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减少沃达丰的想法,目标价Rs 9:雪绒花

当心牵引在4 g用户添加和非核心资产货币化,经纪公司说。

雪绒花减少评级了沃达丰的想法与目标价的Rs 9。股价下降了-0.49%从先前移近10.15卢比。股票交易的最后价格是Rs 10。

沃达丰想法记录11%的环比Q4FY20激增ARPU-driving表现在收入,又实现协同效应强化了EBITDA节拍。经纪说提高ARPU是振奋人心的,但拖延4 g用户添加动量不激发信心的可持续性ARPU改进。相反,微薄的现金的书——Rs 248亿和缺乏融资选择把流动性问题。

AGR的经纪认为早日解决问题是至关重要的为公司筹集资本货币化非核心资产,考虑它继续丧失市场份额。公司的4 g用户减少到140万,从830万年Q3FY20, 4 g用户数量总数达到1.05亿。4 g的经纪认为牵引用户基础是固定收入市场份额的关键。

投资的基本原理


经纪说Vodafone-Idea在古典推到边缘的情况。早日解决AGR费和超预期上调关税可以脚本英雄回归。说,鉴于其依赖外部环境和有限的控制,经纪公司保持与目标价降低评级的Rs 9从Rs 5,因为它增加了FY22E EBITDA 8%考虑更高的协同作用实现。它敦促要注意牵引的4 g用户添加和非核心资产货币化。

股票交易FY21E EV / EBITDA的8.5倍。

减少沃达丰的想法,目标价Rs 9:雪绒花

金融类股

本季度结束2020年3月31日,该公司公布统一的销售11735.60卢比,较上个季度的销售额增长5.83% - 11089.40卢比。04%从去年的同期销售11740.60卢比。该公司公布的税后净利润在最新的季度-11711.30卢比。

