When Vodafone named Margherita Della Valle as CEO last month, investors adopted a wait-and-see approach to whether the company veteran was the right person to jolt it out of a deep malaise.
Within weeks, Della Valle gave them a stark assessment of the problems Vodafone faces. The reaction has been brutal, with the company's shares sliding to 20-year lows.
"They're fighting too many battles on too many fronts, with still too much debt on the balance sheet," said investment director Russ Mould at AJ Bell, adding that the share price is reflecting concern around the dividend. Vodafone's shares are trading at lows last seen in 2002, largely due to a cut to free cash flow forecasts.
Della Valle said deals were a priority, but would not give any timing, and defended the structure of Vodafone, which has three major shareholders which could benefit from a break-up.Talks to merge its British business with the UK arm of Hutchison, which it confirmed in October, are ongoing. The rationale for owning assets around the world actually makes more sense now, when enterprise clients want joined up services in areas such as Internet of Things, the banker added.
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