ROBERT GRINDLE | ESPIRITO SANTO
2015 is an interesting one... as the company makes substantial investments in order to make a clearer distinction between the quality of its network and the competition. Should this be achieved, then alongside an improving macro environment Vodafone shares should benefit.
SIMON WEEDEN | CITIGROUP
We expect the weaker guidance for core profits to be taken negatively albeit free cash flow guidance is in line and the factors driving the year on year change in core profits including currency and the managed exit from certain mobile virtual network operator contracts as understandable.
AKHIL DATTANI | JP MORGAN CAZENOVE
With the AT&T bid for Direct TV eliminating remaining M&A hopes, and guidance concerns now quantified, key overhangs are clarified. The big picture remains Vodafone earnings should inflect materially. UK service revenues came in 0.9 per cent below consensus.