![\"\"](\"\/\/www.iser-br.com\/Themes\/Release\/images\/responsive\/ettelecom-default.jpg\")
Given the changing sector landscape and sharp correction (80 per cent in 12 months) in Vodafone Idea’s stock price, the brokerage believes the risks are overdone. Voda Idea’s AGR dues would likely be 49 per cent of ad-hoc provisions, while growth is set to accelerate led by tariff hikes, with cash Ebitda tripling by FY22CL.
Voda Idea’s market share in its top-10 circles (77 per cent of revenues) at 31 per cent is slightly ahead of Bharti Airtel, and the company may give up spectrum in weak circles. In the emerging new scenario, the cumulative funding need of the company will be $2.3 billion, including hefty spectrum payments from FY23. The brokerage upgrades the from “sell” to “buy” with the target price being raised from Rs 3.50 to Rs 12.
The company’s share price moved down by -7.25 per cent from its previous close of Rs 3.45. The last traded price is Rs 3.20.
Investment Rationale<\/b>
The 35-79 per cent correction in Voda Idea stock over 3-12 months is pricing in a pessimistic scenario. With likely lower AGR dues, potential government relief, return of growth, and the telecom company’s focus on top markets<\/a>, risks are overdone in the brokerage view.
In an emerging new landscape and growth returning (led by tariff hikes), the promoters of the company will likely also reassess their stance on incremental funding (with promoters contributing 72 per cent in US$3.5bn rights issue of 2019). With the stock’s risk-reward turning favourable, the stock is upgraded from sell to buy and the target price raised from Rs 3.50 to Rs 12.
CLSA<\/a>’s valuation of Vodafone Idea is based on 8x EV\/Ebitda 1-year forward Ebitda of FY22, which is at a 10 per cent discount to the Bharti Airtel and Reliance Jio valuation multiples.
Investment risks<\/b>: Tariff wars initiated by Reliance Jio could negatively impact earnings and leverage. Delays in realisation of merger synergies will affect Ebitda estimates and increase gearing.
Financials<\/b>
Vodafone Idea's key products\/revenue segments include Telecommunication Services which contributed Rs 36766.80 crore to sales value (99.75 per cent of total sales ) and Other Operating Revenue which contributed Rs 92.00 crore to sales value (0.24 per cent of total sales )for the year ending March 31, -2019.
For the quarter ended December 31, 2019, the company has reported consolidated sales of Rs 11,089.40 crore, up 2.26 per cent from last quarter sales of Rs 10,844 crore and down -5.63 per cent from last year same quarter sales of Rs 11751.60 crore. The company has reported net profit after tax of Rs -6538.70 crore in latest quarter. Incorporated in 1995, Voda Idea is a midcap company with a market cap of Rs 9942.44 crore.<\/body>","next_sibling":[{"msid":74768867,"title":"Airtel urges Jio, Vodafone Idea, BSNL, MTNL to activate intra-circle roaming for seamless connectivity","entity_type":"ARTICLE","link":"\/news\/airtel-activates-intra-circle-roaming-with-other-telcos-to-ensure-seamless-connectivity\/74768867","category_name":null,"category_name_seo":"telecomnews"}],"related_content":[{"msid":"74768884","title":"Buy","entity_type":"IMAGES","seopath":"markets\/stocks\/recos\/buy-voda-idea-target-price-rs-12-clsa\/buy","category_name":"Buy Voda Idea, target price Rs 12: CLSA ","synopsis":false,"thumb":"https:\/\/etimg.etb2bimg.com\/thumb\/img-size-351913\/74768884.cms?width=150&height=112","link":"\/image\/markets\/stocks\/recos\/buy-voda-idea-target-price-rs-12-clsa\/buy\/74768884"}],"msid":74769465,"entity_type":"ARTICLE","title":"Buy Voda Idea, target price Rs 12: CLSA ","synopsis":"CLSA\u2019s valuation of Vodafone Idea is based on 8x EV\/Ebitda 1-year forward Ebitda of FY22, which is at a 10 per cent discount to the Bharti Airtel and Reliance Jio valuation multiples. ","titleseo":"telecomnews\/buy-voda-idea-target-price-rs-12-clsa","status":"ACTIVE","authors":[],"Alttitle":{"minfo":""},"artag":"ETMarkets.com","artdate":"2020-03-23 11:41:07","lastupd":"2020-03-23 11:43:33","breadcrumbTags":["voda idea share price","Vodafone Idea Ltd.","markets","CLSA","sensex","Industry","Nifty"],"secinfo":{"seolocation":"telecomnews\/buy-voda-idea-target-price-rs-12-clsa"}}" data-authors="[" "]" data-category-name="" data-category_id="" data-date="2020-03-23" data-index="article_1">
- Telecom乐动扑克News
- 2分钟阅读
买Voda想法,目标价Rs 12:里昂证券
里昂证券的估值沃达丰的想法是基于8 x EV / Ebitda 1年远期FY22 Ebitda的,是10%的折扣Bharti Airtel和依赖Jio估值倍数。
鉴于改变行业格局和大幅回调(80%在12个月内)在沃达丰股价,经纪公司认为风险是过头了。Voda想法的AGR费可能会特别规定的49%,而经济增长将加快由关税上涨,用现金Ebitda FY22CL已经上涨了两倍。
Voda想法的市场份额在其十大圈(收入的77%),31%是Bharti Airtel的前方,和该公司可能放弃频谱在疲软的圈子里。在新兴的场景中,累计资助的公司将需要23亿美元,包括从FY23支付高额频谱。的经纪公司升级“买”与“卖”的目标价格从3.50 Rs Rs 12。
该公司的股价下降了-7.25%从先前移近3.45卢比。最后交易价是3.20卢比。
投资的基本原理
35 - 79修正Voda想法股票在3 - 12个月定价在悲观的情况下。AGR低可能会费、潜在的政府救灾、恢复增长,电信公司的关注市场经纪业务视图中,风险是过头了。
在一个新兴的新格局和经济增长恢复(由关税上涨),这家公司的促销员也可能会重新评估他们的立场在增量资金(发起人贡献72%的35亿美元配股发行,2019)。股票的风险回报将有利,股票从出售购买和升级提出的目标价格从3.50 Rs Rs 12。
里昂证券(CLSA)沃达丰的估值的想法是基于8 x EV / Ebitda 1年远期FY22 Ebitda的,是10%的折扣Bharti Airtel和依赖Jio估值倍数。
投资风险:关税战争由依赖Jio可能产生负面影响收益和影响力。延迟实现合并的协同效应将影响息税前利润预期,增加传动装置。
金融类股
沃达丰(Vodafone)想法的关键产品/收入段包括电信服务,贡献了36766.80卢比销售价值(总销售额的99.75%)和其他营业收入贡献了92.00卢比的销售价值(总销售额的0.24%),截至3月31日,-2019年。
2019年12月31日结束的财政季度的,该公司报告了11089 .40卢比的统一销售,较上季度增长2.26% 10844卢比和下降了-5.63%的销量从去年同期11751.60卢比的销售。该公司报告了税后净利润在最新季度的-6538.70卢比。有限公司成立于1995年,Voda想法是一家中型股公司的市值9942.44卢比。
评论
现在评论 阅读评论(1)所有评论
找到这个评论进攻?
下面选择你的理由并单击submit按钮。这将提醒我们的版主采取行动