Vodafone Group Public Limited Company

VODI.DE · Communication Services · Telecom Services · Valued as of 2026-11-03 · Statements 2026-03-31

How Each Value Is Built

The screener's three formulas on the reported figures. Each card reads the same way: the value as a sum of numbered terms, each term's calculation opened under it, from the reported figures to the value. The list ranks companies by their plain average over the market cap.

What it is worth

EPV + Growth

82.08B USD

what the normal year's earnings are worth for ever, plus growth that pays

Profit

62.36B USD

15 years of cash the shareholders can take out, and the equity left at year 15

FCFF

28.84B USD

15 years of cash for shareholders and lenders, less what is owed

Average Intrinsic Value

57.76B USD

The plain average of EPV, Profit and FCFF

Against the price

Market Cap

38.99B USD

the price on the date above times the shares

Intrinsic Value ÷ Market Cap

1.48×

the ratio the screener ranks by

Margin of Safety

+32.5%

1 − Market Cap / Average Intrinsic Value

Projections, not exact values. Intrinsic Values are projected from each company's past reports. They show which stocks look cheap compared with the others, not exactly what a stock is worth.

Earnings power value plus growth: 82.08B USD
What the normal year's operating profit after tax is worth if it lasts for ever, plus what the new investment adds beyond its cost, less the net debt that comes before the shareholders (or plus the net cash).
①EPV (earnings power value)128.32B USD
−②Net Debt Today46.24B USD
+③Growth Value0 USD
=Value82.08B USD

EPV of the Operations (NOPAT over WACC)

128.32B USD

Net debt today

-46.24B USD

Growth Value

0 USD

Value

82.08B USD

①EPV (Earnings Power Value)

128.32B USD

②Net Debt Today

46.24B USD

③Growth Value

0 USD

Market value

Market Cap38.99B USD

The price on the date above times the shares.

Value vs market

Margin of Safety+52.5%

1 minus the market cap as a share of the value.

Profit value: today's value of the shareholders' equity, from the cash it can pay them (FCFE): 62.36B USD
Fifteen years of free cash flow to equity (FCFE), each brought to today at the cost of equity, plus the equity at year 15 brought to today.

The projection was not made (a profit at or below zero in the latest three years), so the value is the book value today, 62.36B USD, as the screener leaves it.

①Present Value of the 15 Years of FCFE

Not in the value

②Equity at Year 15, Today

Not in the value

Market value

Market Cap38.99B USD

The price on the date above times the shares.

Value vs market

Margin of Safety+37.5%

1 minus the market cap as a share of the value.

FCFF value: today's value of the shareholders' equity, from the cash the firm can pay its shareholders and lenders (FCFF): 28.84B USD
Fifteen years of free cash flow to the firm (FCFF), each brought to today at the WACC, plus the invested capital at year 15 brought to today, less the net debt today (or plus the net cash).
①Present Value of the 15 Years of FCFF1.87B USD
+②Invested Capital at Year 15, Today73.22B USD
−③Net Debt Today46.24B USD
=Value28.84B USD
FCFF: the NOPAT left for the shareholders and the lenders once the business reinvests what next year's growth needsReinvestment: the part of the year's NOPAT put back into the business to grow the next year; below zero, capital the business releasesPresent value of the FCFFColoured bars show the FCFF, grey bars the reinvestment. With a positive reinvestment the two stacked are the year's NOPAT; with a negative one the grey is below zero, capital the business releases, and the NOPAT is the FCFF plus that negative amount. Shaded, years 6 to 10: the growth rising to its long-run rate and the ROIC on new investment rising to the WACC. Axes linear.

①Present Value of the 15 Years of FCFF

1.87B USD

②Invested Capital at Year 15, Today

73.22B USD

③Net Debt Today

46.24B USD

Market value

Market Cap38.99B USD

The price on the date above times the shares.

Value vs market

Margin of Safety-35.2%

1 minus the market cap as a share of the value.

The Rates and the Capital the Values Read

The WACC and the cost of equity each value is discounted at, the book value and the net debt each starts from, and the seven quality metrics, from the same run.

WACC: 2.64%
Cost of Equity =Risk-Free Rate 4.50%+Beta 0.33×Market Risk Premium 6.00%= 6.50%

The yearly return the shareholders require for the risk they carry; it is the rate that brings their future cash to today.

Tax Rate for WACC =Tax Provision 2.07B USDPretax Income 2.14B USD= 96.83%

The tax the interest saves.

Interest Expense =EBIT 4.95B USD−Pretax Income 2.14B USD= 2.81B USD

The interest the company paid: EBIT is the profit before tax plus the interest.

