FTSE Index FTSE100
Year End Date 31/03/2005
Final Ex Div Date 01/06/2005
Interim Ex Div Date 24/11/2004
2000/06 2001/06 2002/06 2003/06 2004/06 2005/06 CURRENT
PER 57.2 42.1 17.3 17.5 12.6 12.4 14.0
Dividend Yield % 0.50 0.89 1.63 1.39 2.00 3.30 2.82
Dividend Cover % 3.50 2.67 3.55 4.12 3.97 2.45 2.53
EPS Growth % 24.20 -19.91 39.43 33.71 4.00 3.31 10.29
Operating Margin % 32.1 34.1 30.4 30.2 32.0 21.8 21.8
Net Profit Margin % 6.2 -65.1 -70.7 -32.3 -26.9 -22.1 -22.1
ROCE % 1.97 10.55 15.45 20.56 30.98 29.83 29.83
ROE % 1.5 2.7 4.6 6.4 9.2 10.0 10.0
PBV 0.51 0.65 0.46 0.63 0.73 0.91 0.96
PTBV 0.60 2.48 2.23 3.54 4.49 5.68 6.03
PSR 9.18 6.45 2.68 2.73 2.45 2.64 2.80
Gearing % 4.7 4.6 9.0 10.5 7.6 8.5 8.5
Gearing (Tangible) % 5.5 17.3 43.8 59.0 46.4 53.0 53.0
EV / Sales 10.21 7.06 3.33 3.28 2.79 2.97 3.13
EV / EBITDA 24.48 15.70 7.69 7.61 6.11 6.65 7.02
PCF 40.6 32.8 9.2 8.6 6.4 7.1 7.5
Price / Free Cash Flow 70.6 -6.0 28.1 19.1 9.5 11.3 12.0
Price / Net Curr Assets -37.6 18.2 -15.2 -14.6 -43.8 -29.6 -31.4
Price / Net Debt -10.9 -14.4 -5.1 -6.0 -9.7 -10.7 -11.4
Quick Ratio 0.52 1.40 0.66 0.58 0.84 0.77 0.77
Current Ratio 0.57 1.43 0.70 0.60 0.88 0.79 0.79
Interest Cover 6.30 4.34 8.22 12.21 15.05 18.93 18.93
Cashflow / EPS 3.65 -0.30 -0.41 -0.99 -1.43 -1.69 -1.69
Earnings Quality 0.4 -4.3 -4.6 -2.1 -1.4 -1.1 -1.1
Z Score 4.08 2.31 1.00 1.57 1.43 1.56 1.68
Forecast Chg Week -0.30%
Forecast Chg Month -0.72%
Forecast Chg 3 Month -
Share Sector
Yield % 2.99 1.16
PER 13.75 38.75
Growth % 3.09 15.43
PEG 4.45 -
Gearing % 8.46 -8.46
Gearing % (Tangible) 52.98 -49.19
Margin % 21.80 2.58
PSR 2.80 4.07
EV / Sales 3.13 3.51
PBV 0.96 2.95
PTBV 6.03 6.03
ROCE % 29.83 16.21
ROE % 9.96 4.90
PCF 7.52 35.26
PFCF 12.02 -71.96
VODAFONE GROUP         DEMO TELECOMMUNICATIONS SERVICES
Market Capital 95,651.6m
Num Shares 63,352m
Dividend Cover 2.43
Interest Cover 18.93
Cash Flow / EPS -1.69
Quick Ratio 0.77
Current Ratio 0.79
"Z" Score 1.68
m
Intangible Assets 83,464.0
Tangible Assets 18,398.0
Other Non-Current 20,250.0
________
Fixed Assets 122,112.0
Inventory 430.0
Receivables 7,698.0
Cash 2,850.0
Other Current 816.0
________
Current Assets 11,794.0
Current Liabilities -14,837.0
________
Net Current Assets -3,043.0
Non-Current Liabilities -12,382.0
Provisions -4,552.0
Retained Earnings -51,688.0
Equity Funds 99,317.0
Minority Funds 2,818.0
Rel Str 1 Month 4.91%
Rel Str 3 Months 0.54%
Rel Str 6 Months 2.15%
Rel Str 1 Year 0.49%
m
Revenue 34,133.0
Operating Profit 7,440.0
Exceptionals & Goodwill -14,593.0
Interest -393.0
Profit Before Tax -4,702.0
Taxation -2,236.0
________
Net Profit -7,540.0
Basic EPS -11.39p
Adjusted EPS 10.65p
Dividend 4.07p
m
Operating Cash Flow 14,733.0
Finance Servicing -391.0
Taxation -1,616.0
________
Net Cash Flow 12,726.0
Capex -4,768.0
Acquisitions -2,017.0
Net Debt -8,399.0
Depreciation 4,940.0
2003 2004 2005 2006F 2007F
Turnover m 30,375.0 33,559.0 34,133.0
Operating Profit m 9,181.0 10,749.0 7,440.0
Operating Margin % 30.2 32.0 21.8
Profit Before Tax m -6,208.0 -5,047.0 -4,702.0 10,722.5 11,488.0
Tax Rate % 47.6 62.5 47.6
ROCE % 20.79 32.26 32.52
ROE % 6.4 9.2 10.0
Basic EPS p -14.41 -13.24 -11.39
Adjusted EPS p 6.97 9.23 10.65 10.98 12.27
EPS Growth % 33.78 32.42 15.38 3.10 11.75
Cash Flow ps 14.25 18.93 19.22
Capex ps -7.89 -6.27 -7.20
Div ps 1.69 2.03 4.07 4.51 4.97
Div Growth % 14.97 20.12 100.49 10.81 10.20
Div Cover 4.13 4.54 2.62 2.44 2.47
Net Cash/Debt m -13,839.0 -8,488.0 -8,399.0
NAV m 131,534.0 111,924.0 99,317.0
NTAV m 23,449.0 18,302.0 15,853.0
Net Curr Assets m -5,702.0 -1,877.0 -3,043.0
Depreciation m 3,979.0 4,362.0 4,940.0
Oper Cash Flow m 11,142.0 14,118.0 14,733.0
.
EPIC
Last Updated: Wed 17 Aug 2005
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