Vodacom Group Ltd (VOD) fair value: what the stock is really worth
As of Nov 2, 2026: fair value (intrinsic value) of Vodacom Group Ltd stock ZAR 182, price ZAR 163, upside +11.7%, quality 60 out of 100. Rating: undervalued. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.
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Price vs Fair Value
White line = price, green steps = our fair value per fiscal year. As of Oct 31, 2026.
How to read this chart
60‑month range R76.40 – R162.52 · fair‑value band R118.48 – R227.12 · the R162.52 price screens below the R181.56 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). As of Oct 31, 2026.
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Vodacom Group Limited provides communications products and services in South Africa, Egypt, Kenya, and internationally. The company offers voice, messaging, converged services, broadband, data connectivity, mobile financial services, and other value-added services.
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It also provides mobile and fixed line connectivity, Internet of Things technology, and cloud hosting and security services, as well as the SmartCitizen mobile application for e-government solutions.
In addition, the company offers financial business solutions, including point of sales, business cash advance, group schemes, trading bridge, and business legal cover.
Further, it provides personal financial solutions comprising the VodaPay mobile digital payments app; VodaSure, a short- and long-term insurance coverage for devices, emergency assistance, legal advice, life, and funeral; and VodaLend, a digital funding solution.
The company was incorporated in 1993 and is headquartered in Midrand, South Africa. Vodacom Group Limited operates as a subsidiary of Vodafone Group Public Limited Company.
Stock analysis
Vodacom Group Ltd (VOD) currently trades at R162.52, while our model-based Fair Value estimate is R181.56, implying the stock looks roughly 10.5% undervalued today.
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Valuation
Bull case: the Growth Earnings group reads highest at a median of R212.69 per share, and 16 of the 26 models we run sit above the R162.52 price.
Bear case: the Asset-Based group reads lowest at R20.51, and 10 of the 26 models stay below the price. Data coverage for this calculation is high.
Scenario range: R118.48 (bear) to R227.12 (bull), the price of R162.52 sits inside it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.
Quality & growth
The Quality Score stands at 60/100 (solid quality), in the Communication Services sector.
Healthy Growth: Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Vodacom Group Ltd reported revenue of 166B ZAR in FY2026 versus 103B ZAR in FY2022, a compound +12.8%/yr. Reported net income was 20.6B ZAR in FY2026, compounding +4.7%/yr from FY2022.
Key figures
Market cap 323B ZAR Large · P/E ratio 15.6 · P/S ratio 2.50 · EPS (TTM) R10.39 · Dividend yield 4.1% · Net margin 12.3% · Return on equity 25.4% · Return on assets (EBIT) 14.4%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 67 out of 100 (medium confidence).
What moves the price
The share trades at its 52-week high and 26% above its 52-week low, currently above its 200-day average.
For context, the median of 10 Communication Services peers we cover trades at 55% fair-value upside, at 12%, VOD screens richer than that median.
Fair Value models
BearR118.48Fair Value R181.56BullR227.12
Price R162.52 · Upside +11.7%
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above starts from their evidence-weighted blend, not from a single model. In cyclical trough or peak years, after dilution or a stock split it is adjusted afterwards, so it can sit above or below the models. Based on fiscal year 2026 figures (about 7 months old). Earnings retained since then (2.21 ZAR per share) are deliberately not added.Bear ⓘBear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull ⓘBull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. If a model's bull case is above four times its base value, the table shows that limit with a > sign (like the overall Bull above): beyond it no assumption holds.Coverage ⓘCoverage = how well-backed THIS model's estimate is for this stock (0–100): how complete and reliable its input data are, and how well the model fits the company. The final Fair Value is an evidence-weighted blend, so better-evidenced models count more. Green ≥70, amber 50–69, grey below 50.
Growth Quality ⓘGrowth is valuable only when reinvestment earns attractive returns (Aswath Damodaran): sustainable growth depends on return on capital, reinvestment and efficiency. Basis: total company revenue over the periods shown on the cards (3Y/5Y/all years), not per share, so a merger can show up as a growth jump; per-share earnings growth is in the value-creation card.93/100
Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Revenue growth 1 year
+9.1%
Revenue growth 3 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+11.7%
Revenue growth 5 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+11.1%
Start year 2021 (pandemic). Over 10 years: +7.6% a year
Revenue growth 22 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+9.4%
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What shareholders gained per year (last 5 years), in ZAR ⓘWhat the business itself delivers per year: earnings growth per share plus the dividend yield. This is what you get IF the market keeps valuing the stock the same way: it contains no assumption about the market changing its mind. Computed per share, so buybacks count and a merger does not pass as growth. For a company that pays no dividend it is pure earnings growth per share. Period: earnings growth per share as CAGR over the last 5 reported fiscal years (annual statements), plus the current dividend yield. The start value is the median of the three years around the start, so a single crisis year (a pandemic or a write-down) does not distort the rate. Measured in ZAR: this currency has depreciated against the euro and dollar over the long run, so part of the nominal rate is currency erosion that never reaches a EUR/USD investor.