Cost of Debt =Interest Expense 2.81B USDTotal Debt 60.38B USD×(1 − Tax Rate for WACC 96.83%)= 0.15%

What the lenders are paid a year after the tax the interest saves.

Debt Weight =Total Debt 60.38B USDMarket Cap + Total Debt 38.99B USD + 60.38B USD= 60.76%

The part of the capital the lenders put in, at market value.

WACC =Equity Weight 39.24%×Cost of Equity 6.50%+Debt Weight 60.76%×Cost of Debt 0.15%= 2.64%

Weighted average cost of capital: the yearly return the shareholders and the lenders together require, weighted by what each puts in; the rate that brings the firm's future cash to today.

Book value and net debt today
Both from the balance sheet of the newest quarter, 2026-03-31.

Total Assets 149.03B USD − Total Liabilities 86.67B USD = Book Value Today 62.36B USD

Total Debt 60.38B USD − Cash and Short-Term Investments 14.14B USD = Net Debt Today 46.24B USD

The book value is what Profit starts from and what stands when a projection is not made; the book value plus the net debt is what FCFF starts from; the net debt comes off Greenwald's and FCFF's values before the shareholders.

Quality metrics
Read beside the value, never a condition for it: every company is valued, and a filter in the list is the reader's choice.
MetricFrom
Share dilutionShares Today ÷ Shares Two Years Back − 1-14.7%at most 5%passes23,087,114,293 / 27,080,121,854
Accrual quality(Operating Cash Flow − Net Income) ÷ Total Assets11.3%at least -10.0%passes(16.39B USD − -455.42M USD) ÷ 149.03B USD
Price to bookMarket Cap ÷ Book Value Today0.63×at most 3×passes38.99B USD ÷ 62.36B USD
Operating marginOperating Income ÷ Revenue9.3%above 10.0%does not pass4.29B USD ÷ 46.41B USD
Revenue growthRevenue ÷ Revenue a Year Before − 114.4%above 10.0%passes46.41B USD / 40.57B USD
Net cash(Cash − Total Debt) ÷ Market Cap-135.1%above -30%does not pass(7.72B USD − 60.38B USD) ÷ 38.99B USD
Operating efficiencyOperating Income ÷ Gross Profit29.4%above 25.0%passes4.29B USD ÷ 14.61B USD

Market Data

The provider's ratios and the analysts' consensus beside the argument; none of them enters a value.

Share price

1.50 EUR

Enterprise value

77.29B EUR

the provider's own figure

EV / EBITDA

8.63×

Price / book

0.68×

the provider's book

Price / earnings

—

Return on equity

0.1%

the provider's figure, not this page's

Profit margin

-1.0%

Revenue growth

—

Analyst target, mean

—

Analysts

—

opinions in the consensus

Financial Statements

The annual lines the screener holds, year by year, in USD at each period's rate; the figures this valuation read are in its calculation above.

Income statement (USD)2023202420252026

Revenue

41.12B39.67B40.57B46.41B

Gross profit

14.53B13.25B13.56B14.61B

Operating income

5.72B4.12B4.48B4.29B

EBITDA

operating income before depreciation and amortisation

28.15B15.97B12.58B19.23B

Pretax income

14.27B1.75B-1.60B2.14B

Net income

12.92B1.23B-4.52B-455.42M

Normalized income

net income without one-off items, as the data provider prints it; Profit's line when printed

3.28B1.18B3.34B-670.85M

R&D

————
Balance sheet, year end (USD)2023202420252026

Total assets

169.76B155.97B139.25B149.03B

Total liabilities

99.37B90.06B80.83B86.67B

Shareholders' equity

the equity the parent's shareholders own, as printed, without minority interest; the book value the values read is total assets less total liabilities, in Book Value and Net Debt above

69.20B64.79B57.15B58.08B

Total debt

72.47B61.58B57.58B60.38B

Cash and equivalents

12.78B4.92B9.84B7.72B

Net PP&E

fixed assets after depreciation

41.47B30.79B33.28B39.22B

Working capital

current assets less current liabilities

-2.08B11.12B6.36B3.78B
Cash flow (USD)2023202420252026

Operating cash flow

19.71B17.89B16.66B16.39B

Capital expenditure

paid out, so below zero

-8.47B-7.41B-7.26B-8.39B

Depreciation and amortisation

11.19B11.25B11.71B14.29B

Free cash flow

operating cash flow plus capital expenditure

11.24B10.48B9.40B8.00B