启动子/造成控股

发起人持有该公司72.05%的股份3月31日,2020年,虽然造成了8.82%,dii 5.86和其他公众和13.12%。

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<\/p>"}},"articles":{"95699931":{"msid":"95699931","stname":"Vodafone Idea to issue debentures worth Rs 1,600 crore to ATC Telecom","artsyn":"VIL is raising the amount through equity convertible debt bonds that carry a coupon rate of 11.2 per cent per annum payable every six months during its term.","seolocation":"telecomnews\/vodafone-idea-to-issue-debentures-worth-rs-1600-crore-to-atc-telecom","seolocationalt":"Vodafone Idea to issue debentures worth Rs 1,600 crore to ATC Telecom","url_seo":"vodafone-idea-to-issue-debentures-worth-rs-1600-crore-to-atc-telecom"},"95291141":{"msid":"95291141","stname":"Vodafone Idea shares down 1.4% after Q2 loss widens to Rs 7,595.5 crore amid high finance costs, heavy user losses","artsyn":"\u201cVi\u2019s reported EBITDA margins were down 298 bps QoQ to 38.6%, below expectation of 41.4%, owing to higher than expected network opex (which was up 16% QoQ and higher marketing expenses, ICICI Direct Research said in a note.","seolocation":"telecomnews\/vodafone-idea-shares-down-1-4-after-q2-loss-widens-to-rs-7595-5-crore-amid-high-finance-costs-heavy-user-losses","seolocationalt":"Vodafone Idea shares down 1.4% after Q2 loss widens to Rs 7,595.5 crore amid high finance costs, heavy user losses","url_seo":"vodafone-idea-shares-down-1-4-after-q2-loss-widens-to-rs-7595-5-crore-amid-high-finance-costs-heavy-user-losses"},"95217352":{"msid":"95217352","stname":"No bar on govt taking equity in company even if shares below par value: Vodafone Idea","artsyn":"\u201cWe have come across certain media reports incorrectly alluding to below par share price as the reason for delay in VIL\u2019s Govt. equity conversion. We wish to clarify that there is no such guideline that prohibits the Government from taking equity if company\u2019s current share value is less than par value,\u201d the Indian joint venture between UK\u2019s Vodafone Group Plc and the Aditya Birla Group said.","seolocation":"telecomnews\/no-bar-on-govt-taking-equity-in-company-even-if-shares-below-par-value-vodafone-idea","seolocationalt":"No bar on govt taking equity in company even if shares below par value: Vodafone Idea","url_seo":"no-bar-on-govt-taking-equity-in-company-even-if-shares-below-par-value-vodafone-idea"},"95177713":{"msid":"95177713","stname":"Vodafone Idea equity conversion delayed due to stock price being under par value of Rs10: Indus Towers","artsyn":"The equity conversion, which will give the government a 33% stake and make it the largest single shareholder in Vi, is vital for the cash-strapped telco to conclude its much delayed Rs 20,000 crore fundraise via a mix of debt and equity, especially as potential investors want clarity on this issue. Vi also needs cash urgently to clear its massive vendor dues, including around Rs 7,000 crore to Indus Towers alone.","seolocation":"telecomnews\/vodafone-idea-equity-conversion-delayed-due-to-stock-price-being-under-par-value-of-rs10-indus-towers","seolocationalt":"Vodafone Idea equity conversion delayed due to stock price being under par value of Rs10: Indus Towers","url_seo":"vodafone-idea-equity-conversion-delayed-due-to-stock-price-being-under-par-value-of-rs10-indus-towers"},"94956208":{"msid":"94956208","stname":"Vodafone Idea board meet on Oct 21 to consider fundraise via convertible bond issue to vendor","artsyn":"\u201cA meeting of the board of directors of the company is scheduled on October 21, inter-alia, to consider and evaluate a proposal for issuance of debenture securities convertible into equity shares on a preferential \/ private placement basis to a vendor, subject to regulatory and other statutory approvals as may be required, including approval of the shareholders of the company,\u201d Vi said in an exchange filing.","seolocation":"telecomnews\/vodafone-idea-board-meet-on-oct-21-to-consider-fundraise-via-convertible-bond-issue-to-vendor","seolocationalt":"Vodafone Idea board meet on Oct 21 to consider fundraise via convertible bond issue to vendor","url_seo":"vodafone-idea-board-meet-on-oct-21-to-consider-fundraise-via-convertible-bond-issue-to-vendor"},"94546085":{"msid":"94546085","stname":"Vodafone Idea in talks with Indus Towers for softer payment terms","artsyn":"\u201cWe wish to inform that Indus Towers is one of the large vendors who provides passive infrastructure services to the company\u2026the company has been in discussion with Indus for softer payment terms, which are continuing, but have not been concluded as yet,\u201d Vi said in a late Thursday evening response to a BSE query.","seolocation":"telecomnews\/vodafone-idea-in-talks-with-indus-towers-for-softer-payment-terms","seolocationalt":"Vodafone Idea in talks with Indus Towers for softer payment terms","url_seo":"vodafone-idea-in-talks-with-indus-towers-for-softer-payment-terms"},"94495484":{"msid":"94495484","stname":"Vodafone