EFTA Document EFTA01385536

> TMT Vodafone - Robert Grindle, BUY, close 235p, 300p tgt, 27% upside ■ Vodafone organic EBITDA growth has reached 9.3% yoy, but it has got little credit for this because of the lack of topline growth - organic service revenue has been flat for two years. ■ However, our analysis shows that stripping out the effects of regulation and handset sales shows that underlying MSR has been improving, growing at 2%, compared the headline of -0.7%. ■ Poor handset sales should drag less in 2018 and