# CALL INVITE # CLIENT CALL with Vodacom CEO Shameel Joosub

We will be hosting a virtual meeting for NSR clients with Vodacom CEO, Shameel Joosub on Monday 1st December. Format will be a small group, with the focus on Q&A.

We are constructive on Vodacom. We think the company can deliver stronger real revenue expansion than historically with strong growth (in local currency) in Egypt, improving International and inflection in SA. The SA market has become more competitive on the prepaid side recently, but it is in a better shape than in the past. Macro has been improving in Vodacom’s key markets and price floors are now a theme across African markets, and digital is an increasing driver. With capex under control, helped by the end of load shedding, EFCF yield also rises sharply. Balance sheet is strong too. The mid-term guidance (alongside guidance upgrades) makes Vodacom look very attractive we think as it implies earnings and cash flow more than doubling by 2030. Vodacom remains one of our Top-10 picks.