Idea shares fall nearly 2% after Indus warning","artsyn":"The tower company had shot off this warning to Vi in a strongly-worded letter written on Monday, said two people aware of the matter. This followed an Indus Towers board meeting earlier in the day that discussed the company's mounting trade receivables and noted that it was mainly due to payment delays by Vi.","seolocation":"telecomnews\/vodafone-idea-shares-fall-nearly-2-after-indus-warning","seolocationalt":"Vodafone Idea shares fall nearly 2% after Indus warning","url_seo":"vodafone-idea-shares-fall-nearly-2-after-indus-warning"},"94093763":{"msid":"94093763","stname":"Vodafone Idea jumps 3% today. Here\u2019s why","artsyn":"The heavily-indebted Vodafone Idea (Vi) has decided to opt for converting about Rs 16,000 crore of interest liabilities owing to the government into equity, amounting to about 33 per cent of the firm, while promoters' holding will come down from 74.99 per cent to 50 per cent.","seolocation":"telecomnews\/vodafone-idea-jumps-3-today-heres-why","seolocationalt":"Vodafone Idea jumps 3% today. Here\u2019s why","url_seo":"vodafone-idea-jumps-3-today-heres-why"},"94074092":{"msid":"94074092","stname":"Govt to acquire Vodafone Idea stake after share price stabilises at Rs 10 or above","artsyn":"Vodafone Idea (VIL) board has offered a stake to the government at a par value of Rs 10 per share.","seolocation":"telecomnews\/govt-to-acquire-vodafone-idea-stake-after-share-price-stabilises-at-rs-10-or-above","seolocationalt":"Govt to acquire Vodafone Idea stake after share price stabilises at Rs 10 or above","url_seo":"govt-to-acquire-vodafone-idea-stake-after-share-price-stabilises-at-rs-10-or-above"},"93997762":{"msid":"93997762","stname":"Vodafone Idea rises over 5% after prepays Rs 2,700 crore short-term loan to SBI","artsyn":"Loss-making Vodafone Idea (Vi) has prepaid a short-term loan of about Rs 2,700 crore to SBI in a bid to shore up lenders' confidence as it urgently seeks fresh bank funds to tie up equipment supply deals for 5G networks and also clear some of its near Rs 15,000-crore trade payables, comprising dues to tower companies, network gear vendors and other suppliers.","seolocation":"telecomnews\/vodafone-idea-rises-over-5-after-prepays-rs-2700-crore-short-term-loan-to-sbi","seolocationalt":"Vodafone Idea rises over 5% after prepays Rs 2,700 crore short-term loan to SBI","url_seo":"vodafone-idea-rises-over-5-after-prepays-rs-2700-crore-short-term-loan-to-sbi"},"93853933":{"msid":"93853933","stname":"Bharti Airtel, Vodafone Idea drop up to 3% as Jio looks to launch 5G by Diwali","artsyn":"In his address at Reliance's 45th AGM, Chairman and Managing Director Mukesh Ambani said his company will roll out 5G services by Diwali. Ambani in his AGM speech said his oil-to-telecom would reach every town in India by December 2023.","seolocation":"telecomnews\/bharti-airtel-vodafone-idea-drop-up-to-3-as-jio-looks-to-launch-5g-by-diwali","seolocationalt":"Bharti Airtel, Vodafone Idea drop up to 3% as Jio looks to launch 5G by Diwali","url_seo":"bharti-airtel-vodafone-idea-drop-up-to-3-as-jio-looks-to-launch-5g-by-diwali"},"93278679":{"msid":"93278679","stname":"Telecom stocks end higher; Vodafone Idea jumps 4%, Reliance Industries climbs nearly 3%","artsyn":"Shares of Bharti Airtel advanced 2.40 per cent to Rs 694.20 apiece and that of Vodafone Idea jumped 3.99 per cent to Rs 9.12.","seolocation":"telecomnews\/telecom-stocks-end-higher-vodafone-idea-jumps-4-reliance-industries-climbs-nearly-3","seolocationalt":"Telecom stocks end higher; Vodafone Idea jumps 4%, Reliance Industries climbs nearly 3%","url_seo":"telecom-stocks-end-higher-vodafone-idea-jumps-4-reliance-industries-climbs-nearly-3"},"92276434":{"msid":"92276434","stname":"Vodafone Idea plunges 4% after drop in wireless user base in April","artsyn":"Vodafone Idea\u2019s total user base slid to just over 25.9 crore in April. India\u2019s total wireless subscriber count witnessed a slight increase to 114.3 crore users at the end of April 2022.","seolocation":"telecomnews\/vodafone-idea-plunges-4-after-drop-in-wireless-user-base-in-april","seolocationalt":"Vodafone Idea plunges 4% after drop in wireless user base in April","url_seo":"vodafone-idea-plunges-4-after-drop-in-wireless-user-base-in-april"},"91595326":{"msid":"91595326","stname":"Vodafone Idea shares soar 13% on narrowing losses, rising ARPU","artsyn":"At 3.12 p.m., the shares of the company traded at Rs 9.5, up 13.2 per cent from the previous closing, data showed.","seolocation":"telecomnews\/vodafone-idea-shares-soar-13-on-narrowing-losses-rising-arpu","seolocationalt":"Vodafone Idea shares soar 13% on narrowing losses, rising ARPU","url_seo":"vodafone-idea-shares-soar-13-on-narrowing-losses-rising-arpu"},"91484971":{"msid":"91484971","stname":"Vodafone Idea: What analysts want to know ahead of Q4 earnings call","artsyn":"Net debt