UK&I Most Read Research: Equities – UK & I Top Ten

Research evidence excerpt

UK&I Most Read Research: Equities – UK & I Top Ten

Deutsche Bank

Research

Europe Strategy Date

19 June 2026

UK&I Most Read Periodical

Equities – UK & I Top Ten

Jonathan Jayarajan

Vodafone Group Plc Associate Director Equity Research - EMEA

Products

One battle after another (but fewer and with peace dividends ahead). Buy +44-20-754-76037

robert.grindle@db.com

David Brockton

Published on 15th June 2026

Research Analyst

+44-20-754-11721

Whilst telco markets remain periodically combative (it was ever thus), VOD is facing

fewer major conflicts across its now more focussed footprint and we see material

reparation from the UK (synergies), EM (strong EUR growth) and balance sheet

simplification (associate buy-ins and disposals) which more than mitigate a

Germany drag (ahead of an eventual recovery). We reflect new guidance, a delay to

the Kenya deal and the purchase of UK minorities (a postponement rather than

curtailment of improved returns) and envisage multiple levers for equity

appreciation. Buy. TP -5p to 150p. Germany OSR has been +ve for three quarters but

headline growth will fade as the boost from 1&1 wanes (unless underlying growth

accelerates faster).

Rathbones

Material downgrade; Cheap, but hard to see what stops it being cheap

david.mccann@db.com

Published on 17th June 2026

Following the recent unexpected "regulatory update" and associated profit

warning, we have updated our forecast and valuation assumptions. This results in

a material downgrade to our earnings estimates and target price. Rathbones as an

investment, was previously widely considered to be an emerging "self help" story

by the market, operating in a structurally attractive industry, given new

management and a refreshed strategy. This unwelcome development inevitably