.90 High: 3.40 Low: -11.50 CAGR: 0.0% above the period's mean 4.1 4.1 return on equity of -3.8%. During the charted period, the -1.3 -1.3 observed ROE high and low Mean (-3.84) were 3.4% and -11.5% respectively. -6.8 -6.8

-12.2 -12.2 2016 2017 2018 2019 2020 2021

Telecommunications/Telecommunication Services Price: 113.80 GBX Report Date: September 24, 2021 Valuation Metrics

5-Year 10-Year 5-Year 10-Year Current Median Median Current Median Median

Price / EPS TTM 99.9 99.0 99.0 Earnings Yield % 0.26 -5.31

Price / Sales 0.9 1.1 1.3 Free Cash Flow Yield % 29.97 17.72 12.27

Price / Operating Cash Flow 2.8 6.3 5.5 Dividend Yield % 3.50 6.05 5.84

Price / Book Value 0.7 0.8 0.8 Enterprise Value / EBITDA 4.1 6.1 6.8

Price / EPS TTM Vodafone Group Plc is trading at 99.90 times its EPS Current: 99.90 Median: 99.90 High: 99.90 Low: 23.92 CAGR: 0.0% generated during the latest Median (99.90) 103.7 103.7 fiscal year. This multiple is equal to the historically 75.8 75.8 observed median of 99.90, while high and low observations have been 99.90 48.0 48.0 and 23.92.

20.1 20.1 2016 2017 2018 2019 2020 2021 Price / Sales Vodafone Group Plc is trading at a Price to Sales ratio of 0.90 Current: 0.90 Median: 1.10 High: 1.62 Low: 0.74 CAGR: -9.0% based on sales generated 1.66 1.66 during the latest fiscal year. This ratio is below the 1.34 1.34 historically observed median ratio of 1.10, while high and Median (1.10) low observations have been 1.02 1.02 1.62 and 0.74.

0.70 0.70 2016 2017 2018 2019 2020 2021 Vodafone Group Plc is trading Price / Book Value at a Price to Book ratio of 0.68 Current: 0.68 Median: 0.77 High: 1.05 Low: 0.51 CAGR: -5.3% based on book value at the 1.1 1.1 latest fiscal year end. This ratio is below the historically observed median of 0.77, 0.9 0.9 while high and low Median (0.77) observations have been 1.05 0.7 0.7 and 0.51.

0.5 0.5 2016 2017 2018 2019 2020 2021 Vodafone Group Plc has a Free Cash Flow Yield % Free Cash Flow Yield of Current: 29.97 Median: 17.72 High: 35.90 Low: 7.50 CAGR: 32.0% 29.97% based on free cash 37.3 37.3 flow generated during the latest fiscal year. This value is above the historically observed 26.9 26.9 median yield of 17.72%, while high and low observations Median (17.72) 16.5 16.5 have been 35.90 and 7.50.

6.1 6.1 2016 2017 2018 2019 2020 2021

Telecommunications/Telecommunication Services Price: 113.80 GBX Report Date: September 24, 2021 Dividends Data

Dividends Per Share TTM 0.04 Payout Ratio TTM % 100.00% Dividend Yield TTM % 3.50%

Rate Ex Date Record Date Payment Date Currency Note 0.040 17-12-2020 18-12-2020 05-02-2021 GBP INTERIM GROSS, PAID AS GBP0.0398097 0.041 11-06-2020 12-06-2020 07-08-2020 GBP FINAL GROSS 0.038 28-11-2019 29-11-2019 07-02-2020 GBP INTERIM GROSS 0.037 06-06-2019 07-06-2019 02-08-2019 GBP FINAL GROSS. DECLARED AS EUR0.0416, PAID AS GBP0.037251 0.042 22-11-2018 23-11-2018 01-02-2019 GBP INTERIM GROSS 0.091 07-06-2018 08-06-2018 03-08-2018 GBP FINAL GROSS 0.042 23-11-2017 24-11-2017 02-02-2018 GBP INTERIM GROSS 0.090 08-06-2017 09-06-2017 04-08-2017 GBP FINAL GROSS. DECLARED AS EUR0.1003. 0.040 24-11-2016 25-11-2016 03-02-2017 GBP INTERIM GROSS. DECLARED AS EUR0.0474 PAID IN GBP0.04049586. 0.078 09-06-2016 10-06-2016 03-08-2016 GBP FINAL GROSS 0.037 19-11-2015 20-11-2015 03-02-2016 GBP INTERIM NET RESIDENTS OF EUROZONE PAID IN EURO UNLESS UK BANK MANDATE DETAILS LODGED

Dividend Growth and Yield

Dividends Per Share TTM Vodafone Group Plc's trailing 12-month dividend per share Current: 0.04 Median: 0.11 High: 0.13 Low: 0.04 CAGR: -19.2% is 0.04 and its dividend has 0.135 0.135 grown at a cumulative annualized rate of -19.2% over 0.118 0.118 the charted period. This compares to dividend growth 0.102 0.102 of -49.50% over the past year and cumulative annualized growth of -33.20% over the 0.085 0.085 past 3 years.

