Vodacom Group Limited

JSE:VOD Stock Report

Market Cap: R292.9b

Vodacom Group Valuation

Is VOD undervalued compared to its fair value, analyst forecasts and its price relative to the market?

Valuation Score

5/6

Valuation Score 5/6

  • Below Future Cash Flow Value

  • Significantly Below Future Cash Flow Value

  • Price-To-Earnings vs Peers

  • Price-To-Earnings vs Industry

  • Price-To-Earnings vs Fair Ratio

  • Analyst Forecast

Share Price vs Future Cash Flow Value

What is the Fair Price of VOD when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Ultimate guide to DCF valuation for stock investing

Learn how to determine fair value like the best investors in the world.

Below Future Cash Flow Value: VOD (ZAR151.61) is trading below our estimate of future cash flow value (ZAR393.22)

Significantly Below Future Cash Flow Value: VOD is trading below future cash flow value by more than 20%.

Key Valuation Metric

Which metric is best to use when looking at relative valuation for VOD?

Key metric: As VOD is profitable we use its Price-To-Earnings Ratio for relative valuation analysis.

The above table shows the Price to Earnings ratio for VOD. This is calculated by dividing VOD's market cap by their current earnings.
What is VOD's PE Ratio?
PE Ratio15.5x
EarningsR18.86b
Market CapR292.92b

Price to Earnings Ratio vs Peers

How does VOD's PE Ratio compare to its peers?

The above table shows the PE ratio for VOD vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyForward PEEstimated GrowthMarket Cap
Peer Average25x
MTN MTN Group
44.2x43.79%R333.4b
RCI.B Rogers Communications
4x-38.36%CA$27.4b
7020 Etihad Etisalat
15.6x6.56%ر.س54.4b
AAF Airtel Africa
36.3x25.95%UK£13.0b
VOD Vodacom Group
15.5x14.72%R292.9b

Price-To-Earnings vs Peers: VOD is good value based on its Price-To-Earnings Ratio (15.5x) compared to the peer average (25x).

Historical Price to Earnings Ratio

Historical Price to Earnings Ratio compares a stock's price to its earnings over time. Higher ratios indicate that investors are willing to pay more for the stock.

Fetching historical data

Price to Earnings Ratio vs Industry

How does VOD's PE Ratio compare vs other companies in the Global Wireless Telecom Industry?

0 CompaniesPrice / EarningsEstimated GrowthMarket Cap
VOD 15.5xIndustry Avg. 19.0xNo. of Companies10PE01020304050+
0 CompaniesEstimated GrowthMarket Cap
No more companies

Price-To-Earnings vs Industry: VOD is good value based on its Price-To-Earnings Ratio (15.5x) compared to the Global Wireless Telecom industry average (19x).

Price to Earnings Ratio vs Fair Ratio

What is VOD's PE Ratio compared to its Fair PE Ratio? This is the expected PE Ratio taking into account the company's forecast earnings growth, profit margins and other risk factors.

VOD PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio15.5x
Fair PE Ratio16.3x

Price-To-Earnings vs Fair Ratio: VOD is good value based on its Price-To-Earnings Ratio (15.5x) compared to the estimated Fair Price-To-Earnings Ratio (16.3x).

Analyst Price Targets

What is the analyst 12-month forecast and do we have any statistical confidence in the consensus price target?

