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Airtel股价早盘下跌1.5%;董事会将于8月29日开会讨论资金筹集问题
周四，该股在印度证交所交易下跌1.5%，至603卢比。周三，该电信公司的股价收于612.45卢比，下跌1.2%。
Bharti Airtel印度第二大电信公司表示，其董事会将于8月29日召开会议，考虑并批准通过股权、股权关联或债务工具或组合方式筹集资金。周四，该股在印度证交所交易下跌1.5%，至603卢比。周三，该电信公司的股价收于612.45卢比，下跌1.2%。
分析师表示，该运营商的最新举措可能旨在满足其调整后的总收入(AGR)和将在2022年上半年支付的近1.3万亿卢比的频谱费用。他们补充说，此次融资将进一步加强Airtel的资产负债表，再加上财务实力雄厚的Reliance Jio，将加剧资金短缺的沃达丰Idea的困境，后者可能会更快地放弃收入和用户市场份额。
它补充说，资金可以通过工具筹集，包括配股、合格机构配售、优先发行、发行国内或外币可转换债券的可转换工具，或优惠或市场基础上的认股权证，或卢比或外币的长期债务或任何其他模式，包括任何组合。
8月16日，由于前景乐观，该公司股价盘中触及644卢比的历史高点。分析师表示，该公司第一财季的业绩反映出4G用户的健康增长、收入结构的改善、家庭宽带用户的增长、自由现金流(FCF)的健康产生，以及用户和收入市场份额的持续增长。
多数券商对该股的评级为“买入”。例如，里昂证券(CLSA)的目标价为730卢比，高盛(Goldman Sachs)有一家是675卢比，杰弗瑞是685卢比。
“Bharti最新的融资计划似乎是由即将到来的AGR(调整后总营收)和频谱支付义务引发的，尽管该公司是盈利的，”一位不愿透露姓名的全球领先券商分析师表示。
他说，有一种看法是，Airtel的股票价格具有吸引力，因此，电信公司可以通过向战略投资者定向增发来快速筹集资金。“但市场往往更愿意通过债务工具融资，并对股权被稀释持谨慎态度。”
截至6月底，该公司的净债务从上一季度的约1.5万亿卢比增加到约1.6万亿卢比，其净债务与Ebidta的比率约为3倍，被认为“舒适”行业分析师。
高盛估计，Airtel需要在2022年3月之前支付410亿卢比的AGR会费，并且在23财年还将支付价值850亿卢比的频谱费用。此外，Airtel需要积极投资扩大和深化其4G网络，因为它正在与竞争对手Reliance Jio激烈争夺财务困难的Vodafone Idea用户。
它补充说，如果关税保持在目前的水平，该电信公司在23财年可能面临“每年至少200亿卢比(2.7亿美元)的现金短缺”。
Airtel将于8月29日召开董事会，考虑融资方案
Bharti董事长苏尼尔•米塔尔(Sunil Mittal) 6月份表示，Airtel在印度拥有近3.51亿移动电话、宽带和DTH用户，过去24个月已经筹集了120亿美元。
该运营商还需要为下一次拍卖(可能在2022年初)做财务准备，这将涉及5G电波的销售，随后推出下一代服务。
经纪公司Motilal Oswal估计，在全印度铺设5G网络(包括频谱、站点和光纤)所需的资本支出将为13万亿至23万亿卢比，其中地铁城市和A圈预计需要7880亿至13万亿卢比。
资金的筹集伴随着Bharti集团在重组其数字和电信资产的过程中，能够创造更多的货币化机会。
在新的公司结构下，Bharti Airtel将持有所有数字资产，而电信业务将被分拆到一个新成立的单位Airtel Ltd，这将是Bharti Airtel伞下的全资子公司。Airtel支付银行以及Airtel的国际和基础设施业务，包括Airtel非洲而且印度塔Nxtra将是该公司旗下的另外两个子公司。
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Bharti Airtel<\/a> shares were trading 1.5% lower in early trade, a day after India\u2019s second largest telco said its board will meet on August 29 to consider and approve raising funds via equity, equity linked or debt instruments or a combination.The stock was trading 1.5% lower at Rs603 on the BSE Thursday. Shares of the telco had closed 1.2% lower at Rs 612.45 on Wednesday.
Analysts say the carrier\u2019s latest move is likely aimed at meeting its adjusted gross revenue (AGR) and spectrum dues totalling nearly Rs 13,000 crore coming up for payment in the first half of 2022. They added that the fund raising will further strengthen Airtel's balance sheet, and combined with a financially strong Reliance Jio, will add to the woes of cash-strapped Vodafone Idea, who could cede revenue and subscriber market share even faster.
