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Vodacom Group ZAR

Vodacom Group provides telecommunications services including voice, messaging, data, and mobile financial services across Africa. It also offers fixed-line connectivity, Internet of Things technology, cloud hosting, and digital payment solutions.

At a glance: strengths & risks
✓Revenue growing (+10%)✓Profit growing (+24%)✓Margins improving (36%→38%)✓Low leverage (0.6x EBITDA)

Sector: Telecom

ZA_VOD

Price chart

152.08 ZARDay 2.86%

Key metrics

Net debt (table and EV/EBITDA): |short-term borrowings| + |long-term borrowings| + |other financial liabilities| when extracted + |non-controlling interest| when extracted − |cash and equivalents|; amounts in millions of the reporting currency.

Market

Price
152.08 ZAR · 2.86%
Market cap
293.8 bn ZAR

Growth

Δ revenue y/y
9.4%
Δ EBITDA y/y
17.0%

Multiples

P/E (LTM)
14.2x
P/B (FY)
3.2x
P/E (ann.)
12.7x
EV/EBITDA (LTM)
5.2x
EV/EBITDA (ann.)
5.0x

Cash return

Dividend yield
4.8%
FCF yield (LTM)
11.2%

Value creation

fundamental value/yr, % of market cap
Value created / year
+18.2%
↓ details

Liquidity

Daily turnover (listing)
238.6 mln ZAR

Shares: connector/market_inputs

Amounts: USD (converted) · As reported
Converted modes use NBK / ECB-linked rates: balance sheet date for BS items, period average for P&L and cash flow (see filing row evidence). As reported keeps each row in its filing currency.

Financial results

Monetary columns are in B ZAR, one decimal; scale (K/M/B/T) keeps values readable. For the period (default) shows P&L and cash flow for that row’s reporting window: quarterly amounts when the feed uses quarter-duration facts (typical US 10-Q revenue and income), quarterly cash flows after stripping YTD where only cumulative tags exist, and an implied Q4 on 31 Dec FY rows (P&L: FY minus Q1–Q3; operating / investing cash flow: FY 12m minus 9M YTD to 30 Sep when sourced from SEC builder evidence) so they match 10-Q scale. Some issuers still use cumulative YTD minus the prior row in the same calendar year. As reported shows values stored on each row (e.g. full-year on FY). Balance sheet is always as reported. Source JSON may use millions etc.; conversion uses amounts_unit per row.

DatePeriodStatusRevenueB ZAROperating profitB ZARD&AB ZAREBITDAB ZARNet profitB ZAROperating CFB ZARCapex + M&AB ZARAssetsB ZAREquityB ZARROE (annualized)Net debtB ZARSource
2026-03-31H2 2026 (6M)OK86.1
y/y 9.4%
21.4
y/y 20.5%
12.3
y/y 11.4%
33.7
y/y 17.0%
11.5
y/y 18.3%
35.3-12.2276.4
y/y 10.6%
92.6
y/y 0.6%
21.1%41.0Report (PDF)
2025-09-30H1 2026 (6M)OK81.6
y/y 10.9%
18.4
y/y 20.3%
12.0
y/y 10.1%
30.4
y/y 16.0%
9.1
y/y 33.1%
20.8-11.0249.8
y/y 11.1%
103.3
y/y 11.7%
18.7%55.0Link
2025-03-31H2 2025 (6M)OK78.7
y/y 1.1%
17.8
y/y 1.8%
11.0
y/y -5.2%
28.8
y/y -1.0%
9.8
y/y 23.4%
36.9-13.8250.0
y/y 3.9%
92.0
y/y -0.8%
18.0%32.8Link
2024-09-30H1 2025 (6M)OK73.5
y/y 1.0%
15.3
y/y -2.3%
10.9
y/y -2.2%
26.2
y/y -2.3%
6.8
y/y -18.4%
15.9-10.9224.8
y/y -4.4%
92.4
y/y -7.0%
14.8%54.8Link
2024-03-31H2 2024 (6M)OK77.8
y/y —
17.5
y/y —
11.6
y/y —
29.1
y/y —
7.9
y/y —
32.3-12.0240.6
y/y 5.4%
92.8
y/y 7.9%
17.0%34.3Link
2023-09-30H1 2024 (6M)OK72.8
y/y —
15.7
y/y —
11.2
y/y —
26.8
y/y —
8.4
y/y —
16.7-10.3235.1
y/y —
99.4
y/y —
18.1%54.2Link
2023-03-31FY 2023 (12M)OK119.2
y/y —
26.6
y/y —
18.0
y/y —
44.6
y/y —
16.8
y/y —
41.0-20.2228.3
y/y —
85.9
y/y —
—33.9Link