0.069 0.069

0.052 0.052

0.036 0.036 2016 2017 2018 2019 2020 2021

Dividend Yield TTM % Vodafone Group Plc's current dividend yield is 3.50% based Current: 3.50 Median: 6.05 High: 10.72 Low: 3.24 CAGR: -7.5% on trailing 12 month 11.09 11.09 dividends. The current yield is below the historically observed 9.72 9.72 median of 6.05% and, over the charted time period, the 8.35 8.35 observed high yield has been 10.72% and the observed low yield has been 3.24%. 6.98 6.98

5.61 5.61

4.24 4.24

2.87 2.87 2016 2017 2018 2019 2020 2021

Telecommunications/Telecommunication Services Price: 113.80 GBX Report Date: September 24, 2021 ICB Subsector Peer Comparisons

Price Change Year to Date % Price Change Last Calendar Year % -26.0 -11.2 3.6 18.5 33.3 -39.8 -23.2 -6.5 10.1 26.7

Airtel Africa PLC 30.6 Gamma Communications PLC 23.7

Helios Towers PLC 20.9 Telecom Egypt SAE 16.8 Rostelecom PJSC 4.0 BT Group Plc 19.8 Cablevision Holding SA 0.7 Gamma Communications PLC 8.8 Peer Group Average -2.7 Peer Group Average 6.8 Helios Towers PLC -3.2 Telecom Egypt SAE 2.8 Airtel Africa PLC -5.4 Rostelecom PJSC -4.5 Magyar Telekom Telecommunications Plc -12.4

Vodafone Group Plc -5.9 Vodafone Group Plc -17.6

Cablevision Holding SA -18.4 BT Group Plc -31.3

-26.0 -11.2 3.6 18.5 33.3 -39.8 -23.2 -6.5 10.1 26.7

Price / EPS TTM Price / Book Value 0.0 26.1 52.2 78.3 104.4 0.0 3.6 7.3 10.9 14.5

Vodafone Group Plc 99.9 Helios Towers PLC 13.9 Helios Towers PLC 99.9 Gamma Communications PLC 11.1 Cablevision Holding SA 99.9 Peer Group Average 4.0 Rostelecom PJSC 62.5 Rostelecom PJSC 4.0 Magyar Telekom Telecommunications Plc 50.0 Magyar Telekom Telecommunications Plc 3.1 Gamma Communications PLC 49.6 SwissCom AG 2.9 Peer Group Average 49.0 Telecom Egypt SAE 2.6 Telecom Egypt SAE 23.3 Hellenic Telecommunications… 1.9 SwissCom AG 18.0 Airtel Africa PLC 1.5 Airtel Africa PLC 15.1 BT Group Plc 1.3 BT Group Plc 10.9 Cablevision Holding SA 1.1 Hellenic Telecommunications… 10.4 Vodafone Group Plc 0.7 0.0 26.1 52.2 78.3 104.4 0.0 3.6 7.3 10.9 14.5

EPS 5-Year Growth Rate % Revenue 5-Year Growth Rate % -181.0 128.3 437.6 746.9 1,056.1 -10.2 -3.9 2.3 8.6 14.8

Vodafone Group Plc 999.9 Gamma Communications PLC 13.7

Telecom Egypt SAE 5.5 Peer Group Average 170.0 BT Group Plc 2.3 Gamma Communications PLC 29.3 Peer Group Average 1.1

Hellenic Telecommunications… 24.6 SwissCom AG -1.2

Hellenic Telecommunications… -1.2 SwissCom AG 2.4 Magyar Telekom Telecommunications Plc -1.3 BT Group Plc -13.4 Vodafone Group Plc -1.8

Rostelecom PJSC -22.5 Rostelecom PJSC -7.0

-181.0 128.3 437.6 746.9 1,056.1 -10.2 -3.9 2.3 8.6 14.8

Telecommunications/Telecommunication Services Price: 113.80 GBX Report Date: September 24, 2021 Abbreviations: CAGR - Cumulative annual growth rate. EBIT - Earnings before interest and taxes. EBITDA - Earnings before interest, taxes, depreciation & amortization. LFY - Last fiscal year M - Million LON - London Stock Exchange

