Meanwhile, a dividend yield of 5.6pc could become more attractive if the company is able to deliver on its earnings forecasts over the next few years. Dividends are due to move from being presently uncovered by net profit to enjoying coverage, albeit modest, of 1.1 times. If met, this could highlight to income investors that Vodafone is becoming a more reliable dividend stock.

Of course, the company’s lack of progress in reducing its debt pile since our original tip is disappointing. In fact, net debt has not materially changed over recent months. While the net debt to equity ratio continues to hover around 110pc, the threat of a dividend cut is likely to act as a deterrent to investment among a sizeable proportion of income seekers.

However, in Questor’s view, Vodafone deserves more time to strengthen its financial standing and improve its performance. So far, it has been a disappointment due to its underperformance versus the FTSE 100 since our original tip. But potential industry consolidation, an end to travel restrictions that prompts higher roaming charges and the rollout of 5G amid a buoyant global economic outlook could yet act as catalysts on its share price.

Questor says: hold

Ticker: VOD

Share price at close: £134.2p 

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