Revenue & EBITDA

RevenueEBITDA

Quarterly values (ZAR mln)

-20 000020 00040 00060 00080 0002023 q32023 q42024 q12024 q32024 q42025 q12025 q32025 q42026 q12026 q4

Year-over-year change

-300%-200%-100%0%100%2023 q32023 q42024 q12024 q32024 q42025 q12025 q32025 q42026 q12026 q4

Cash flow

FCF (ZAR mln)

-20 000-10 000010 00020 0002023 q32023 q42024 q12024 q32024 q42025 q12025 q32025 q42026 q12026 q4

Net debt / cash (ZAR mln)

020 00040 00060 0002023 q32023 q42024 q12024 q32024 q42025 q12025 q32025 q42026 q12026 q4

Profit and cash

Profit is cash-backed
In a typical year of 2022–2026 operating cash flow came to 2.71x of reported net profit; after capex, 1.59x.
year20222023202420252026
cash flow / profit0.00x2.44x3.01x3.18x2.71x
accruals, % of assets—-10.6%-13.6%-14.5%-12.8%
Last twelve months (to 2026-03-31): 2.71x of profit came back as operating cash flow.
net debt / EBITDA 0.6x · capex 1.2x of depreciation
Read from the reported annual statements: cash flow / profit is the median of the yearly operating cash flow over net profit for the years shown; accruals are (profit − operating cash flow) / assets, the classic gap between what was booked and what was collected. A gap can be growth in working capital, capitalised costs, revaluations or profit from associates — the panel points at it, the statements explain it. Not investment advice.

Research & reviews

Our earnings breakdowns and investment notes on this issuer.

All research →

Fundamental value creation

Value the company creates per year, as a % of market cap

Value created per year: +18.2%

How this was calculated
1. EBITDA growth (latest quarter YoY, annualised)
[EBITDA latest qtr − EBITDA year-ago qtr] × annualisation X (2026-03-31 vs 2025-03-31)
= (33 691 − 28 801) × 1.90
9 309
2. Current EV/EBITDA (LTM)
(Market cap + Net debt) ÷ EBITDA (LTM)
= (293 782 + 40 955) ÷ 64 135
5.2x
3. Target multiple
(Current EV/EBITDA + 8) ÷ 2
= (5.2 + 8) ÷ 2
6.6x
4. Cash flow (balance method, LTM)
Net-debt reduction + dividends + buybacks − equity issuance
= -8 176 + 0 + 0 − 0
-8 176
5. Value created per year
(EBITDA growth × Target multiple + Cash flow − Dilution) ÷ Market cap
= (9 309 × 6.6 + -8 176) ÷ 293 782
+18.2%

Amounts in millions of the reporting currency. EBITDA growth is the latest quarter vs the same quarter a year ago, annualised.

Caveats:

  • half-year basis (semi-annual reporter)
  • dividends/buybacks not in data - balance cash flow uses net-debt change only

Revenue growth & acceleration

Growth accelerating ▲
Last-year revenue growth +10% vs +1% the year before — a +9.0 pp move. 3-year CAGR +12%.
revenue growth by year: 2024 +26% · 2025 +1% · 2026 +10%
The growth-acceleration signal behind the GARP+acceleration strategy — it favours companies whose revenue growth is speeding up and flags those slowing down (the second derivative of growth).

Peer comparison

Group: Telecom. Each peer is shown as it trades and re-priced onto this company's market (South Africa) by the ratio of our coverage medians.

