05:45 AM EDT, 05/17/2024 (MT Newswires) -- CFRA, an independent research provider, has provided MT Newswires with the following research alert. Analysts at CFRA have summarized their opinion as follows:

We maintain our Hold recommendation on shares of Vodafone ( VOD ) with a higher target price of USD10.0 (from USD9.5). This represents FY25 (Mar.) consensus EV/EBITDA of 6.5x, which is similar to the valuation of its large telco peers. We deem the valuation as fair as it balances VOD's improving EBITDA margin trend with macro headwinds. In FY 24, VOD total revenues declined by 2.5% to EUR36.7 billion even as service revenues grew 6.3% organically (+3.7% excluding the hyperinflation impact in Turkey) in the year. FY 24 adjusted EBITDAaL increased 2.2% organically to EUR11,019 million with a 3.0%-pts decline in the margin to 30.0%, on higher energy costs. VOD is guiding for FY 25 EBITDAaL around EUR11 billion based on stable exchange rates. We expect slight growth in EBITDAaL in FY 25 with cost controls and the discontinuation of the more troubled markets supporting results. Our FY 25 and FY 26 EPS estimates are EUR0.9 and EUR1.0, respectively.