<p>沃达丰集团（LSE:VOD）悄然成为英国市场上强劲反弹的故事之一，本月股价上涨约 7%，过去三个月上涨约 15%。</p>
<p>查看我们对沃达丰集团的最新分析。</p>
<p>放眼全局，沃达丰最近一个月的股价回报为 7.29%，年初至今的股价回报为 40.21%，这表明势头正在重建，而 52.41% 的年度总股东回报则表明投资者正在重新评估复苏故事。</p>
<p>如果沃达丰的转型引起了你的注意，值得看看电信和基础设施领域还有哪些其他变化，首先关注航空航天和国防股票。</p>
<p>随着收益的恢复、内在折扣的显著以及股价已经超过分析师目标，当前最大的问题是沃达丰是否仍然低于其真实价值，还是市场已经在定价未来的增长。</p>
<h2>最受欢迎的叙述：高估 7.6%</h2>
<p>沃达丰最受关注的叙述将公允价值略低于最后收盘价£0.97，认为最近的反弹超前于基本面。</p>
<blockquote>
<p><em>分析师对沃达丰集团的共识目标价为£0.858，基于他们对未来收益增长、利润率和其他风险因素的预期。然而，分析师之间存在一定程度的分歧，最乐观的分析师报告的目标价为£1.36，而最悲观的则仅为£0.6.</em></p>
</blockquote>
<p>阅读完整叙述。</p>
<p>好奇一家亏损的电信公司如何仍能证明未来收益倍数和更高利润率的合理性吗？想看看推动这一公允价值判断的增长和回购假设吗？深入了解以解读这一裁决背后的预测。</p>
<p><strong>结果：公允价值为£0.90（高估）</strong></p>
<p>完整阅读叙述，了解预测背后的原因。</p>
<p>然而，沃达丰在德国的执行力不足以及大规模重组的复杂性可能会阻碍利润扩张，并削弱这些乐观的增长假设。</p>
<p>了解沃达丰集团叙述的关键风险。</p>
<h2>另一种观点：倍数描绘了截然不同的图景</h2>
<p>虽然基于分析师目标的叙述将沃达丰标记为适度高估，但我们使用其市销率的估值却表明相反。以 0.7 倍的销售额对比行业平均和公允比率接近 1.6 倍，市场仍在定价大量的执行风险，而几乎没有上行空间。</p>
<p>查看数字对这一价格的看法——在我们的估值分析中了解更多。</p>
<p><img src="https://imageproxy.pbkrs.com/https://images.simplywall.st/company/50a5b4b1-856d-474d-99ef-5e4b4c62a98e/chart/ps-multiple-vs-industry?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://images.simplywall.st/company/50a5b4b1-856d-474d-99ef-5e4b4c62a98e/chart/ps-multiple-vs-industry"/></p>
<p>截至 2025 年 12 月的 LSE:VOD 市销率</p>
<h2>构建你自己的沃达丰集团叙述</h2>
<p>如果你对这个故事有不同看法，或者更愿意支持自己的分析，你可以在几分钟内构建个性化的观点：按你的方式进行。</p>
<p>进行沃达丰集团研究的一个很好的起点是我们的分析，突出了 3 个关键收益和 2 个可能影响你投资决策的重要警示信号。</p>
<h2>准备好进行下一次投资了吗？</h2>
<p>如果沃达丰激发了你的投资兴趣，不要止步于此。现在就在 Simply Wall Street 上进行更智能的筛选，以免错过下一个机会。</p>
<ul>
<li>通过扫描这 900 只基于现金流的被低估股票，提前捕捉潜在的深度价值机会，现金流强度与错误定价的预期相结合。</li>
<li>通过瞄准这 29 只医疗保健 AI 股票，提前布局医疗领域的长期变化。</li>
<li>利用这 12 只收益率超过 3% 的高收益股票，增强你的收入来源。</li>
</ul>
<p><em>本文由 Simply Wall St 撰写，内容具有一般性。<strong>我们基于历史数据和分析师预测提供评论，仅使用无偏见的方法，我们的文章不应被视为财务建议。</strong> 这并不构成买入或卖出任何股票的推荐，也未考虑你的目标或财务状况。我们旨在为你提供以基本数据驱动的长期分析。请注意，我们的分析可能未考虑最新的价格敏感公司公告或定性材料。Simply Wall St 对提到的任何股票没有持仓。</em></p>
<p>用于国防和灾难的移动基础设施</p>
<p>下一波机器人技术不是人形的，而是完全自主的塔楼，在 30 分钟内提供 5G、ISR 和雷达，随处可用。</p>
<p>在下一轮合同之前获取投资者简报</p>
<p>由 CiTech 赞助</p>