The above table shows the analyst VOD forecast and predictions for the stock price in 12 month’s time.
DateShare PriceAverage 1Y Price TargetDispersionHighLow1Y Actual priceAnalysts
CurrentR151.61
R150.00
-1.06%
17.05%R215.00R125.00n/a9
Jan ’27R141.31
R146.44
+3.63%
14.27%R200.00R125.00n/a9
Dec ’26R134.23
R143.30
+6.76%
15.08%R200.00R122.00n/a10
Nov ’26R140.04
R141.90
+1.33%
13.06%R185.00R122.00n/a10
Oct ’26R134.36
R142.67
+6.18%
13.22%R185.00R122.00n/a9
Sep ’26R140.42
R142.67
+1.60%
13.22%R185.00R122.00n/a9
Aug ’26R136.82
R139.89
+2.24%
14.38%R185.00R115.00n/a9
Jul ’26R139.84
R133.80
-4.32%
15.91%R185.00R112.00n/a10
Jun ’26R137.77
R130.90
-4.99%
15.55%R180.00R112.00n/a10
May ’26R136.95
R126.60
-7.56%
15.46%R180.00R110.00n/a10
Apr ’26R129.00
R120.36
-6.69%
9.65%R150.00R110.00n/a11
Mar ’26R116.95
R120.09
+2.69%
9.39%R150.00R110.00n/a11
Feb ’26R109.87
R117.50
+6.94%
9.52%R150.00R110.00n/a10
Jan ’26R101.36
R116.40
+14.84%
10.20%R150.00R105.00R141.3110
Dec ’25R101.32
R114.91
+13.41%
10.75%R150.00R99.00R134.2311
Nov ’25R109.00
R115.27
+5.75%
10.61%R150.00R99.00R140.0411
Oct ’25R106.51
R113.90
+6.94%
11.35%R150.00R99.00R134.3610
Sep ’25R110.04
R113.20
+2.87%
11.70%R150.00R99.00R140.4210
Aug ’25R99.28
R110.18
+10.98%
7.53%R130.00R99.00R136.8211
Jul ’25R95.60
R110.00
+15.06%
7.49%R130.00R99.00R139.8411
Jun ’25R92.45
R108.91
+17.80%
8.74%R130.00R93.00R137.7711
May ’25R90.45
R113.70
+25.70%
9.14%R130.00R93.00R136.9510
Apr ’25R98.55
R114.90
+16.59%
8.57%R130.00R97.00R129.0010
Mar ’25R94.22
R116.11
+23.23%
10.57%R140.00R97.00R116.959
Feb ’25R95.30
R119.44
+25.34%
12.18%R144.00R97.00R109.879
Jan ’25R106.00
R119.25
+12.50%
11.05%R140.00R98.00R101.368
R150
Fair Value
1.1% overvalued intrinsic discount
9
Number of Analysts

Analyst Forecast: Target price is lower than the current share price.

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Company Analysis and Financial Data Status

DataLast Updated (UTC time)
Company Analysis2026/01/26 04:19
End of Day Share Price 2026/01/26 00:00
Earnings2025/09/30
Annual Earnings2025/03/31

Data Sources

The data used in our company analysis is from S&P Global Market Intelligence LLC. The following data is used in our analysis model to generate this report. Data is normalised which can introduce a delay from the source being available.

PackageDataTimeframeExample US Source *
Company Financials10 years
  • Income statement
  • Cash flow statement
  • Balance sheet
Analyst Consensus Estimates+3 years
  • Forecast financials
  • Analyst price targets
Market Prices30 years
  • Stock prices
  • Dividends, Splits and Actions
Ownership10 years
  • Top shareholders
  • Insider trading
Management10 years
  • Leadership team
  • Board of directors
Key Developments10 years
  • Company announcements

* Example for US securities, for non-US equivalent regulatory forms and sources are used.

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more.

Analysis Model and Snowflake

Details of the analysis model used to generate this report is available on our Github page, we also have guides on how to use our reports and tutorials on Youtube.

Learn about the world class team who designed and built the Simply Wall St analysis model.

Industry and Sector Metrics

Our industry and section metrics are calculated every 6 hours by Simply Wall St, details of our process are available on Github.

Analyst Sources

Vodacom Group Limited is covered by 22 analysts. 8 of those analysts submitted the estimates of revenue or earnings used as inputs to our report. Analysts submissions are updated throughout the day.

AnalystInstitution
Jonathan BradleyAbsa Bank Limited
Niel VenterAbsa Bank Limited
Tibor BokorArqaam Capital Research Offshore S.A.L.