In two separate notes (STAMP 2022 and Hiding in Telcos) we outline our latest sector views; this work has led us to double downgrade Vodafone from Outperform to Underperform with a 110p price target (down from 155p). Owing to lower European growth estimates and higher investment in Germany we cut our group FCF by 15% over our forecast period. Our estimates are below medium-term growth guidance and 10% below consensus FCF for the year (FY23) ahead. Management is under pressure to deliver on medium term objectives Vodafone had promised to be proactive in MandA to re-shape their portfolio. We remain optimistic on a tower deal, synergies / value creation here are relatively small for Vodafone shareholders, but having missed out on consolidation in Spain and rejected Iliad''s offer for Vodafone Italy (Iliad now closing in on a sharing JV with Hutch) management are under increasing pressure to deliver on their medium-term plan of delivering mid-single digit EBITDA and FCF growth - is this achievable? Investor focus will have to return to fundamentals - what does STAMP 2022 tell us? Vodafone''s underperformance in Germany must now come under more scrutiny as the MandA story wanes/plays out. Using our 2022 STAMP data and pricing trackers we look to address two questions 1) how do the operating prospects of Vodafone Europe stack up vs peers, and 2) Why is Vodafone underperforming in Germany and should we expect it to turn around? We also include an analysis of European telecom pricing trends to assess the prospects for ''price inflation''. STAMP data for Vodafone shows broad weakness, with Germany particularly worrying Vodafone have seen a surprisingly broad deterioration in key metrics in our 2022 STAMP survey (NPS, price satisfaction, churn, etc), which all augur poorly for future growth. Our German deep dive suggests Vodafone''s recent share loss is attributable to structural change in the hierarchy of this market suggesting consensus expectations of a...