	Mar'20 Actual	Mar'21 Actual	Mar'22 Actual	Mar'23 Actual	Mar'24 Actual	Mar'25 Estimate	Mar'26 Estimate	Mar'27 Estimate	Mar'28 Estimate	Mar'29 Estimate	Mar'30 Estimate	Mar'31 Estimate	Mar'32 Estimate	Mar'33 Estimate	Mar'34 Estimate	Mar'35 Terminal
Revenue % growth	44,974.0 3.0%	43,809.0 (2.6%)	45,580.0 4.0%	45,706.0 0.3%	36,717.0 (19.7%)	39,227.4 6.8%	39,887.8 1.7%	40,392.5 1.3%	40,172.3 (0.5%)	42,279.4 5.2%	44,303.6 4.8%	46,222.0 4.3%	48,012.0 3.9%	49,651.6 3.4%	51,120.1 3.0%	52,398.1 2.5%
Operating income (EBIT) % margin	3,624.0 8.1%	3,417.0 7.8%	5,367.0 11.8%	4,462.0 9.8%	3,665.0 10.0%	1,531.9 3.9%	1,557.7 3.9%	1,577.4 3.9%	1,568.8 3.9%	1,651.1 3.9%	1,730.1 3.9%	1,805.0 3.9%	1,874.9 3.9%	1,939.0 3.9%	1,996.3 3.9%	2,046.2 3.9%
NOPAT % effective tax rate	(2,074.1) (4.6%)	379.7 0.9%	3,627.3 8.0%	4,294.5 9.4%	3,551.9 9.7%	1,484.6 3.8%	1,509.6 3.8%	1,528.7 3.8%	1,520.4 3.8%	1,600.1 3.8%	1,676.7 3.8%	1,749.3 3.8%	1,817.1 3.8%	1,879.1 3.8%	1,934.7 3.8%	1,983.1 3.8%
D&A % of revenue	14,174.0 31.5%	14,101.0 32.2%	10,417.0 22.9%	10,255.0 22.4%	10,414.0 28.4%	9,630.9 24.6%	9,793.0 24.6%	9,916.9 24.6%	9,862.9 24.6%	10,380.2 24.6%	10,877.1 24.6%	11,348.1 24.6%	11,787.6 24.6%	12,190.2 24.6%	12,550.7 24.6%	12,864.4 24.6%
Capex % of revenue	(5,182.0) (11.5%)	(5,413.0) (12.4%)	(4,547.0) (10.0%)	(4,957.0) (10.8%)	(6,860.0) (18.7%)	(5,165.6) (13.2%)	(5,252.5) (13.2%)	(5,319.0) (13.2%)	(5,290.0) (13.2%)	(5,567.5) (13.2%)	(5,834.0) (13.2%)	(6,086.6) (13.2%)	(6,322.3) (13.2%)	(6,538.2) (13.2%)	(6,731.6) (13.2%)	(6,899.9) (13.2%)
Change in Working Capital % of revenue	30.0 0.1%	514.0 1.2%	(800.0) (1.8%)	(638.0) (1.4%)	114.0 0.3%	(371.4) (0.9%)	(377.7) (0.9%)	(382.5) (0.9%)	(380.4) (0.9%)	(400.3) (0.9%)	(419.5) (0.9%)	(437.7) (0.9%)	(454.6) (0.9%)	(470.1) (0.9%)	(484.0) (0.9%)	(496.1) (0.9%)
Free Cash Flow to Firm (FCFF) % of revenue	6,947.9 15.4%	9,581.7 21.9%	8,697.3 19.1%	8,954.5 19.6%	7,219.9 19.7%	5,578.5 14.2%	5,672.4 14.2%	5,744.2 14.2%	5,712.9 14.2%	6,012.5 14.2%	6,300.4 14.2%	6,573.2 14.2%	6,827.7 14.2%	7,060.9 14.2%	7,269.7 14.2%	7,451.5 14.2%
% of FCFF used in calculation
Discount period
Discount factor
Discounted FCFF (DFCFF)

VOD DCF Value

Crunching data... Almost there!