+5.8%
Earnings growth per share plus dividend.
Earnings per share, growth per year+1.7%
Dividend (yield on the price)4.1%
Pace: 5 vs 10 years ⓘTwo data points, not a trend model: earnings growth per share over the last 5 fiscal years against the last 10. Labelled "steady" when both rates are within 3 percentage points of each other, otherwise picking up or flattening. Shown only when ten years of history exist.1.7% vs 1.7%, steady
Profit margin 2021 to 2026 ⓘOperating margin then vs now, from reported annual statements. A falling margin after a boom year is the classic peak-earnings signal: the growth rate then leans on an inflated base.28% → 24%
Pace: the 5-year rate starts in 2021 (pandemic)
Growth Forecast
Little optimism in the price
The price assumes less growth than the company has delivered so far and less than analysts expect.
What the price assumes ⓘThis turns our valuation around: instead of asking what the share is worth, it asks what growth the current price requires. It uses the cash the company keeps after all spending (free cash flow), the same discount rate as our models, five years of growth, then slowing evenly to 2 % a year by year ten. Compared with the analysts' sales forecasts extended to the same five years (at least three analysts, for context only, it does not enter the Fair Value): within 3 percentage points counts as "in line" (amber), below that little optimism (green), above that a lot of optimism (red).
+3.7%
Yearly growth needed for the next five years to justify today's price.
What forecasts expect ⓘAnalysts publish sales forecasts for the next two fiscal years. For the years after that, growth slows evenly to 2 % a year by year ten (2 % is the long-run rate our models use). Projected years are marked as such.
+12.9%
Yearly sales growth analysts expect, extended to five years.
After inflation (South Africa: IMF forecast 3.3% a year to 2030, 4.9% from 2016 to 2025) that is about +0.5% a year for the price and +9.3% for the forecasts.
News mood ⓘNews mood, the average tone of recent news (65 articles), rated against how stocks are usually covered. 🚀 Hype = unusually upbeat · 🙂 Positive = above average · 😐 Neutral = typical · 🙁 Negative = below average · 😨 Very negative = unusually downbeat. It reflects the tone of coverage, not our valuation.Neutral
Recent news coverage is roughly neutral, about typical for how stocks are covered.
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Peer GroupⓘHow this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.Telecom Services · 231 stocks
Beats the industry median on 9/15 measures
Overall it ranks above its industry peers.
Valuation
Quality Score60 · Above median
Fair Value upside+11.7% · Above median
Profitability
Return on equity (12 months)25.4% · Top 25%
Return on assets9.7% · Top 25%
Net margin (12 months)16.0% · Top 25%
Operating margin (12 months)24.9% · Top 25%
Growth and dividend
Revenue growth (quarter YoY)9.4% · Above median
Dividend yield (12 months)4.1% · Above median
Balance sheet
Debt / equity0.74× · Above median
Valuation Multiplesvs Telecom Services median · lower = cheaper
For bloggers, editors and developers: paste this into your site or blog (a “Custom HTML” block in WordPress), it shows the current fair value and links back here. Free, plain HTML, and welcome. Full data streams (CSV/JSON) at /developers.
Cite: Fair Value Calculator (2026). "Vodacom Group Ltd Fair Value". https://www.fairvalue-calculator.com/stock/VOD.JSE
Frequently asked questions
Is Vodacom Group Ltd (VOD) overvalued or undervalued?
As of Oct 31, 2026, our model estimates a fair value of R181.56 versus a price of R162.52, about +12% upside (undervalued).
What is the fair value of VOD?
Our model-based fair value for Vodacom Group Ltd is R181.56 (as of Oct 31, 2026), built from audited fundamentals. The current price: R162.52.
What is the quality score of VOD?
Vodacom Group Ltd has a Quality Score of 60/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the price target for Vodacom Group Ltd (VOD)?
