Hepworth: Do not hang up on Vodafone yet


Ecclesiastical's Robin Hepworth is backing the rally in Vodafone shares to continue even if the M&A rumours surrounding the stock begin to recede.

Vodafone shares dropped 13% as investors grew concerned over its uncertain growth profile, but fresh speculation over the future of the company's joint venture with US firm Verizon has prompted a 20% jump since the start of 2013. Hepworth, manager of the £192m Higher Income fund, said the UK blue chip's sizeable overseas earnings stream makes its a beneficiary of sterling's devaluation, leaving its price looking attractive. "I think the shares still look fundamentally cheap on yield and P/E grounds. Whether this merger takes place or whether they spin-off I do not know, but I like Vod...

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