CompanyMarketCap, $bnEV/EBITDAEV/EBITDA, adjusted
KT CorporationKorea9.23.6x1.9x
America Movil (AMX)Mexico63.64.3x3.1x
Telefonica Brasil (Vivo)Brazil18.64.2x3.2x
Telkom IndonesiaIndonesia12.53.1x3.3x
e& (Etisalat Group)UAE50.96.6x3.4x
MTN GroupSouth Africa20.13.4x3.4x
PLDTPhilippines3.85.2x3.7x
Globe TelecomPhilippines3.65.7x4.0x
MTSRussia4.43.4x4.5x
du (EITC)UAE15.010.5x5.3x
Kcell JSCKazakhstan2.913.7x10.6x
TIM S.A.Brazil42.616.0x12.0x
Group median4.8x3.5x
Group average6.6x4.9x
This companySouth Africa17.65.2x5.2x

Group median 4.8x as traded, 3.5x adjusted; this company 5.2x — a 47% premium.

Group average 6.6x as traded, 4.9x adjusted; against the average this company is at a 7% premium. The average sits 37% above the median: TIM S.A. (12.0x) skews the group.

At the adjusted group median the market cap would be -36% versus today.

The gap and the implied upside are measured against the median: one richly priced peer moves an average, not a median. The market adjustment uses our coverage medians (US 22.8x, Russia 3.9x, South Africa 5.1x, Kazakhstan 6.6x, India 18.2x, Indonesia 4.8x); it is about where a name is listed, not what it does. Peer multiples come from the nightly rebuild of 2026-10-05; the company's own is live.

Dividends

Paid (completed)

DatePer shareDetailsStatusSource
2026-06-17405 ZAREx-dividend: 405 ZAR per sharePaidYahoo Finance (ex-div)
2025-11-26330 ZAREx-dividend: 330 ZAR per sharePaidYahoo Finance (ex-div)
2025-06-18335 ZAREx-dividend: 335 ZAR per sharePaidYahoo Finance (ex-div)
2024-11-27285 ZAREx-dividend: 285 ZAR per sharePaidYahoo Finance (ex-div)
2024-06-19285 ZAREx-dividend: 285 ZAR per sharePaidYahoo Finance (ex-div)
2023-11-29305 ZAREx-dividend: 305 ZAR per sharePaidYahoo Finance (ex-div)
2023-06-21330 ZAREx-dividend: 330 ZAR per sharePaidYahoo Finance (ex-div)
2022-11-30340 ZAREx-dividend: 340 ZAR per sharePaidYahoo Finance (ex-div)
2022-06-22430 ZAREx-dividend: 430 ZAR per sharePaidYahoo Finance (ex-div)
2021-12-01420 ZAREx-dividend: 420 ZAR per sharePaidYahoo Finance (ex-div)

KASE: status follows wording in the news headline (paid vs intends to pay). Yahoo: amounts are cash dividends per share on ex-dividend dates (UTC calendar date). stockscope.uz (UZ): amounts are per share in UZS by publication date (not necessarily ex-div).

Investor reporting (IR): https://www.vodacom.com/investor-relations.php

Reporting forms detected in loaded periods: ✓ ✓ ✓ (Balance sheet / Profit or loss (P&L) / Cash flows)

Financial results, valuation multiples (P/E, P/B, EV/EBITDA), profitability and dividend yield of Vodacom Group — from primary filings.

Frequently asked questions

What is Vodacom Group's P/E ratio?
Vodacom Group trades at a P/E of 14.2x (price to trailing 12-month earnings).
What is Vodacom Group's EV/EBITDA?
Vodacom Group trades at 5.2x EV/EBITDA.
What is Vodacom Group's P/B ratio?
Vodacom Group trades at a P/B of 3.2x.
What is Vodacom Group's dividend yield?
Vodacom Group's trailing 12-month dividend yield is 4.8%.
What is Vodacom Group's return on equity (ROE)?
Vodacom Group's ROE is 24.9%.
What is Vodacom Group's market capitalization?
Vodacom Group's market cap is 293.8 bn ZAR.

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