Voda Idea’s capex stood at Rs 18 billion (15.5 per cent of revenues), which was significantly lower due to lockdown and a likely tight cash flow situation. The brokerage believes lower capex will hurt the company’s market share in coming quarters. Net debt rose by Rs 95 billion to Rs1,125 billion on payment of AGR dues of Rs 68 billion and EMI for deferred spectrum liability. Cash balance was Rs 25 billion in Q4FY20 (Rs 128 billion in Q3FY20)
Investment Rationale<\/b>
Vodafone Idea’s Q4FY20 adjusted cash EBITDA came in line with the brokerage estimates at Rs 17 billion. ARPU rose 11 per cent quarter on quarter to Rs 121 on tariff hike and subscriber base clean-up. Unlike Bharti Airtel, the brokerage did not see ARPU rise from 4G net additions for Voda Idea. In fact, ICICI Securities is concerned about the dip in mobile broadband subscribers, which means Voda Idea is unable to even retain subscribers who are converting from 3G to 4G.
According to the brokerage, 4G subscribers would be critical to get maximum benefit of tariff hikes, as it believes the highest rise in future tariffs will be on prepaid 4G plans. Capex intensity deceleration will add to pain for Voda Idea.
The brokerage has increased its EBITDA estimates by 34.3 per cent \/ 32.8 per cent for FY21E \/ FY22E on adoption of Ind-AS 116, but cut revenues by 5.2 per cent and 3.4 per cent respectively. It has raised the target price to Rs 8 (from Rs 6) as it raised FY22E EBITDA multiple to 11 times (from 9.3 times) in line with Bharti. The stock has been downgraded to sell from buy.
Change in Estimates<\/em><\/strong>
![\"\"](\"\/\/www.iser-br.com\/Themes\/Release\/images\/responsive\/ettelecom-default.jpg\")
Financials<\/b>
For the quarter ended March 31, 2020, the company reported consolidated sales of Rs 11735.60 crore, up 5.83 per cent from last quarter sales of Rs 11089.40 crore and down -.04 per cent from last year's same quarter sales of Rs 11740.60 crore. The company reported net profit after tax of Rs -11711.30 crore in the latest quarter.
Promoter\/FII Holdings<\/b>
Promoters held 72.05 per cent stake in the company as of March 31, 2020, while FIIs held 8.82 per cent, DIIs 5.86 and public and others 13.12 per cent.<\/body>","next_sibling":[{"msid":76761971,"title":"Google Pixel 4A gets FCC clearance, will likely be launched in India soon without the Project Soli chip","entity_type":"ARTICLE","link":"\/news\/google-pixel-4a-gets-fcc-clearance-will-likely-be-launched-in-india-soon-without-the-project-soli-chip\/76761971","category_name":null,"category_name_seo":"telecomnews"}],"related_content":[{"msid":"76761316","title":"buy sell","entity_type":"IMAGES","seopath":"markets\/stocks\/recos\/sell-vodafone-idea-target-price-rs-8-icici-securitiesnbsp\/buy-sell","category_name":"Sell Vodafone Idea, target price Rs 8: ICICI Securities ","synopsis":false,"thumb":"https:\/\/etimg.etb2bimg.com\/thumb\/img-size-45537\/76761316.cms?width=150&height=112","link":"\/image\/markets\/stocks\/recos\/sell-vodafone-idea-target-price-rs-8-icici-securitiesnbsp\/buy-sell\/76761316"}],"msid":76761987,"entity_type":"ARTICLE","title":"Sell Vodafone Idea, target price Rs 8: ICICI Securities ","synopsis":"ICICI Securities is concerned about the dip in mobile broadband subscribers, which means Voda Idea is unable to even retain subscribers who are converting from 3G to 4G. ","titleseo":"telecomnews\/sell-vodafone-idea-target-price-rs-8-icici-securities","status":"ACTIVE","authors":[],"analytics":{"comments":0,"views":157,"shares":0,"engagementtimems":785000,"url":"https:\/\/ettelecom.indiatimes.com\/telecomnews\/sell-vodafone-idea-target-price-rs-8-icici-securities\/articleshow\/76761987.cms"},"Alttitle":{"minfo":""},"artag":"ETMarkets.com","artdate":"2020-07-03 08:35:52","lastupd":"2020-07-03 08:36:14","breadcrumbTags":["Vodafone idea share price","Vodafone Idea Ltd.","markets","sensex","Industry","ICICI Sec","Nifty","buy-sell"],"secinfo":{"seolocation":"telecomnews\/sell-vodafone-idea-target-price-rs-8-icici-securities"}}" data-authors="[" "]" data-category-name="" data-category_id="" data-date="2020-07-03" data-index="article_1">
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印度工业信贷投资银行证券交易委员会urities下调出售沃达丰主意从Rs的买入评级,目标价8。股价下降了-0.99%从先前移近10.15卢比。股票交易的最后价格是10.05卢比。
Voda想法的资本支出达180亿卢比(收入的15.5%),这是大大降低由于封锁和现金流紧张可能情况。经纪公司认为,较低的资本支出将损害公司的市场份额在未来几个季度。净债务增加了Rs 950亿Rs1,125十亿AGR的支付会费的Rs 680亿和EMI延期责任。现金余额Rs 250亿年Q4FY20 Q3FY20 (Rs 1280亿)
投资的基本原理
沃达丰想法Q4FY20调整现金EBITDA是符合经纪估计在Rs 170亿。ARPU环比上涨11%,Rs 121关税上调和订户基地清理。与Bharti Airtel公司没有看到ARPU从4 g Voda净增加的想法。事实上,印度工业信贷投资银行证券是关心的移动宽带用户,这意味着Voda想法甚至无法留住用户从3 g, 4 g。
根据经纪,4 g用户将关税提高的最大好处是至关重要的,因为它认为未来关税最高的崛起将预付4 g计划。资本支出减速强度会增加疼痛Voda想法。
经纪公司增加了其FY21E EBITDA估计34.3% / 32.8% / FY22E 116年Ind-AS收养,但分别削减5.2%的收入和3.4%。它提高了目标价Rs 8(从Rs 6)提出FY22E EBITDA 11倍(从9.3倍)与Bharti一致。股票已经从买入下调为卖出。
估计的变化
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%。
Voda想法的资本支出达180亿卢比(收入的15.5%),这是大大降低由于封锁和现金流紧张可能情况。经纪公司认为,较低的资本支出将损害公司的市场份额在未来几个季度。净债务增加了Rs 950亿Rs1,125十亿AGR的支付会费的Rs 680亿和EMI延期责任。现金余额Rs 250亿年Q4FY20 Q3FY20 (Rs 1280亿)
投资的基本原理
沃达丰想法Q4FY20调整现金EBITDA是符合经纪估计在Rs 170亿。ARPU环比上涨11%,Rs 121关税上调和订户基地清理。与Bharti Airtel公司没有看到ARPU从4 g Voda净增加的想法。事实上,印度工业信贷投资银行证券是关心的移动宽带用户,这意味着Voda想法甚至无法留住用户从3 g, 4 g。
根据经纪,4 g用户将关税提高的最大好处是至关重要的,因为它认为未来关税最高的崛起将预付4 g计划。资本支出减速强度会增加疼痛Voda想法。
经纪公司增加了其FY21E EBITDA估计34.3% / 32.8% / FY22E 116年Ind-AS收养,但分别削减5.2%的收入和3.4%。它提高了目标价Rs 8(从Rs 6)提出FY22E EBITDA 11倍(从9.3倍)与Bharti一致。股票已经从买入下调为卖出。
估计的变化
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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