Vodafone announces that it will be taking its communication towers subsidiary public

February 24, 2021 14:27

On 13 January Telefónica announced the sale of 30,722 tower sites by its subsidiary Telxius to American Tower Corporation (ATC). Now, Vodafone has announced a similar spin-off, which will float its telecommunications tower subsidiary Vantage Towers on the stock exchange.

This operation will take the form of an IPO expected at the end of March through the Frankfurt Stock Exchange.

The valuation of this company could reach a total of 18 billion euros, as it currently operates a total of 82,000 telecommunications towers in 10 countries, with its main market being Germany. However, this IPO is expected to raise €3 billion, as Vodafone will only sell a significant minority stake to provide liquidity for the subsidiary.

This operation could be a big step for the growth of this subsidiary, which could bring profits to the Vodafone group in the future.

Technically, Vodafone is in a broad sideways consolidation channel after the strong rise during the last quarter of 2020, after forming the double bottom at the level close to 100 GBX per share that led it to break the long-term downtrend line that started in January 2018.

This upward momentum has led it to pull back to the 23.6% fibonacci level, after a bullish crossover in both its short and medium-term moving averages (black and orange) of the 0 level on the MACD indicator. This could indicate the strength of the rebound, although for the price to continue its uptrend it is essential that it overcomes the upper band of the sideways channel in green.

A break through this level could lead the price to look for its next resistance level at 142 and the overcoming of this level could leave the price a bullish path up to the next fibonacci level of 38.2% coinciding with its current 200-session average as the main long-term resistance.

Source: Admiral Markets MetaTrader 5 - Vodafone Weekly Chart. Date Range: 5 October 2014 - 24 February 2021. Date Captured: 24 February 2021. Past performance is not necessarily an indication of future performance.

Evolution of the last five years:

  • 2020: -17.59%
  • 2019: -4.02%
  • 2018: -34.94%
  • 2017: 17.59%
  • 2016: -9.57%

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