KOLKATA: India's largest telcos Bharti Airtel, Vodafone<\/a> India and Idea Cellular, have fortified their 4G<\/a> spectrum holdings across key markets in the largest airwaves sale that closed on Thursday which could shore up their defences against the competitive onslaught from Reliance Jio Infocomm, but analysts say the cost could be crippling and could weigh on their financials going forward. 加尔各答,印度最大的电信运营商Bharti Airtel,沃达丰(Vodafone)印度和细胞,强化他们的4 g光谱控股在关键市场最大的广播电视销售周四关闭,可以支撑他们的防御竞争冲击从依赖Jio Infocomm,但分析师表示,成本可能是严重的,可能会拖累他们的财务。
\nBank of America-Merrill Lynch said the top three telcos now have adequate 4G spectrum to counter Mukesh Ambani-run Jio.
\n
\nAt the auctions, Airtel bought 174 Mhz of airwaves to strengthen its pan India data spectrum, while Vodafone increased its 4G coverage to 17 circles from nine earlier by buying nearly 283 Mhz of bandwidth and Idea bought nearly 275 Mhz to expand its 4G footprint to 20 circles. Jio, which has 4G airwaves across all 22 circles, bought almost 215 Mhz of bandwidth.
\n
\nBut the 4G spectrum arms race, analysts said, has come at a huge cost for the biggies with Airtel, Vodafone and Idea spending . 14,244 crore, ` ` . 12,798 crore . 20,280 crore and ` respectively, with new entrant Jio coughing up ` . 13,672 crore to tank up additional capacity 4G spectrum.
\n
\nThis would reflect in the rising leverage of incumbent carriers that puts their balance sheets at risk. The scenario, they fear, could get financially worrisome for Airtel, Vodafone and Idea, as they won't have pricing power amid rising competitive intensity with the entry of a large scale operator like Jio.Moreover, all three would need to invest substantial capex to expand and upgrade networks.
\n
\nMorgan Stanley called the rising competitive intensity “a key risk“ for the sector.
\n
\n“Cumulatively , we expect top 3 telcos, which cumulatively account for three-fourth of the sector revenues, to spend around . 80,000 crore in network capex over next 2 ye` ars, which is 25% higher than the aggregate network capex in previous two fiscals,“ said Ajay Srinivasan, Director, CRISIL Research.
\n
\nHe added that this comes at a time when profitability and operational cash flows are expected to come under pressure with the launch of Jio's services. That, in turn, will increase reliance on external funding.
\n
According to ICRA's estimates, the consolidated debt level of the industry<\/a> as on March 31 stood at ` . 4,10,000 crore and the just-ended auctions would further push up that up to `. 4,25,000 crore.
\n
\nAnalysts expect Airtel and Idea's leverage levels -in terms of the'net debt to Ebitda' metric -to rise to 2.9 and 4-4.5 times respectively , post auction, from earlier levels of 2.3x and 3.6x respectively . Net debt-to-Ebitda is a key indicator of balance sheet stress, and a higher leverage suggests a telco will have to borrow more, increasing its debt-equity ratio.
\n
\nCredit Suisse said high payouts towards spectrum is a unique Indian phenomenon that could potentially damage telcos' returns immediately , adding Idea and Airtel could end up amongst the most leveraged telcos in the region.
\n
\nBrokerage Kotak is a trifle circumspect too, noting that since the industry had placed its bets largely on “one variable, as in data volumes,“ any disappointment on that front could trigger a long phase of sub-par industry economics.
