What is this really worth?

Having had a closer look at this thing this really is a gambling stock.
The fundamentals are extremely poor.
Not because Vodafone cannot improve, in fact it probably is on the long road to recovery.
The problem is the massive $7.7B in liabilities.
If this sold tomorrow it would be highly unlikely that the debt would be repaid.
In fact this needs a $10B sale price before shareholders would receive a capital return greater than the current share price.
The share price is actually way higher than it should be, and shares are probably close to worthless.

If Vodafone is sold HTA shareholders will probably receive nothing
On the good side HTA shares are sooooo illiquid...

Any good news on Vodafone has the potential to increase share price quickly.
If they sell to TPG for say $4B (probably a realistic number) you will lose everything

With only 2% of shares available it has the ability to rise in value very quickly..
Just remember to jump off early, because if there is a sale you will do your money

Vodafone is a great company, but the complex financials, the failure of 3 and all Vodafone's sins past could haunt shareholders for another decade. The liabilities are massive and scary
The illiquid nature of HTA could send the share price massively upwards and then downwards too.
Understand this complex beast. It will need constant watching. Potentially good money to be made at the right times, but also a large potential to lose the lot