Citi has jumped back into covering Vodafone Group PLC (LSE:VOD) ahead of the British multinational telecoms giant’s half-year results on 14 November.
Vodafone’s interims come with a lot of baggage, with a merger with 3 being held up by the regulators, strategic investors upping their stakes, and ongoing talks of getting rid of its Spanish business.
Amid all of the above, interim results “may be overshadowed by developments elsewhere”, Citi deduced.
Regardless, “we expect improved top-line trends, mainly driven by Germany, but mixed KPIs and, as already communicated by the company, relatively weak first-half EBITDA trends”.
Citi has resumed Vodafone coverage with a 'neutral' share rating