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4-Traders Homepage  >  Equities  >  London Stock Exchange  >  Vodafone Group    VOD   GB00BH4HKS39

VODAFONE GROUP (VOD)
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Vodafone : CEO Colao calls it quits

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05/17/2018 | 06:58am CEST

Vittorio Colao has not announced the reason for his resignation, however, Vodafone also announced a succession plan that will see CFO Nick Read take the reins, and Deputy CFO Margherita Della Valle filling his shoes.

“On behalf of the Board, I would like to express our gratitude to Vittorio for an outstanding tenure,” said Vodafone group chairman Gerard Kleisterlee. “He has been an exemplary leader and strategic visionary who has overseen a dramatic transformation of Vodafone into a global pacesetter in converged communications, ready for the gigabit future. Vittorio will leave as his legacy a company of great integrity with strong inclusive values that is exceptionally well-positioned for the decade ahead. Nick has been the co-architect of the Group’s strategy together with Vittorio, combining extensive international operational and commercial leadership with world-class financial acumen. I am confident Vodafone will benefit greatly from his experience, insight and wisdom in his new role as group chief executive. Margherita has a strong track record in financial leadership at the highest levels, and I am delighted to welcome her to the Board. I would also add that the appointment of Nick and Margherita serves as a testament to the strength and depth of the Vodafone senior leadership team that Vittorio has assembled and led over the last decade.”

Vodafone’s 2017 numbers revealed a 15% increase in operating profit despite a 2% fall in revenues. This appears to be down to efficiency measures such as replacing call centre staff with bots.

“This was a year of significant operational and strategic achievement and strong financial performance,” said Colao. “Our sustained investment in network quality supported robust commercial momentum: we added a record number of fixed NGN and converged customers in Q4, mobile data usage continues to grow strongly and we grew both revenues and margins in Enterprise, despite roaming headwinds, and continued to reduce operating costs. As a result, underlying EBITDA grew 7.9%. We expect to sustain our profit growth in the year ahead, despite the arrival of a new entrant in Italy and competitive pressure in Spain, supported by the third year in a row of lower net operating costs. Our primary focus continues to be to accelerate the ‘Digital Vodafone’ programme, which we believe is a unique opportunity to enhance our customers’ experience, generate incremental value and improve cost efficiency.”

(c) 2018 ITP Business Publishing Ltd. All Rights Reserved. Provided by SyndiGate Media Inc. (Syndigate.info)., source Middle East & North African Newspapers

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Financials (€)
Sales 2019 45 959 M
EBIT 2019 4 886 M
Net income 2019 2 532 M
Debt 2019 33 845 M
Yield 2019 7,17%
P/E ratio 2019 20,57
P/E ratio 2020 17,50
EV / Sales 2019 1,92x
EV / Sales 2020 1,90x
Capitalization 54 344 M
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Mean consensus OUTPERFORM
Number of Analysts 24
Average target price 2,63 €
Spread / Average Target 30%
EPS Revisions
Managers
NameTitle
Vittorio Amedeo Colao Chief Executive Officer & Executive Director
Gerard Johannes Kleisterlee Chairman
Nicholas Jonathan Read Group Chief Financial Officer & Executive Director
Johan Wibergh Group Technology Officer
Samuel Esson Jonah Independent Non-Executive Director
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