Our model-based price target is the fair value of R181.56 (as of Oct 31, 2026) from 26 valuation models. Cautious scenario R118.48, optimistic scenario R227.12. It is a calculation from audited fundamentals, not an analyst target.
What is the Vodacom Group Ltd stock forecast for 2026?
Our models put fair value at R181.56, about +12% upside versus a price of R162.52 (undervalued). Cautious scenario R118.48, optimistic scenario R227.12. The calculation is refreshed regularly with new filings.
What is the revenue of Vodacom Group Ltd (VOD)?
Vodacom Group Ltd reported trailing-twelve-month revenue of about 168B ZAR (latest available figure, as of Oct 31, 2026).
Does Vodacom Group Ltd pay a dividend?
Vodacom Group Ltd currently shows a dividend yield of 4.09% relative to its recent price (as of Oct 31, 2026).
What growth is priced into Vodacom Group Ltd (VOD)?
For today's price to be fair in a discounted-cash-flow model, Vodacom Group Ltd would have to grow free cash flow by +3.7 % per year for five years (discount rate 11.4 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +11.1 % per year. As of Oct 31, 2026.
What discount rate (WACC) does the fair value of VOD use?
Our models discount Vodacom Group Ltd at 11.4 %: a base by market capitalisation (large), damped by beta 0.35, country premium for South Africa. The same rate applies in all 26 models.
What is a reverse DCF?
A reverse DCF turns the usual calculation around. Instead of deriving a value from assumptions, it takes today's price as given and asks: what free-cash-flow growth would a company have to deliver for exactly this price to be fair? The result is not a forecast but the expectation already priced in. For Vodacom Group Ltd that is +3.7 % per year a year over ten years, using the same discount rate (11.4 %) and the same formula as our fair value.
How much growth has Vodacom Group Ltd (VOD) delivered so far?
Over the past 5 years revenue at Vodacom Group Ltd grew +11.1 % a year. The price currently implies +3.7 % per year free-cash-flow growth a year. Comparing the two shows how much confidence is in the price: if it demands more than has been delivered, the business has to accelerate for the maths to work.
How fast is the sector of Vodacom Group Ltd (VOD) growing?
The median revenue growth in the sector is +3.7 % a year. That is the yardstick for the growth priced into Vodacom Group Ltd (+3.7 % per year a year): it shows whether the expectation is within the usual range or beyond it.
What is the free cash flow yield of Vodacom Group Ltd (VOD)?
The free-cash-flow yield on the price is 9.37 %: that much free cash flow Vodacom Group Ltd produces per unit of market value. When it exceeds the discount rate of our models (11.4 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of Vodacom Group Ltd (VOD)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Vodacom Group Ltd it is R181.56 per share (as of Oct 31, 2026), against a price of R162.52. It is the blended result of 26 valuation models (cash flow, earnings, asset, dividend).
Is Vodacom Group Ltd stock overvalued or undervalued in 2026?
As of Oct 31, 2026, VOD trades below its calculated fair value: price R162.52, fair value R181.56, a gap of about +12% (undervalued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of VOD?
No. The price is what the market pays today (R162.52); the fair value is what the company's own numbers justify (R181.56). For Vodacom Group Ltd the two are R19.04 per share apart. That gap is exactly why we show both numbers side by side.
How much is Vodacom Group Ltd worth?
The market values Vodacom Group Ltd at about 323B ZAR (market capitalisation, as of Oct 31, 2026). Per share that is R162.52; our models calculate a fair value of R181.56 per share.
What do the bullish and bearish scenarios say about VOD?
Our models span a range for Vodacom Group Ltd: cautious scenario R118.48, base R181.56, optimistic R227.12 per share (as of Oct 31, 2026, price R162.52). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of VOD?
Vodacom Group Ltd trades at a price-to-earnings ratio of 15.6 (as of Oct 31, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of R181.56 is built from several models across several years. Median P/E at fiscal year-end, 10 fiscal years (2017 to 2026), reported earnings: 13.6. Other multiples: PEG 131.5, P/B 3.5, P/S 2.5, EV/EBITDA 8.6.
What is the PEG ratio of VOD?
The PEG ratio of Vodacom Group Ltd is 131.55 (P/E divided by earnings growth, as of Oct 31, 2026). That is above 1, so the growth is already paid for in the price.
How solid is the balance sheet of Vodacom Group Ltd (VOD)?
Balance-sheet figures for Vodacom Group Ltd (as of Oct 31, 2026): return on equity 25.4%, debt of 0.74 per unit of equity. They feed the Quality Score of 60/100, which measures business quality independently of the share price.
