You need a good memory to recall when mobile giant Vodafone was a growth stock and tomorrow's update is not going to reverse the flatlining.
The latest disappointment was a warning over the impact of rising energy costs.
That prompted Citi to cast doubt over “how representative the company’s FCF (free cash flow) definition itself has been in the first place”.
A revision of management incentives to account for energy headwinds has further raised eyebrows, said the US bank.
Guidance this year is for underlying profits of €15-15.5bn, but this might be in doubt given the energy cost situation, predicts UBS.
Vodafone itself seems focused on selling bits off to get its debt down.
The most recent sale - of a stake in mast unit Vantage Towers - was described by one broker as good for everyone except Vodafone.
It did raise £2.8bn, however, which should keep the meaty dividend safe (for now).
UBS expects service revenue growth ( mobile phone usage revenues) of 2.5% over the half-year, which is in line with consensus.
Interims are due Tuesday 15 November.