VOD Earnings Power Value and Enterprise Value

Annual

LTM

Enterprise Value Breakdown

EPV and MIVoG as % of EV

VOD Reverse DCF

Implied FCF growth

Implied Revenue growth

Reverse DCF Assumptions and Outputs

as of Sep 30, 2024

LTM Free Cash Flow

27.6B

Long-Term growth rate

2.5%

Discount rate

N/A

FX rate

1.1

Reverse DCF Value

N/A

Last share price

9.8

Implied FCF growth 1-10Y

0.0%

Implied Free Cash Flow growth vs Historical average vs Industry growth

Competing with VOD Intrinsic Value

Overview

Ratings

Intrinsic Value

Valuation

Growth

Profitability

Health

Capital allocation

Momentum

Earnings

Dividends

Company name	Market Cap	Enterprise Value	Intrinsic Value	DCF Value	Relative value	Ben Graham Revised fair value	Peter Lynch fair value	Earnings Power Value (EPV), % of EV	Market-Implied Value of Growth (MIVoG), % of EV	Reverse DCF (implied FCF growth)	Reverse DCF (implied Revenue growth)
Vodafone Group Public Limited CompanyVOD VOD	$24.5B	$71.4B	$69.7 683.6% undervalued	N/A 0.0% overvalued	$69.7 683.6% undervalued	$643.5 7,130.3% undervalued	$1,661.4 18,567.4% undervalued	N/A	N/A	0.0%	0.0%
T-Mobile US, Inc.TMUS TMUS	$320.9B	$429.4B	$89.2 67.3% overvalued	Negative 103.0% overvalued	$89.2 67.3% overvalued	$137.0 49.8% overvalued	$151.6 44.4% overvalued	70.1%	29.9%	(1.0%)	(1.6%)
AT&T Inc.T T	$199.5B	$337.1B	$14.2 48.8% overvalued	$6.9 75.0% overvalued	$21.5 22.5% overvalued	$21.9 21.1% overvalued	$11.8 57.6% overvalued	111.1%	(11.1%)	(19.4%)	(20.3%)
Verizon Communications Inc.VZ VZ	$183.1B	$347.2B	$110.6 152.2% undervalued	$175.1 299.0% undervalued	$46.1 5.1% undervalued	$74.5 69.8% undervalued	$62.3 42.1% undervalued	158.9%	(58.9%)	(19.6%)	(19.3%)
Comcast CorporationCMCSA CMCSA	$138.7B	$136.3B	$72.4 101.3% undervalued	$78.9 119.0% undervalued	$65.9 83.2% undervalued	$46.3 28.8% undervalued	$47.3 31.5% undervalued	126.2%	(26.2%)	(11.5%)	(10.2%)
Charter Communications, Inc.CHTR CHTR	$52.6B	$146.1B	$521.2 40.6% undervalued	$710.1 92.0% undervalued	$332.3 10.3% overvalued	$232.2 37.4% overvalued	$269.8 27.2% overvalued	208.4%	(108.4%)	(14.7%)	(15.9%)
América Móvil, S.A.B. de C.V.AMX AMX	$44.3B	$81.0B	$64.5 356.7% undervalued	$37.4 165.0% undervalued	$91.6 548.4% undervalued	$37.5 165.3% undervalued	$233.0 1,550.2% undervalued	96.3%	3.7%	(3.9%)	(4.1%)
Chunghwa Telecom Co., Ltd.CHT CHT	$30.4B	$30.4B	$46.9 19.7% undervalued	$38.9 1.0% overvalued	$55.0 40.3% undervalued	$77.5 97.7% undervalued	$212.4 441.9% undervalued	48.2%	51.8%	2.4%	3.0%
Orange S.A.ORAN ORAN	$27.4B	$22.9B	$27.8 169.8% undervalued	$13.5 31.0% undervalued	$42.0 308.4% undervalued	$38.4 273.3% undervalued	$40.5 293.9% undervalued	N/A	N/A	0.0%	0.0%
Telefónica, S.A.TEF TEF	$24.9B	$62.4B	$14.9 239.6% undervalued	$20.2 359.0% undervalued	$9.7 120.3% undervalued	$12.9 193.7% undervalued	N/A 0.0% overvalued	57.8%	42.2%	(22.4%)	(21.5%)
BCE Inc.BCE BCE	$21.3B	$47.2B	$94.0 301.4% undervalued	$168.6 620.0% undervalued	$19.4 17.3% overvalued	$2.1 90.8% overvalued	$4.9 79.0% overvalued	54.6%	45.4%	(14.8%)	(14.7%)