Friday preview : Vodafone unveils trading update

18th Jul 2013 14:41

With a slate of economic data out of the way, investors will turn their attention to Vodafone's trading update on Friday.The telecoms giant last month sealed the deal on its acquisition of Kabel Deutschland following months of speculation. Vodafone agreed to buy Germany's biggest cable operator for €7.7bn, which valued Kabel at almost 14 times the operating free cash flow expected for the current fiscal year ending next March.The high price demonstrated Vodafone's eagerness to purchase the company in an effort to add to its TV and fixed line services in its key market of Europe where it has been hit by growing competition. The price was pushed up by a counter bid from John Malone's Liberty Global. Vodafone, which acquired Cable & Wireless Worldwide last year, said it would finance the new deal with existing cash resources and banking facilities, taking its 2013 net debt to earnings ratio to 2.4 times from 2.0 times.Its trading update should shed further light on its progress on the deal. Analysts at Morgan Stanley last week said it expects the statement to also show continued growth from its 45% owned US company Verizon Wireless, rating the stocks a 'buy'.Friday July 19thINTERIM DIVIDEND PAYMENT DATEDiploma, Noble Investments (UK)QUARTERLY PAYMENT DATELand Securities GroupINTERNATIONAL ECONOMIC ANNOUNCEMENTSProducer Price Index (GER) (07:00)GMSBritish Smaller Companies VCTIMSSVodafone GroupEGMSJapan Residential Investment Co Ltd.AGMSBig Yellow Group, British Land Co, British Smaller Companies VCT, China New Energy Limited, DCC, Edinburgh Inv Trust, Japan Residential Investment Co Ltd., Northern 2 VCT, Printing.com, Stratmin Global ResourcesTRADING ANNOUNCEMENTSRecordUK ECONOMIC ANNOUNCEMENTSPublic Sector Finances (09:30)FINAL DIVIDEND PAYMENT DATEDowning Planned Exit VCT 2 'C' Shares, Downing Planned Exit VCT 2 'D' Shares , Downing Planned Exit VCT 2 'F' Shares, Downing Planned Exit VCT 3 'C' Shares, Downing Planned Exit VCT 3 'D' Shares , Downing Planned Exit VCT 3 F Shares, ICAP, Maven Income & Growth VCT, NetDimensions Holding Ltd. (DI), New Century AIM VCT 2, Telford Homes, Tex Holdings, Value and Income Trust, VislinkRD