\n
\nExperts, however, said market leader Airtel had chosen its circle-spectrum combinations wisely across 4G and 3G bands.<\/p><\/body>","next_sibling":[{"msid":54740712,"title":"Docomo moves US court to enforce LCIA award against Tatas","entity_type":"ARTICLE","link":"\/news\/docomo-moves-us-court-to-enforce-lcia-award-against-tatas\/54740712","category_name":null,"category_name_seo":"telecomnews"}],"related_content":[],"msid":54740740,"entity_type":"ARTICLE","title":"Top three telcos have enough 4G spectrum to counter Jio: Analysts","synopsis":"The spectrum auction, which was touted as the largest sale of mobile airwaves, ended in a whimper yesterday, with just Rs 65,789 crore of bids coming in over five days.","titleseo":"telecomnews\/top-three-telcos-have-enough-4g-spectrum-to-counter-jio-analysts","status":"ACTIVE","authors":[{"author_name":"Kalyan Parbat","author_link":"\/author\/4437\/kalyan-parbat","author_image":"https:\/\/etimg.etb2bimg.com\/authorthumb\/4437.cms?width=100&height=100&hid=268","author_additional":{"thumbsize":true,"msid":4437,"author_name":"Kalyan Parbat","author_seo_name":"kalyan-parbat","designation":"Assistant Telecom Editor at the Level of Senior Assistant Editor","agency":false}}],"analytics":{"comments":0,"views":138,"shares":0,"engagementtimems":526000},"Alttitle":{"minfo":""},"artag":"ET Bureau","artdate":"2016-10-07 20:59:31","lastupd":"2016-10-08 09:11:26","breadcrumbTags":["Vodafone","industry","Goldman Sachs","Merrill Lynch","spectrum auction","4G","Bank of America Merrill Lynch","spectrumauction2016"],"secinfo":{"seolocation":"telecomnews\/top-three-telcos-have-enough-4g-spectrum-to-counter-jio-analysts"}}" data-authors="[" kalyan parbat"]" data-category-name="" data-category_id="" data-date="2016-10-07" data-index="article_1">
美国银行-美林说,三大电信公司现在有足够的4 g频谱来对抗穆克什Ambani-run Jio。
拍卖,Airtel买的174兆赫的波段,以加强其锅印度数据频谱,沃达丰增加了4 g覆盖17个圈从9早些时候通过购买近283 Mhz带宽和想法买了近275 Mhz扩大其4 g足迹20圈。Jio, 4 g无线电波在所有22圈,买了近215 Mhz带宽。
但4 g频谱军备竞赛,分析师称,代价巨大的庞然大物Airtel,沃达丰(Vodafone)和支出。14244卢比,' '。12798卢比。20280卢比和分别与新进入者Jio咳”。13672卢比的灌满油箱额外容量4 g频谱。
这将反映在现任公司的杠杆率上升,资产负债表的风险。场景,他们担心,经济担忧Airtel,沃达丰(Vodafone)和想法,因为他们不会有定价权竞争强度不断上升与Jio等大型运营商的进入。此外,所有三个需要投入大量资本支出,以扩大和升级网络。
摩根士丹利(Morgan Stanley)称为上升的竞争强度的一个关键风险领域。
“累计,我们预计3电信公司,累计占部门收入的四分之三,花。80000卢比的网络资本支出在未来2你们的ars, 25%高于总网络在前两个财政资本支出,”主管Ajay Srinivasan说,CRISIL的研究。
他补充说,这是在盈利能力和运营现金流将承压Jio推出的服务。反过来,这又会增加依赖外部融资。
的估计,举行据“国际机器人与自动化会议”的合并债务水平行业为3月31日站在”。4,10000卢比,刚刚结束的拍卖将进一步推高,”。25000卢比。
分析师预计Airtel和想法的杠杆水平——术语'net债务Ebitda的指标——分别为2.9和4 - 4.5倍,拍卖,从早些时候的水平分别为2.3倍和3.6倍。净合伙是资产负债表的一项关键指标压力,和更高的杠杆表明电信必须借更多的钱,增加其负债产权比率。
瑞士信贷(Credit Suisse)表示,高支出向印度谱是一个独特的现象,有可能损害电信公司立即返回,想法和Airtel最终可能会在最杠杆电信公司在该地区。
经纪科塔克也有点谨慎。他指出,自从行业将其押注在很大程度上“一个变量,如数据量,“任何失望在这方面可能会引发长阶段的低产业经济学。
然而专家说,市场领导者Airtel明智地选择了其circle-spectrum组合在4 g和3 g的乐队。
读到
KOLKATA: India's largest telcos Bharti Airtel, Vodafone<\/a> India and Idea Cellular, have fortified their 4G<\/a> spectrum holdings across key markets in the largest airwaves sale that closed on Thursday which could shore up their defences against the competitive onslaught from Reliance Jio Infocomm, but analysts say the cost could be crippling and could weigh on their financials going forward.
\nBank of America-Merrill Lynch said the top three telcos now have adequate 4G spectrum to counter Mukesh Ambani-run Jio.
\n
\nAt the auctions, Airtel bought 174 Mhz of airwaves to strengthen its pan India data spectrum, while Vodafone increased its 4G coverage to 17 circles from nine earlier by buying nearly 283 Mhz of bandwidth and Idea bought nearly 275 Mhz to expand its 4G footprint to 20 circles. Jio, which has 4G airwaves across all 22 circles, bought almost 215 Mhz of bandwidth.