沃达丰

沃达丰集团

<p>沃达丰集团的股价已经反弹，本月上涨了 7%，三个月上涨了 15%，一年总股东回报率为 52.41%。分析师对其估值看法不一，普遍目标价为 0.858 英镑，而一些人认为在 0.90 英镑时其估值过高。尽管在德国的执行力较弱，但其市销率暗示可能被低估。投资者被鼓励进一步探索被低估股票和高收益股息的机会</p>

<p>Vodafone Group (LSE:VOD) has quietly turned into one of the U.K. market’s stronger rebound stories, with the share price up about 7% this month and roughly 15% over the past 3 months.</p>
<div class="lb-trans"><p>沃达丰集团（LSE:VOD）悄然成为英国市场上强劲反弹的故事之一，本月股价上涨约 7%，过去三个月上涨约 15%。</p>
</div><p>See our latest analysis for Vodafone Group.</p>
<div class="lb-trans"><p>查看我们对沃达丰集团的最新分析。</p>
</div><p>Zooming out, Vodafone’s recent 7.29% 1 month share price return and 40.21% year to date share price return suggest momentum is rebuilding, while a 52.41% one year total shareholder return points to investors re-rating the recovery story.</p>
<div class="lb-trans"><p>放眼全局，沃达丰最近一个月的股价回报为 7.29%，年初至今的股价回报为 40.21%，这表明势头正在重建，而 52.41% 的年度总股东回报则表明投资者正在重新评估复苏故事。</p>
</div><p>If Vodafone’s turnaround has caught your attention, it might be worth seeing what else is changing gears in telecoms and infrastructure, starting with aerospace and defense stocks.</p>
<div class="lb-trans"><p>如果沃达丰的转型引起了你的注意，值得看看电信和基础设施领域还有哪些其他变化，首先关注航空航天和国防股票。</p>
</div><p>With earnings recovering, a hefty intrinsic discount and a share price already nudging past analyst targets, the big question now is whether Vodafone still trades below its true value or if markets are already pricing in future growth.</p>
<div class="lb-trans"><p>随着收益的恢复、内在折扣的显著以及股价已经超过分析师目标，当前最大的问题是沃达丰是否仍然低于其真实价值，还是市场已经在定价未来的增长。</p>
</div><h2>Most Popular Narrative: 7.6% Overvalued</h2>
<div class="lb-trans"><h2>最受欢迎的叙述：高估 7.6%</h2>
</div><p>Vodafone’s most followed narrative puts fair value slightly below the £0.97 last close, framing the recent rally as running ahead of fundamentals.</p>
<div class="lb-trans"><p>沃达丰最受关注的叙述将公允价值略低于最后收盘价£0.97，认为最近的反弹超前于基本面。</p>
</div><blockquote>
<p><em>The analysts have a consensus price target of £0.858 for Vodafone Group based on their expectations of its future earnings growth, profit margins and other risk factors. However, there is a degree of disagreement amongst analysts, with the most bullish reporting a price target of £1.36, and the most bearish reporting a price target of just £0.6.</em></p>
</blockquote>
<div class="lb-trans"><blockquote>
<p><em>分析师对沃达丰集团的共识目标价为£0.858，基于他们对未来收益增长、利润率和其他风险因素的预期。然而，分析师之间存在一定程度的分歧，最乐观的分析师报告的目标价为£1.36，而最悲观的则仅为£0.6.</em></p>
</blockquote>
</div><p>Read the complete narrative.</p>
<div class="lb-trans"><p>阅读完整叙述。</p>
</div><p>Curious how a loss making telecom can still justify a richer future earnings multiple and higher margins ahead? Want to see the growth and buyback assumptions powering that fair value call? Dive in to unpack the forecasts behind this verdict.</p>
<div class="lb-trans"><p>好奇一家亏损的电信公司如何仍能证明未来收益倍数和更高利润率的合理性吗？想看看推动这一公允价值判断的增长和回购假设吗？深入了解以解读这一裁决背后的预测。</p>
</div><p><strong>Result: Fair Value of £0.90 (OVERVALUED)</strong></p>
<div class="lb-trans"><p><strong>结果：公允价值为£0.90（高估）</strong></p>
</div><p>Have a read of the narrative in full and understand what's behind the forecasts.</p>
<div class="lb-trans"><p>完整阅读叙述，了解预测背后的原因。</p>
</div><p>However, Vodafone’s weak execution in Germany and the complexity of large scale restructuring could derail margin expansion and undermine those upbeat growth assumptions.</p>
<div class="lb-trans"><p>然而，沃达丰在德国的执行力不足以及大规模重组的复杂性可能会阻碍利润扩张，并削弱这些乐观的增长假设。</p>
