Vodafone Group - Re: VOD Stream Log - Beaufort published another note out...

Beaufort published another note out this morning: "The extension of Vodafone's partnership with Afrimax would allow both the companies to explore market opportunities in sub-Saharan Africa. The firms have already partnered to launch 4G services in Uganda and plan to provide high- speed 4G data services to consumers and businesses in Zambia. Recently, Vodafone reported strong results for FY 2016, recording organic growth in revenue and EBITDA for the first time since 2008. Vodafone's Project Spring turned out very fruitful as service revenue in AMAP and Europe recorded strong growth. Looking ahead, for FY 2017, the company expects organic EBITDA growth of 3–6%, implying £12.4–12.8bn. Free cash flow for the period is expected to be at least £3.2bn, while capex (after Project Spring) is targeted to be in the mid-teens, as a percentage of annual revenue. We are encouraged by Vodafone's performance and confidence towards progressive dividend per share growth, demonstrating the board's optimism in future cash flow generation." scraped from Researchtree