AT&T Inc (T) is undervalued and Vodafone Group plc ADR (VOD) is overvalued.
Against our estimates of intrinsic value, T trades at the wider discount: a margin of safety of +48%, against -132% for VOD.
Values as of the 22 Sept 2026 close.
Discounting its cash flows at 6.5% (average of 3 methods) values the shares at $48.39; the price of $25.10 is 48% below that value, and 85% of that value comes from beyond year five.
Leak Score 61/100 on 10 of 12 signals
Discounting its cash flows at 6.2% (average of 2 methods) values the shares at $7.15; the price of $16.62 is 132% above that value, and 86% of that value comes from beyond year five.
Leak Score 0/100 on 2 of 12 signals
| Metric | T | VOD |
|---|---|---|
| Verdict | Undervalued | Overvalued |
| Price | $25.10 | $16.62 |
| Intrinsic value | $48.39 | $7.15 |
| Margin of safety | +48% | -132% |
| Leak Score | 61/100 (10/12) | 0/100 (2/12) |
| Market cap | $172.0B | $38.5B |
| Revenue growth, 5 years | -6.1% | -1.7% |
| Operating margin | 21.2% | 9.6% |
| Net margin | 16.8% | -1.0% |
| Return on equity | 20.1% | -0.6% |
| Debt to equity | 1.47 | 1.04 |
| P/E | 8.3x | — |
| Forward P/E | 9.8x | 11.1x |
| P/B | 1.6x | 0.7x |
| Dividend yield | 4.4% | 3.4% |