<\/strong>
LONDON: Nick Read<\/a> may be the beneficiary of some lucky timing. The Vodafone CEO<\/a> on Wednesday confirmed his plan to list the UK mobile phone company's Vantage<\/a> Towers unit in Frankfurt next month. The spinoff should unlock value and reduce debt, but also gives Read one less place to hide from frustrated investors. Fortunately, the group's core European operations may be turning the corner just in time.
Read deserves credit for pushing through the Vantage listing, which taps into red-hot demand from investors for telecommunication infrastructure and its reliable, inflation-linked cash flows. The spinoff allows Vantage to play an active role in consolidation in the industry<\/a>, which has so far been led by rival Cellnex Telecom.
Another plus is the chance to make inroads into Vodafone<\/a>'s debt mountain, which stood at 42 billion euros at the end of September. In the year to last March, Vantage generated pro-forma EBITDA of 730 million euros, including lease payments. Assume this grows by 5% and apply a Cellnex-style multiple of 22 times, and Vantage will have an enterprise of value of 17 billion euros. That includes probably 3 billion euros of debt transferred from its parent. If Vodafone lists a 30% stake, it will pocket 4 billion euros to go towards bolstering its balance sheet.
After the listing the company will have, say, a 70% stake in Vantage and a 60% shareholding in $15.5 billion Africa-focused subsidiary Vodacom<\/a>. Deduct the debt attached to those subsidiaries, and Read's empire amounts to a European services business with a 58 billion euro enterprise value, according to Breakingviews calculations. Admittedly, that's chunky. But with net debt still at 3 times EBITDA, Read won't be able to afford any sizeable acquisitions. And at a valuation of just 5 times the European unit's EBITDA, investors aren't pencilling in much growth - hardly surprising given the 8% contraction in group turnover since 2017.
That's where the timing kicks in. Recent results for the three months to December revealed green shoots, most noticeably in Germany. Service revenue in Vodafone's biggest market grew 1%, compared with a 0.1% contraction over the preceding three months. Factor in a resumption of roaming revenue as Europeans start travelling again, and that growth rate could easily double. This year's rollout of new super-fast 5G connections may provide further revenue support. Read could find himself basking in the extra attention.
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- Telecom乐动扑克News
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观点:沃达丰桅杆分离提高增长的挑战
”因素恢复漫游收入是欧洲人重新开始旅行,这增长率很可能翻倍。今年推出的新超快5 g连接可能提供更多的收入支持。阅读可以发现自己沉浸在额外的注意力。”
读到
由Ed Cropley
伦敦:尼克读可以是受益人的一些幸运的时机。的沃达丰首席执行官周三证实了他的计划,英国移动电话公司的列表有利的下个月塔单元在法兰克福。剥离应该解锁价值和减少债务,但也给读少了一个地方躲避沮丧的投资者。幸运的是,该集团的核心欧洲业务可能转危为安及时。
读值得信贷推动的有利的清单,它利用炽热的投资者对电信基础设施的需求及其可靠,与通胀挂钩的现金流。剥离允许优势的整合中发挥积极作用行业迄今为止,这是由竞争对手Cellnex电信。
另一个好处是侵入的机会沃达丰(Vodafone)420亿欧元的巨额债务,站在9月底。今年去年三月,有利生成预估息税前利润为7.3亿欧元,包括租赁付款。假设这个增长5%,应用Cellnex-style 22倍的倍数,和优势的企业价值170亿欧元。这可能包括从母公司30亿欧元的债务。如果沃达丰(Vodafone)列出了30%的股份,将口袋里40亿欧元用于加强其资产负债表。
说,上市后公司将70%的股权优势,在非洲155亿美元关注子公司60%的股份Vodacom。扣除债务附加到这些子公司,读帝国相当于欧洲服务业务与企业价值580亿欧元,根据财经计算。诚然,厚实。但与净债务仍然在3倍EBITDA,阅读不能承受任何相当大的收购。和5倍的估值欧洲分部的息税前利润,投资者不用笔写在增长——为奇了自2017年以来,集团营业额8%的收缩。
这就是时机。最近的结果三个月至12月透露萌芽,在德国最明显。沃达丰服务营收最大的市场增长了1%,而前三个月萎缩0.1%。漫游收入的因素恢复欧洲人重新开始旅行,而且增长率很可能翻倍。今年推出的新超快5 g连接可能提供更多的收入支持。阅读可以发现自己沉浸在额外的关注。
伦敦:尼克读可以是受益人的一些幸运的时机。的沃达丰首席执行官周三证实了他的计划,英国移动电话公司的列表有利的下个月塔单元在法兰克福。剥离应该解锁价值和减少债务,但也给读少了一个地方躲避沮丧的投资者。幸运的是,该集团的核心欧洲业务可能转危为安及时。
读值得信贷推动的有利的清单,它利用炽热的投资者对电信基础设施的需求及其可靠,与通胀挂钩的现金流。剥离允许优势的整合中发挥积极作用行业迄今为止,这是由竞争对手Cellnex电信。
另一个好处是侵入的机会沃达丰(Vodafone)420亿欧元的巨额债务,站在9月底。今年去年三月,有利生成预估息税前利润为7.3亿欧元,包括租赁付款。假设这个增长5%,应用Cellnex-style 22倍的倍数,和优势的企业价值170亿欧元。这可能包括从母公司30亿欧元的债务。如果沃达丰(Vodafone)列出了30%的股份,将口袋里40亿欧元用于加强其资产负债表。
说,上市后公司将70%的股权优势,在非洲155亿美元关注子公司60%的股份Vodacom。扣除债务附加到这些子公司,读帝国相当于欧洲服务业务与企业价值580亿欧元,根据财经计算。诚然,厚实。但与净债务仍然在3倍EBITDA,阅读不能承受任何相当大的收购。和5倍的估值欧洲分部的息税前利润,投资者不用笔写在增长——为奇了自2017年以来,集团营业额8%的收缩。
这就是时机。最近的结果三个月至12月透露萌芽,在德国最明显。沃达丰服务营收最大的市场增长了1%,而前三个月萎缩0.1%。漫游收入的因素恢复欧洲人重新开始旅行,而且增长率很可能翻倍。今年推出的新超快5 g连接可能提供更多的收入支持。阅读可以发现自己沉浸在额外的关注。
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