<\/div><\/div>\u201cWe wish to inform you that a meeting of the board of directors of the company is scheduled on Sunday, August 29, 2021, to inter-alia consider various capital raising options through equity or equity linked or debt instruments or any combination there-of, as the board may deem appropriate,\u201d Airtel said in a notice to the stock exchanges on Wednesday.
It added that the funds could be raised via instruments including a rights issue, qualified institutions placement, preferential issue, convertible instruments issued domestically or foreign currency convertible bonds, or warrants on a preferential or marketed basis, or straight long dated debt in rupee or foreign currency or any other mode including any combination.
The carrier\u2019s stock hit an all-time intra-day high of Rs 644 on August 16, on a positive outlook. Analysts said its fiscal first quarter results reflected healthy 4G additions, revenue mix improvement, highest-ever home broadband subscriber additions and healthy free cash flow (FCF) generation, as well as consistent subscriber and revenue market share gains.
Most brokerages have a \u2018Buy\u2019 rating on the stock. CLSA, for example, has a target price of Rs 730, Goldman Sachs<\/a> has one of Rs 675 and Jefferies Rs 685.
It added that the funds could be raised via instruments including a rights issue, qualified institutions placement, preferential issue, convertible instruments issued domestically or foreign currency convertible bonds, or warrants on a preferential or marketed basis, or straight long dated debt in rupee or foreign currency or any other mode including any combination.
The carrier\u2019s stock hit an all-time intra-day high of Rs 644 on August 16, on a positive outlook. Analysts said its fiscal first quarter results reflected healthy 4G additions, revenue mix improvement, highest-ever home broadband subscriber additions and healthy free cash flow (FCF) generation, as well as consistent subscriber and revenue market share gains.
Most brokerages have a \u2018Buy\u2019 rating on the stock. CLSA, for example, has a target price of Rs 730, Goldman Sachs<\/a> has one of Rs 675 and Jefferies Rs 685.
<\/div><\/div>Bharti Chairman Sunil Mittal in June said that Airtel, with nearly 351 million mobile phone, broadband and DTH subscribers in India, has already raised $12 billion in the past 24 months. But \"...one can never say never to raising fresh capital, (though) there is nothing immediately\u201d in the pipeline.
\"Bharti's latest fundraise plans appear to be triggered by upcoming AGR (adjusted gross revenue) and spectrum payment obligations, even though the company is profitable,\u201d said an analyst at leading global brokerage, who did not wish to be named.
He said that there is a perception that the Airtel stock is attractively priced, and thus, the telco could do a quick fundraise via a private placement to strategic investors. \u201cBut then markets tend to be more comfortable with funding via debt instruments and are wary of equity dilutions\".
The company\u2019s net debt increased at June-end to around Rs 1.6 lakh crore from around Rs 1.5 lakh crore in the previous quarter, and its net debt to Ebidta ratio was at around three times, deemed \u2018comfortable\u2019 by industry<\/a> analysts.
Goldman Sachs estimates Airtel needs to pay Rs 4,100 crore in AGR dues by March 2022, and also has spectrum payments worth Rs 8,500 crore coming up in FY23. Besides, Airtel needs to aggressively keep investing in expanding and deepening its 4G network as it is involved in a bitter fight with rival Reliance Jio for financially struggling Vodafone Idea\u2019s subscribers.
It added that the telco is likely to face \u201can annual cash shortfall of at least Rs 2,000 crore ($270 million) if tariffs stay at current levels,\u201d in FY23.
\"Bharti's latest fundraise plans appear to be triggered by upcoming AGR (adjusted gross revenue) and spectrum payment obligations, even though the company is profitable,\u201d said an analyst at leading global brokerage, who did not wish to be named.
He said that there is a perception that the Airtel stock is attractively priced, and thus, the telco could do a quick fundraise via a private placement to strategic investors. \u201cBut then markets tend to be more comfortable with funding via debt instruments and are wary of equity dilutions\".
The company\u2019s net debt increased at June-end to around Rs 1.6 lakh crore from around Rs 1.5 lakh crore in the previous quarter, and its net debt to Ebidta ratio was at around three times, deemed \u2018comfortable\u2019 by industry<\/a> analysts.
Goldman Sachs estimates Airtel needs to pay Rs 4,100 crore in AGR dues by March 2022, and also has spectrum payments worth Rs 8,500 crore coming up in FY23. Besides, Airtel needs to aggressively keep investing in expanding and deepening its 4G network as it is involved in a bitter fight with rival Reliance Jio for financially struggling Vodafone Idea\u2019s subscribers.
It added that the telco is likely to face \u201can annual cash shortfall of at least Rs 2,000 crore ($270 million) if tariffs stay at current levels,\u201d in FY23.