Vodafone's new CEO 直面するs 堅い calls to reconnect with 投資家s
By Kate Holton and Paul Sandle
LONDON, May 21 (Reuters) - When Vodafone 指名するd Margherita Della Valle as CEO last month, 投資家s 可決する・採択するd a wait-and-see approach to whether the company 退役軍人 was the 権利 person to 揺さぶる it out of a 深い malaise.
Within weeks, Della Valle gave them a stark 査定／評価 of the problems Vodafone 直面するs. The reaction has been 残虐な, with the company's 株 事情に応じて変わる to 20-year lows.
Della Valle, an Italian who joined Vodafone in 1994 and had been its 長，指導者 財政上の officer since 2018, 公約するd on Tuesday to 削減（する） 11,000 of 90,000 職業s and 速度(を上げる） up the 配達／演説／出産 of new 申し込む／申し出s by giving 地元の country bosses greater 自治.
Her 判決 on the 状況／情勢 in which Vodafone now finds itself has amplified calls for 取引，協定s to 精密検査する 重要な markets and for an 改良 in the way it operates.
複雑にするing 事柄s is an 投資家 base with 相反する 需要・要求するs, 関心s about Vodafone's （株主への）配当 見通し and a 全労働人口 reeling from the 深い 職業 削減（する）s.
"They're fighting too many 戦う／戦いs on too many 前線s, with still too much 負債 on the balance sheet," said 投資 director Russ Mould at AJ Bell, 追加するing that the 株 price is 反映するing 関心 around the （株主への）配当.
The British group remains one of the world's biggest telecoms companies, with a presence across Europe and Africa, but several years of underperformance versus peers had 誘発するd some 投資家s and 分析家s to call for an 外部の 雇う as CEO.
While many 観察者／傍聴者s in and outside the company had 推定する／予想するd a fresh 直面する, Della Valle won over the board.
This week she 公約するd to put a greater 強調 on Vodafone's 企業 分割, long a strength, where she believes it can grow 株 in an 拡大するing market as 消費者s look for ever-cheaper 取引，協定s.
Vodafone's 株 are 貿易（する）ing at lows last seen in 2002, 大部分は 予定 to a 削減（する） to 解放する／自由な cash flow 予測（する）s.
"With the 株 now 産する／生じるing north of 9%, it is （疑いを）晴らす that Vodafone is a （株主への）配当 在庫／株 会社にする／組み込むing the 期待 of a （株主への）配当 削減（する）," Enders 分析 told （弁護士の）依頼人s.
Della Valle 解任するd 関心s over 逮捕する 負債, which Vodafone has lowered to 33.4 billion euros ($37 billion), giving it a 2.5 times 逮捕する 負債 to 核心 収入s 多重の on a プロの／賛成の-forma basis.
"This puts any 関心s about our 負債 levels 堅固に behind us," she said.
DIFFERENT DEALS
Vodafone made its 指名する by often audacious dealmaking, and once had presences across Europe, Africa, Australia, India and the 部隊d 明言する／公表するs.
It has since retrenched but is now under 圧力 to go その上の and either 出口 or 捜し出す 合併s in some European markets such as Spain, where it has begun a 戦略の review and is open to 構造上の change like a sale or a 網状組織 分離.
Della Valle said 取引，協定s were a 優先, but would not give any タイミング, and defended the structure of Vodafone, which has three major 株主s which could 利益 from a break-up.
Getting 取引，協定s done is 証明するing difficult.
会談 to 合併する its British 商売／仕事 with the UK arm of Hutchison, which it 確認するd in October, are 現在進行中の.
一方／合間, its 負債, a low 株 price and the structure of Vodafone all 追加する 複雑さ. 投資家 失望／欲求不満 with the 速度(を上げる） of change led to Della Valle's 前任者 Nick Read stepping 負かす／撃墜する in December.
One large, long-称する，呼ぶ／期間／用語 institutional 投資家 said Vodafone had decent 資産s but needed to 配達する greater value.
An 投資 銀行業者 who has 以前 worked with Vodafone said the new CEO had done a good 職業 of committing to making changes without tying herself to a timeframe, when it is still not （疑いを）晴らす how 競争 regulators would 答える／応じる.
The 合理的な／理性的な for owning 資産s around the world 現実に makes more sense now, when 企業 （弁護士の）依頼人s want joined up services in areas such as Internet of Things, the 銀行業者 追加するd.
複雑にするing its room for manoeuvre is Vodafone's 株主 base, where Emirati telecoms 会社／堅い Etisalat has built up a 14.6% 火刑／賭ける and said it will not go beyond 25%. It has also recently 安全な・保証するd a board seat.
Enders said the 現在の 火刑／賭ける would 妨げる other 引き継ぎ／買収s but it meant Etisalat's e& "appears to be in the 戦略の 運動ing seat" and 支持する／優勝者ing an "empire-building approach".
That may not sit 井戸／弁護士席 with Vodafone's other 重要な 投資家s - French telecoms 億万長者 Xavier Niel, who competes with it in Italy, and Liberty 全世界の, its partner in the Netherlands. Both are known for their savvy dealmaking.
The 銀行業者 said for someone like Niel, the shareholding was a way to 発揮する 圧力 on Vodafone as it 捜し出すs market change.
When Vodafone 任命するd Della Valle it 賞賛するd her "pace and decisiveness", and にもかかわらず the 堅い 見通し she won plaudits for her 扱うing of the results, 配達するing Tuesday's 贈呈 alone because she does not yet have a 財政／金融 director.
The cure, she said, was 根底となる change - but that would take time.
($1 = 0.9084 euros)
(付加 報告（する）／憶測ing by Sarah Young; Editing by Alexander Smith)