How far is VOD from its 52-week high?
Vodacom Group Ltd trades at R162.52, at its 52-week high of R162.52 and 26% above the low of R128.59 (as of Nov 2, 2026). Distance from the high says nothing about value: that is what the fair value of R181.56 is for.
Which stocks are comparable to Vodacom Group Ltd?
From the same area (Communication Services) we also value China Mobile Limited, Verizon Communications Inc, T-Mobile US, Inc, AT&T Inc, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.
Is Vodacom Group Ltd stock attractive at the current price?
The data as of Oct 31, 2026: price R162.52, calculated fair value R181.56 (+12%), Quality Score 60/100, from 26 models. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
How is the fair value of VOD calculated?
We run Vodacom Group Ltd through 26 models from four families: discounted cash flow, earnings models, asset and balance-sheet models, and dividend models. Every model gets the same audited fundamentals; the result is the weighted average of R181.56, with the spread shown as a cautious and an optimistic scenario.
Is it still worth investing in stocks now?
The global stock market currently sits 14.9 % above its aggregate fair value. Vodacom Group Ltd currently trades 10 % below its own fair value, and the market average says nothing about that. An expensive market is no reason to stay out and no reason to buy everything at once: keep a broad savings plan running, buy single stocks only with money you can do without, and hold part of your money liquid while the market is high. The full picture including sectors is on is it worth investing now.
What is the share price of Vodacom Group Ltd (VOD)?
The closing price on Nov 2, 2026 was R162.52. Our model-based fair value is R181.56, about +12% upside (undervalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Vodacom Group Ltd right now?
A fairly wide model range (R118.48 to R227.12) leaves room in how you read the outcome. The price sits in the lower half of our model range, the side with the larger margin of safety. The data supports the verdict: every model runs on fully documented inputs.
Where does the earnings growth of Vodacom Group Ltd (VOD) come from?
Earnings per share at Vodacom Group Ltd grew +0.3 % a year from 2015 to 2026. Broken into its drivers: revenue per share +4.4 %, EBIT margin −1.1 %, tax rate −0.6 %, residual (interest, one-offs) −2.3 %. The four rates multiply to the earnings growth rate, they do not add up. Start and end are three-year averages so a single exceptional year does not distort the result.
Key figures of Vodacom Group Ltd
How large is the market capitalisation of Vodacom Group Ltd (VOD)?
The market capitalisation of Vodacom Group Ltd is 323B ZAR. The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What is the P/S ratio of Vodacom Group Ltd (VOD)?
The price-to-sales ratio of Vodacom Group Ltd is 2.50 (last twelve months). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of Vodacom Group Ltd (VOD)?
Earnings per share at Vodacom Group Ltd are R10.39 (price ÷ EPS = P/E 15.6). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Vodacom Group Ltd (VOD)?
The dividend yield of Vodacom Group Ltd is 4.1% (payout 64.0%). Yearly dividend relative to the share price. 3% pays 3 per 100 invested. Below: how much of profit is used for it.
What is the net margin of Vodacom Group Ltd (VOD)?
The net margin of Vodacom Group Ltd is 12.3% (last twelve months). How much of every unit of revenue ends up as profit. 10% means 10 cents of profit per dollar of sales.
What is the return on equity of Vodacom Group Ltd (VOD)?
The return on equity (ROE) of Vodacom Group Ltd is 25.4% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.
What is the EBIT return on assets of Vodacom Group Ltd (VOD)?
On an EBIT basis the return on assets of Vodacom Group Ltd is 14.4% (avg 5y). Operating profit (EBIT) relative to everything the company owns, as a multi-year average. It describes the business model rather than one good or bad year.
What is the operating margin of Vodacom Group Ltd (VOD)?
The operating margin of Vodacom Group Ltd is 24.9% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Vodacom Group Ltd (VOD)?
Revenue at Vodacom Group Ltd is growing +9.4% versus a year earlier (3y avg +11.7%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How fast are earnings growing at Vodacom Group Ltd (VOD)?
Earnings per share at Vodacom Group Ltd are growing +17.0% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net debt does Vodacom Group Ltd (VOD) carry?
The net debt of Vodacom Group Ltd is 63.0B ZAR (fiscal year 2026, ≈ 2.1 yrs of FCF). Debt minus cash on hand. The note shows how many years of free cash flow could in theory pay it off.
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Broad data
Oct 31, 2026