My calculation discounted cash flow result is 45.5. With growth rate of 7%, then it is $55.
My assumption includes 8.5 billions free cash generated with 4% growth. I believe that it is stilt buying back stocks.
Tomorrow ex divy will break VOD below the declining trend line. JMO, the invisible hand is trying to fill the breakaway gap from late August 2013 at $29.41. Pure technical movement here and I'm waiting for $30 print. Agree with your figures topinvestgun. That is if 7% growth actually happens. EU needs to stabilize. Will be interesting as VOD has moved into a strong bundle position of cable/fiber and wireless which should lead to help in stabilizing mobile revenue. A proper move to strong positioning in fiber/mobile for converging communications has been well played by Colao with the use of VZ Wireless proceeds. That move along with the massive launch of its mobile wallet across its markets during 2014 could set VOD up for such a run. $55 by early 2016? What is your time frame?