Why Vodafone Shares Are Surging Today
Portfolio Pulse from Lekha Gupta
Vodafone Group Plc's shares are trading higher after its Q1 FY24 trading update. Despite a revenue decline of 4.8% Y/Y to €10.7 billion, organic revenues rose 3.7% Y/Y due to service revenue improvement across most European markets. However, service revenues fell in Germany, Italy, and Spain. UK and Africa saw growth in service revenue. Vodafone reiterated its FY24 adjusted EBITDAaL outlook at about €13.3 billion and adjusted free cash flow guidance at around €3.3 billion. The company also announced the appointment of Luka Mucic as the new CFO and Executive Director, effective September 1, 2023. Mucic previously worked at SAP SE as CFO for around nine years.
July 24, 2023 | 10:41 am
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NEUTRAL IMPACT
Luka Mucic, who previously served as CFO at SAP SE for around nine years, has been appointed as the new CFO and Executive Director at Vodafone. This could potentially impact SAP's future financial strategies.
The departure of Luka Mucic from SAP SE could potentially impact the company's future financial strategies. However, the immediate impact on SAP's stock is uncertain.
CONFIDENCE 80
IMPORTANCE 60
RELEVANCE 50
POSITIVE IMPACT
Vodafone's shares are trading higher after its Q1 FY24 trading update. The company reported a revenue decline but saw an increase in organic revenues. The appointment of a new CFO, Luka Mucic, could also impact the company's future financial strategies.
Despite a decline in revenue, Vodafone's shares are trading higher due to an increase in organic revenues. The appointment of a new CFO, who has significant experience, could bring new financial strategies to the company, potentially impacting its future performance.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100