<\/strong>
We rate Bharti Airtel<\/a> at BBB minus and it is on rating watch negative. The operator’s third quarter results were pretty much in line with our expectations.
The positive surprise was the fact that it gained 2.1 crore 4G subscribers<\/a>, which resulted in an improvement in Ebitda margin. The company is realising cost savings, as it aims to shut down its 3G network completely by March 2020.
It is re-farming 900 megahertz and 2,100 megahertz spectrums for 4G usage, which will help it fetch a higher subscriber base in 4G network.
The improvement in ARPU to Rs 135 in the December quarter from Rs 128 in the September quarter was positive. But the full impact of tariff hike will be realised only in the fourth quarter of FY20.
We are yet to get clarity on AGR dues. While Bharti Airtel<\/a> seems to be fairly cushioned post the recent fundraising, what would the next couple of quarters look like?
<\/strong>
Bharti Airtel has raised enough liquidity to pay AGR dues It has raised $2 billion of equity and $1 billion of convertible debt. It has sufficient liquidity to pay dues.
What will happen to Vodafone Idea<\/a> if AGR dues are to be paid by the incumbents in full is the next big thing we will be watching out for.
Vodafone Idea<\/a> would struggle to fund such a large payment. That may accelerate the subscriber loss at Vodafone Idea.
In our base case, we have not been factoring a significant incremental subscriber addition from Vodafone Idea. But if that were to happen, we would start assuming huge subscriber addition for Bharti Airtel at the loss of Vodafone Idea. That will be supporting of Bharti’s Ebitda growth.
<\/body>","next_sibling":[{"msid":73959420,"title":"Liberty Global signs deal with Infosys, to transfer 300 employees to IT firm","entity_type":"ARTICLE","link":"\/news\/liberty-global-signs-deal-with-infosys-to-transfer-300-employees-to-it-firm\/73959420","category_name":null,"category_name_seo":"telecomnews"}],"related_content":[{"msid":"73957933","title":"Nitin Soni-Fitch Ratings-1200","entity_type":"IMAGES","seopath":"markets\/expert-view\/airtel-may-lap-up-vodafone-ideas-subscribers-if-latter-struggles-nitin-soni-fitch-ratings\/nitin-soni-fitch-ratings-1200","category_name":"Airtel may lap up Vodafone Idea's subscribers if latter struggles: Nitin Soni, Fitch Ratings","synopsis":false,"thumb":"https:\/\/etimg.etb2bimg.com\/thumb\/img-size-142923\/73957933.cms?width=150&height=112","link":"\/image\/markets\/expert-view\/airtel-may-lap-up-vodafone-ideas-subscribers-if-latter-struggles-nitin-soni-fitch-ratings\/nitin-soni-fitch-ratings-1200\/73957933"}],"msid":73959425,"entity_type":"ARTICLE","title":"Airtel may lap up Vodafone Idea's subscribers if latter struggles: Nitin Soni, Fitch Ratings","synopsis":"\"The company is realising cost savings, as it aims to shut down its 3G network completely by March 2020. It is re-farming 900 megahertz and 2,100 megahertz spectrums for 4G usage, which will help it fetch a higher subscriber base in 4G network.\"","titleseo":"telecomnews\/airtel-may-lap-up-vodafone-ideas-subscribers-if-latter-struggles-nitin-soni-fitch-ratings","status":"ACTIVE","authors":[],"Alttitle":{"minfo":""},"artag":"ET Now","artdate":"2020-02-05 16:06:35","lastupd":"2020-02-05 16:09:28","breadcrumbTags":["bharti airtel","Fitch Ratings","Nitin Soni","Vodafone Idea","subscribers","Telecom","Industry"],"secinfo":{"seolocation":"telecomnews\/airtel-may-lap-up-vodafone-ideas-subscribers-if-latter-struggles-nitin-soni-fitch-ratings"}}" data-authors="[" "]" data-category-name="" data-category_id="" data-date="2020-02-05" data-index="article_1">
- Telecom乐动扑克News
- 2分钟阅读
Airtel可能圈沃达丰想法的用户如果后者斗争:Nitin索尼,惠誉国际评级(Fitch Ratings)
“公司意识到节省成本,因为它旨在关闭其3 g网络完全由2020年3月。re-farming 900兆赫到2100兆赫范围为4 g的使用,这将帮助它获取更高的用户数量在4 g网络。”
你看到什么趋势一个月后关税提高的电信运营商吗?它们反映的数字吗?
我们的速度Bharti Airtel在BBB -,这是评级列入负面观察名单。运营商的第三季度结果非常符合我们的预期。
积极的惊讶的是它获得2.1卢比的4 g用户,导致的Ebitda利润率的改善。公司意识到节省成本,因为它旨在关闭其3 g网络完全由2020年3月。
re-farming 900兆赫到2100兆赫范围为4 g的使用,这将帮助它获取更高的订户基地4 g网络。
提高ARPU Rs 135 12月季度从Rs 128年的第三季度是正面的。但是关税上调的全面影响将会意识到只有在第四季度FY20。
我们尚未得到明确AGR费。而Bharti Airtel似乎相当缓冲最近筹款,未来几个季度会是什么样子?
Bharti Airtel已筹集足够的资金流动性支付AGR费已经筹集了20亿美元的股票和10亿美元的可转换债券。它有足够的流动资金来支付会费。
将会发生什么沃达丰的想法如果AGR费全额支付的当权者是下一个大事件我们将密切关注。
沃达丰的想法很难基金如此大的付款。沃达丰可能加速用户损失的想法。
在我们的基本情况,我们没有考虑一个重要的增量用户除了从沃达丰的想法。但如果这真的发生了,我们将开始假设Bharti Airtel的巨大用户除了失去沃达丰的主意。Bharti的Ebitda增长的支持。
我们的速度Bharti Airtel在BBB -,这是评级列入负面观察名单。运营商的第三季度结果非常符合我们的预期。
积极的惊讶的是它获得2.1卢比的4 g用户,导致的Ebitda利润率的改善。公司意识到节省成本,因为它旨在关闭其3 g网络完全由2020年3月。
re-farming 900兆赫到2100兆赫范围为4 g的使用,这将帮助它获取更高的订户基地4 g网络。
提高ARPU Rs 135 12月季度从Rs 128年的第三季度是正面的。但是关税上调的全面影响将会意识到只有在第四季度FY20。
我们尚未得到明确AGR费。而Bharti Airtel似乎相当缓冲最近筹款,未来几个季度会是什么样子?
Bharti Airtel已筹集足够的资金流动性支付AGR费已经筹集了20亿美元的股票和10亿美元的可转换债券。它有足够的流动资金来支付会费。
将会发生什么沃达丰的想法如果AGR费全额支付的当权者是下一个大事件我们将密切关注。
沃达丰的想法很难基金如此大的付款。沃达丰可能加速用户损失的想法。
在我们的基本情况,我们没有考虑一个重要的增量用户除了从沃达丰的想法。但如果这真的发生了,我们将开始假设Bharti Airtel的巨大用户除了失去沃达丰的主意。Bharti的Ebitda增长的支持。
