独家

卖出Vodafone Idea,目标价5卢比:Emkay Global

截至2020年12月31日,该公司报告的综合总收入为10933.5亿卢比,比上一季度的10830.5亿卢比增长了0.95%,比去年同期的11380.5亿卢比下降了3.93%。公司最近一个季度的税后净利润为4589.10亿卢比。

假如全球有销售电话沃达丰的想法目标价格为5卢比。沃达丰目前的市场价格是11.89卢比。

沃达丰Idea有限公司成立于1995年,是一家中型公司(市值为33764.08亿卢比),经营电信行业。

金融类股
截至2020年12月31日,该公司报告的综合总收入为10933.5亿卢比,比上一季度的10830.5亿卢比增长了0.95%,比去年同期的11380.5亿卢比下降了3.93%。公司最近一个季度的税后净利润为4589.10亿卢比。

投资基本原理
用户流失速度的放缓、用户流失率的降低以及4G业务的健康增长,无疑是该季度的积极因素。也就是说,尽管维持它们至关重要,但考虑到有限的资本支出,这似乎是一项艰巨的任务。Bharti和Jio等同行已经在5G方面取得进展,缺乏有意义的资本支出可能是有害的。此外,考虑到资产负债表的不稳定状况,持续推迟筹资公告令人惊讶。考虑到即将到来的4G/5G频谱拍卖、有争议的AGR支付时间表以及从FY23E开始的延迟频谱义务,我们认为,一轮融资将像“弹孔上的创可贴”,无法满足21- 23e财年即将到来的2440亿卢比的现金消耗——尽管假定FY22E将上调关税。即使到那时,要求重新计算AGR会费的请愿的任何积极结果都可能改变游戏规则,并应减少积压。主要上行风险:1)成功融资导致资本支出上升;2)限制用户损失;3)下调AGR会费;4)收入恢复快于预期且持续

启动子/造成控股
截至2020年12月30日,发起人持有该公司72.1%的股份,而fii持有6.1%,dii持有1.4%,公众和其他人持有20.5%。

关注并与我们联系脸谱网LinkedinYoutube
Emkay Global<\/a> has sell call on Vodafone Idea<\/a> with a target price of Rs 5. The current market price of Vodafone Idea Ltd. is Rs 11.89.

Vodafone Idea Ltd., incorporated in the year 1995, is a Mid Cap company (having a market cap of Rs 33764.08 Crore) operating in Telecommunications sector.

Financials
<\/b>For the quarter ended 31-12-2020, the company has reported a Consolidated Total Income of Rs 10933.50 Crore, up .95 % from last quarter Total Income of Rs 10830.50 Crore and down -3.93 % from last year same quarter Total Income of Rs 11380.50 Crore. Company has reported net profit after tax of Rs -4589.10 Crore in latest quarter.

Investment<\/a> Rationale
<\/b>Deceleration in the pace of subscriber losses, lower churn and healthy 4G additions were definite positives in the quarter. That said, although sustaining them is crucial, it seems to be a daunting task given constrained capex spends. With peers such as Bharti and Jio already making headway toward 5G, the absence of meaningful capex can potentially be detrimental. Further, continued delays in fund-raising announcement is surprising, considering the precarious condition of the balance sheet. Bearing in mind the upcoming 4G\/5G spectrum auctions, disputed timelines for AGR payment and deferred spectrum obligation starting from FY23E, we believe a single round of fund-raising will be like a \u201cband aid on a bullet hole\u201d and will not be able to meet the impending cash burn of Rs244bn in FY21-23E - despite assumed tariff hike in FY22E. Even then, any positive outcome of the petition for the recalculation of AGR dues could be a game-changer and should reduce overhang. Key upside risks: 1) successful fund-raising resulting in capex ramp-up; 2) restricted subscriber losses; 3) downward revision in AGR dues; and 4) faster-than-expected and sustained revenue recovery