\n
\nBut the 4G spectrum arms race, analysts said, has come at a huge cost for the biggies with Airtel, Vodafone and Idea spending . 14,244 crore, ` ` . 12,798 crore . 20,280 crore and ` respectively, with new entrant Jio coughing up ` . 13,672 crore to tank up additional capacity 4G spectrum.
\n
\nThis would reflect in the rising leverage of incumbent carriers that puts their balance sheets at risk. The scenario, they fear, could get financially worrisome for Airtel, Vodafone and Idea, as they won't have pricing power amid rising competitive intensity with the entry of a large scale operator like Jio.Moreover, all three would need to invest substantial capex to expand and upgrade networks.
\n
\nMorgan Stanley called the rising competitive intensity “a key risk“ for the sector.
\n
\n“Cumulatively , we expect top 3 telcos, which cumulatively account for three-fourth of the sector revenues, to spend around . 80,000 crore in network capex over next 2 ye` ars, which is 25% higher than the aggregate network capex in previous two fiscals,“ said Ajay Srinivasan, Director, CRISIL Research.
\n
\nHe added that this comes at a time when profitability and operational cash flows are expected to come under pressure with the launch of Jio's services. That, in turn, will increase reliance on external funding.
\n
According to ICRA's estimates, the consolidated debt level of the industry<\/a> as on March 31 stood at ` . 4,10,000 crore and the just-ended auctions would further push up that up to `. 4,25,000 crore.
\n
\nAnalysts expect Airtel and Idea's leverage levels -in terms of the'net debt to Ebitda' metric -to rise to 2.9 and 4-4.5 times respectively , post auction, from earlier levels of 2.3x and 3.6x respectively . Net debt-to-Ebitda is a key indicator of balance sheet stress, and a higher leverage suggests a telco will have to borrow more, increasing its debt-equity ratio.
\n
\nCredit Suisse said high payouts towards spectrum is a unique Indian phenomenon that could potentially damage telcos' returns immediately , adding Idea and Airtel could end up amongst the most leveraged telcos in the region.
\n
\nBrokerage Kotak is a trifle circumspect too, noting that since the industry had placed its bets largely on “one variable, as in data volumes,“ any disappointment on that front could trigger a long phase of sub-par industry economics.
\n
\nExperts, however, said market leader Airtel had chosen its circle-spectrum combinations wisely across 4G and 3G bands.<\/p><\/body>","next_sibling":[{"msid":54740712,"title":"Docomo moves US court to enforce LCIA award against Tatas","entity_type":"ARTICLE","link":"\/news\/docomo-moves-us-court-to-enforce-lcia-award-against-tatas\/54740712","category_name":null,"category_name_seo":"telecomnews"}],"related_content":[],"msid":54740740,"entity_type":"ARTICLE","title":"Top three telcos have enough 4G spectrum to counter Jio: Analysts","synopsis":"The spectrum auction, which was touted as the largest sale of mobile airwaves, ended in a whimper yesterday, with just Rs 65,789 crore of bids coming in over five days.","titleseo":"telecomnews\/top-three-telcos-have-enough-4g-spectrum-to-counter-jio-analysts","status":"ACTIVE","authors":[{"author_name":"Kalyan Parbat","author_link":"\/author\/4437\/kalyan-parbat","author_image":"https:\/\/etimg.etb2bimg.com\/authorthumb\/4437.cms?width=100&height=100&hid=268","author_additional":{"thumbsize":true,"msid":4437,"author_name":"Kalyan Parbat","author_seo_name":"kalyan-parbat","designation":"Assistant Telecom Editor at the Level of Senior Assistant Editor","agency":false}}],"analytics":{"comments":0,"views":138,"shares":0,"engagementtimems":526000},"Alttitle":{"minfo":""},"artag":"ET Bureau","artdate":"2016-10-07 20:59:31","lastupd":"2016-10-08 09:11:26","breadcrumbTags":["Vodafone","industry","Goldman Sachs","Merrill Lynch","spectrum auction","4G","Bank of America Merrill Lynch","spectrumauction2016"],"secinfo":{"seolocation":"telecomnews\/top-three-telcos-have-enough-4g-spectrum-to-counter-jio-analysts"}}" data-news_link="//www.iser-br.com/news/top-three-telcos-have-enough-4g-spectrum-to-counter-jio-analysts/54740740">
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