for Vodafone Idea stood at Rs 1,96,420 crore compared with Rs 1,97,480 crore in the December quarter, with a cash balance of merely Rs 1,500 crore, Motilal Oswal said.","seolocation":"telecomnews\/vodafone-idea-what-analysts-want-to-know-ahead-of-q4-earnings-call","seolocationalt":"Vodafone Idea: What analysts want to know ahead of Q4 earnings call","url_seo":"vodafone-idea-what-analysts-want-to-know-ahead-of-q4-earnings-call"},"90798412":{"msid":"90798412","stname":"Sell Vodafone Idea, target price Rs 5: Emkay Global","artsyn":"Emkay Global has sell call on Vodafone Idea with a target price of Rs 5. The current market price of Vodafone Idea Ltd. is Rs 10.73. Time period given by analyst is one year when Vodafone Idea Ltd. price can reach defined target.","seolocation":"telecomnews\/sell-vodafone-idea-target-price-rs-5-emkay-global","seolocationalt":"Sell Vodafone Idea, target price Rs 5: Emkay Global","url_seo":"sell-vodafone-idea-target-price-rs-5-emkay-global"},"90792074":{"msid":"90792074","stname":"Telco stocks down despite Trai slashing base price of 33-36 GHz bands, 700 MHz bands","artsyn":"Telecom stocks fell in morning trade, with experts saying that the telecom regulator\u2019s fresh prices for existing bands are still too steep. Reliance Industries, the parent of telecom market leader Reliance Jio, was trading 1.5% lower, while Bharti Airtel was down 1.1% and Vodafone Idea lost 3%.","seolocation":"telecomnews\/telco-stocks-down-despite-trai-slashing-base-price-of-33-36-ghz-bands-700-mhz-bands","seolocationalt":"Telco stocks down despite Trai slashing base price of 33-36 GHz bands, 700 MHz bands","url_seo":"telco-stocks-down-despite-trai-slashing-base-price-of-33-36-ghz-bands-700-mhz-bands"},"90562317":{"msid":"90562317","stname":"Vodafone Idea board approves raising Rs 4,500 crore from 3 promoters","artsyn":"The telecom operator said it has allotted 1,96,66,35,338 shares to Euro Pacific Securities on a preferential basis, another 57,09,58,646 shares to Prime Metals and rest 84,58,64,661 shares to Oriana Investment.","seolocation":"telecomnews\/vodafone-idea-board-approves-raising-rs-4500-crore-from-3-promoters","seolocationalt":"Vodafone Idea board approves raising Rs 4,500 crore from 3 promoters","url_seo":"vodafone-idea-board-approves-raising-rs-4500-crore-from-3-promoters"},"90367890":{"msid":"90367890","stname":"Vodafone Idea stock to remain in focus ahead of its $2 bn fundraise later this week","artsyn":"While recommending institutional investors to vote in favour of the resolution pertaining to approval of preferential allotment to promoters, proxy advisory firm IiAS said the issue would lead to a dilution of 10.5%, and the equity raise gives the company funds required to meet its payment obligations as well as repay its dues and meet its working capital requirements.","seolocation":"telecomnews\/vodafone-idea-stock-to-remain-in-focus-ahead-of-its-2-bn-fundraise-later-this-week","seolocationalt":"Vodafone Idea stock to remain in focus ahead of its $2 bn fundraise later this week","url_seo":"vodafone-idea-stock-to-remain-in-focus-ahead-of-its-2-bn-fundraise-later-this-week"},"90046663":{"msid":"90046663","stname":"Vodafone Idea shares drop 4% as analysts uncertain about telco's revival plan","artsyn":"Global research firm Nomura maintains a 'reduce' rating on Vodafone Idea with a target at Rs 8 per share.","seolocation":"telecomnews\/vodafone-idea-shares-drop-4-as-analysts-uncertain-about-telcos-revival-plan","seolocationalt":"Vodafone Idea shares drop 4% as analysts uncertain about telco's revival plan","url_seo":"vodafone-idea-shares-drop-4-as-analysts-uncertain-about-telcos-revival-plan"}}},"filters":[],"url":"\/\/www.iser-br.com\/news\/reduce-vodafone-idea-target-price-rs-9-edelweiss\/76748121","content":"

Edelweiss<\/a> has given a reduce rating to Vodafone IDEA with a target price of Rs 9. The share price moved down by -0.49 per cent from its previous close of Rs 10.15. The stock\u2019s last traded price is Rs 10.

Vodafone Idea logged an 11 per cent quarter on quarter surge in Q4FY20 ARPU\u2014driving the outperformance on revenue\u2014while realisation of synergies reinforced the EBITDA beat. The brokerage says the hike in ARPU is heartening, but stalling 4G subscriber addition momentum does not inspire confidence on sustainability of ARPU improvement. On the contrary, meagre cash on the books -- Rs 24.8 billion -- and lack of financing options put liquidity into question.

The brokerage believes an early resolution of the AGR issue is critical for the company to raise capital by monetising non-core assets, considering it continues to lose market share. The company\u2019s 4G subscriber addition dwindled to 1.4 million, from 8.3 million in Q3FY20, taking the total 4G subscriber base to 105 million. The brokerage believes that traction in the 4G subscriber base is crucial for retaining revenue market share.

Investment Rationale<\/b>