Vodafone has reported an overall weak FY23 performance although in line with expectations. The worrying point is that FY24 free-cash-flow is expected to be down by c.20% yoy and lfl. Margherita della Valle has announced a plan to straighten out the group with 11k of job cuts. The stock is down by 3% this morning which is probably an opportunity to invest in Vodafone for the long term although caution on the FY24 free-cash-flow could dampen investor enthusiasm.