If Vodafone had called to sell shares at the beginning of the year, there could have been only one response: hang up.
It wasn’t looking good. The telecoms giant was under pressure after having to splash out in auctions for spectrum — the right to use the airwaves — and it was in talks to buy cable assets in Europe. Both stoked fears over the company’s ability to sustain dividend growth. Investors acted accordingly and shares have fallen more than 35% since January.
However, there are signs that Vodafone has dropped below its fair value — despite the risks. Some analysts are questioning why there has been a £22bn-plus reduction in Vodafone’s market cap.
So what has all the fuss been about? First, there was