Definitions: Market Value - Weekly Price times latest Shares Outstanding times any applicable ADR factor. Revenue - Sum of the last four quarters of Revenues. Revenue Per Share - Sum of the last four quarters of Total Revenue divided by Weighted Average Shares Outstanding. Operating EPS LFY - EPS excluding non-recurring, non-operating items, fiscal year aligned TTM value. 60-Day Average Volume (000) - The average of the last 60 daily volume values in thousands of shares. Price 52-Week High - The high closing price from the last 52 weeks of daily closing prices. Price 52-Week Low - The low closing price from the last 52 weeks of daily closing prices. Price / 52-Week High - Latest price divided by the high price from the past 52 weeks of daily closing prices. Price / 52-Week Low - Latest price divided by the low price from the past 52 weeks of daily closing prices. 50-Day Average Price - Mean of last 50 daily closing prices. 200-Day Average Price - Mean of last 200 daily closing prices. Price / 50-Day Average Price - Latest closing price divided by mean of last 50 daily closing prices, as a percentage. Price / 200-Day Average Price - Latest closing price divided by mean of last 200 daily closing prices, as a percentage. Relative Strength Index - Relative Strength Index or RSI measures the magnitude of gains over a given time period against the magnitude of losses over that period. The equation is RSI = 100 - 100 / (1 + RS) where RS = (total gains / n) / (total losses / n) and n = number of RSI periods. In this item, 14 days is used and one year of daily prices are considered. A value of 30 or below may imply oversold and 70 or above may imply overbought. Price Volatility - The standard deviation of the last 20 days of daily closing prices. Sharpe Ratio - The 5 year average of the excess monthly return over the risk - free rate(1 - month T - bill) over the 5 year standard deviation of the same series. Sortino Ratio - The same calculation as the Sharpe Ratio but with positive excess returns set to zero for the standard deviation denominator, so only negative volatility weighs in. Dividends Per Share TTM - Sum of the last four quarters of Dividends Per Share. Payout Ratio - Dividends Per Share TTM divided by Operating EPS TTM. Dividend Yield TTM % - Sum of the last four quarter of Dividends Per Share divided by Weekly Price. EBITDA - Sum of the last four quarters of EBITDA (Operating Income + Depreciation & Amortization). Free Cash Flow - Sum of the last four quarters Net Cash from Operations minus Capital Expenditures (Purchase of Property, Plant & Equipment), from the Cash Flow Statement. Book Value Per Share - Total Common Equity last quarter divided by Shares Outstanding last quarter. Gross Margin % - Sum of the last four quarters Gross Profit divided by the sum of the last four quarters Revenues. EBITDA Margin % - Sum of the last four quarters EBITDA divided by the sum of the last four quarters Revenues. Pre-Tax Margin % - Sum of the last four quarters of Earnings Before Taxes divided by sum of the last four quarters Revenues. Net Profit Margin % - Sum of the last four quarters of Operating EPS divided by sum of the last four quarters Revenues Per Share. Return on Equity % - Sum of the last four quarters of Operating EPS divided by the average of the last four quarters Book Value. Return on Capital % - Sum of the last four quarters of Operating EPS divided by the average of the last four quarters Total Capital Per Share. Return on Assets % - Sum of the last four quarters of Operating EPS divided by the average of the last four quarters Total Assets Per Share. Price / EPS TTM - Weekly Price divided by the sum of the last four quarters of Operating EPS (capped at 99.9). Price / Sales - Weekly Price divided by Revenues Per Share TTM. Price / Book Value - Weekly Price divided by Book Value Per Share last quarter. Book Value Per Share is Total Common Equity last quarter divided by Shares Outstanding last quarter (capped at 49.9). Free Cash Flow Yield % - Free Cash Flow Per Share TTM divided by Weekly Price. Enterprise Value - Market Value plus Total Debt last year plus Preferred Equity last year minus Cash & Cash Equivalents last year. Enterprise Value / Sales - Enterprise Value divided by the sum of the last four quarters of Revenue. Enterprise Value / EBITDA - Enterprise Value divided by EBITDA TTM. Enterprise Value / EBIT - Enterprise Value divided by trailing four quarters of Operating Income. Enterprise Value / Free Cash Flow- Enterprise Value divided by the sum of the last four quarters of Free Cash Flow. Russell 1000 Index - The largest 1,000 stocks by market cap, the index comprehensively covers the US large cap universe. EPS 5-Year Growth Rate % is capped at 999.9%. Revenue 5-Year Growth Rate % is capped at 999.9%.

Telecommunications/Telecommunication Services Price: 113.80 GBX Report Date: September 24, 2021

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