Vodacom (VOD) – Where Did The Elasticity Go?

Previously, mobile communications were relatively defensive and we believe that there could be a structural shift which is resulting in mobile communications being deprioritized by financially strained consumers. We believe there is still abundant room to grow data revenue through penetration of the base as well as stimulating higher average data usage. In the current financial environment, we think that Vodacom may need to reconsider the network quality premium which they currently command