</div><p>Find out about the key risks to this Vodafone Group narrative.</p>
<div class="lb-trans"><p>了解沃达丰集团叙述的关键风险。</p>
</div><h2>Another View: Multiples Paint a Very Different Picture</h2>
<div class="lb-trans"><h2>另一种观点：倍数描绘了截然不同的图景</h2>
</div><p>While the narrative based on analyst targets flags Vodafone as modestly overvalued, our valuation using its price to sales ratio suggests the opposite. At 0.7x sales versus an industry average and fair ratio closer to 1.6x, the market is still pricing in a lot of execution risk and very little upside.</p>
<div class="lb-trans"><p>虽然基于分析师目标的叙述将沃达丰标记为适度高估，但我们使用其市销率的估值却表明相反。以 0.7 倍的销售额对比行业平均和公允比率接近 1.6 倍，市场仍在定价大量的执行风险，而几乎没有上行空间。</p>
</div><p>See what the numbers say about this price — find out in our valuation breakdown.</p>
<div class="lb-trans"><p>查看数字对这一价格的看法——在我们的估值分析中了解更多。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://images.simplywall.st/company/50a5b4b1-856d-474d-99ef-5e4b4c62a98e/chart/ps-multiple-vs-industry" alt="" original-src="https://images.simplywall.st/company/50a5b4b1-856d-474d-99ef-5e4b4c62a98e/chart/ps-multiple-vs-industry"/></p>
<p>LSE:VOD PS Ratio as at Dec 2025</p>
<div class="lb-trans"><p>截至 2025 年 12 月的 LSE:VOD 市销率</p>
</div><h2>Build Your Own Vodafone Group Narrative</h2>
<div class="lb-trans"><h2>构建你自己的沃达丰集团叙述</h2>
</div><p>If you see the story differently or would rather back your own analysis, you can build a personalised view in just minutes: Do it your way.</p>
<div class="lb-trans"><p>如果你对这个故事有不同看法，或者更愿意支持自己的分析，你可以在几分钟内构建个性化的观点：按你的方式进行。</p>
</div><p>A great starting point for your Vodafone Group research is our analysis highlighting 3 key rewards and 2 important warning signs that could impact your investment decision.</p>
<div class="lb-trans"><p>进行沃达丰集团研究的一个很好的起点是我们的分析，突出了 3 个关键收益和 2 个可能影响你投资决策的重要警示信号。</p>
</div><h2>Ready for your next investing move?</h2>
<div class="lb-trans"><h2>准备好进行下一次投资了吗？</h2>
</div><p>If Vodafone has sharpened your appetite, do not stop here. Run smarter screens on Simply Wall Street now so you are not late to the next opportunity.</p>
<div class="lb-trans"><p>如果沃达丰激发了你的投资兴趣，不要止步于此。现在就在 Simply Wall Street 上进行更智能的筛选，以免错过下一个机会。</p>
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<div class="lb-trans"><ul>
<li>通过扫描这 900 只基于现金流的被低估股票，提前捕捉潜在的深度价值机会，现金流强度与错误定价的预期相结合。</li>
<li>通过瞄准这 29 只医疗保健 AI 股票，提前布局医疗领域的长期变化。</li>
<li>利用这 12 只收益率超过 3% 的高收益股票，增强你的收入来源。</li>
</ul>
</div><p><em>This article by Simply Wall St is general in nature. <strong>We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice.</strong> It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.</em></p>
<div class="lb-trans"><p><em>本文由 Simply Wall St 撰写，内容具有一般性。<strong>我们基于历史数据和分析师预测提供评论，仅使用无偏见的方法，我们的文章不应被视为财务建议。</strong> 这并不构成买入或卖出任何股票的推荐，也未考虑你的目标或财务状况。我们旨在为你提供以基本数据驱动的长期分析。请注意，我们的分析可能未考虑最新的价格敏感公司公告或定性材料。Simply Wall St 对提到的任何股票没有持仓。</em></p>
</div><p>Mobile Infrastructure for Defense and Disaster</p>
<div class="lb-trans"><p>用于国防和灾难的移动基础设施</p>
</div><p>The next wave in robotics isn't humanoid. Its fully autonomous towers delivering 5G, ISR, and radar in under 30 minutes, anywhere.</p>
<div class="lb-trans"><p>下一波机器人技术不是人形的，而是完全自主的塔楼，在 30 分钟内提供 5G、ISR 和雷达，随处可用。</p>
</div><p>Get the investor briefing before the next round of contracts</p>
<div class="lb-trans"><p>在下一轮合同之前获取投资者简报</p>
</div><p>Sponsored On Behalf of CiTech</p>
<div class="lb-trans"><p>由 CiTech 赞助</p>
</div>

评估沃达丰（LSE:VOD）在近期股价反弹后的估值