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Vodafone Group Plc
Deutsche Numis
Morgan Stanley
New Street Research
Goldman Sachs
BNP Paribas Exane
Bank of America Merrill Lynch
Barclays
JP Morgan
UBS
Berenberg
Citigroup
Andrew Lee Goldman Sachs
I had a question on towers and your thoughts on Vantage. Over the last year or so and particularly a few months, we have seen towers derate a lot with concerns on contract renegotiation risk, consolidation risk, satellite risk. Do you share those concerns, both as an owner of Vantage and as Vodafone customer of towers? Do you think now is a good time to buy the rest of INWIT, given it is the cheapest it has been for a very long time? Starting maybe from the end. I would say we are happy with our position from an INWIT perspective, specifically, of course. There will be different trends as always in the market. More broadly on the tower space. First of all, we are happy to have achieved our initial position that we were targeting with the full 50:50 in Vantage. We are happy with how the Vantage growth is actually developing. You can see this in its financials and it is a good contributor of dividends to the Group. So happy with all of that. You are right, the tower market is evolving, and we think that there will be further possible changes across the footprint in which we operate in Europe with potential more movements towards consolidation. So in terms of our position within Vantage, that will really depend on how we see the market more broadly evolving and whether there are other opportunities. Strategically, we would consider those as they present itself, for example, if there is an opportunity of consolidation. So we are happy with the operations as they stand today, both sides. We will keep looking at the evolution of the market and assess at every point in time in the next few years what is the appropriate position for Vodafone. Just specifically on INWIT. Obviously, I am not going to say you were able to buy it in today, but this is a stock that you have historically said you might want to buy in the minorities over time. And obviously, the multiples have come down a lot in terms of valuation. Is this an opportunity to be nimble and take advantage of that, or that is not obvious that that is the case at this point in time? As I said, pretty happy with where we are with INWIT, but of course, it is for the Vantage Board to decide as it goes along, what is the most appropriate position on all its participations. I just want to dig into the German service revenue trends in a bit more detail. I think last quarter, you gave some helpful colour on how much of a tailwind to the 1&1 revenues were in the service revenue growth. Last quarter was about €80 million of revenues, which were incremental. Expecting about €100 million this year. If you could confirm whether that is the case or not, that would be very helpful. Related to that, in the introductory comments, Margherita, you said we should expect the wholesale tailwind for 1&1 to continue. You also mentioned that the MDU headwind would have an impact. I just wanted to understand, are we now at the maximum MVNO revenues in this quarter for 1&1? Or will that continue to increase on a quarter-on-quarter basis just as we get into Q4? Then secondly, are there any MDU revenues to fall out still? Because looking at the chart on the bottom left of slide four, it looks like there was no real impact this quarter or last quarter, and I had thought all of those MDU headwinds were out of the business.
Margherita Della Valle Vodafone
Andrew Lee Goldman Sachs
Margherita Della Valle Vodafone Joshua Mills BNP Paribas Exane
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