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<\/span><\/figcaption><\/figure>\n\n\n\nRight now at the current tariff level, all three big telecom companies are not making sufficient return on \n\n \n\n \n\n \n\n \n\n \n\n\n\n\n\n\n\n\n\n\n\n\n \n\n \n\n \n\n \n\n \n\n\n\n\n\n\n\n\n\n\n\n\n \n\n \n\n \n\n \n\n \n\n\n\n\n\n\n\n\n\n\ninvestment, said Nitin Soni<\/a><\/strong>, Director, Corporates, Fitch Ratings<\/a><\/strong>, in an interview with ETNOW.

Edited excerpts:
<\/em>

What sort of response has the Idea-Vodafone rights issue got? Was it essential for them to raise funds for their rating?
<\/strong>
We do not have a rating on the Vodafone-Idea<\/a> entity. But we do rate Vodafone PLC. Given the fact that there has been so much of competition in the industry<\/a>. Voda-Idea merged together and they still have a massive debt on their balance sheet. While EBITDA has declined significantly to about $600 million or so, their debt to EBITDA remains quite high. So yes that was a necessity to bring in some equity into the business to provide some relief to the balance sheet. We believe this may not be the last time when they are injecting equity in the business and this business will have to do a lot of capex of $3-4 billion a year at least in the next 12 to 18 months. They might require more equity injections in future.

We did speak to Kotak Bank as well who were heading this transaction and they said that investor sentiment is clearly changing in a big way when it comes to the telecom space. How are you reading into a possible turnaround? What does the company needs to do in order to make up for the trust people have placed in it?
<\/strong>
Going forward, we believe that the ARPUs can grow from here on because right now at the current tariff level, all the three big telecom companies are not making sufficient return on investment. Jio’s tariff has fallen in the last quarter which is primarily due to the addition of the low ARPU subscribers in the rural areas.

But having said that, the situation has dramatically changed in the last two years. Now you have a situation where three large telcos have emerged with a similar revenue market share and we believe that Jio has a revenue market share which is very close to Voda-Idea and Bharti of about 32-33%. And Voda-Idea is in fact losing a bit of a revenue market share and they need to decongest their network for Vodafone-Idea.

Their network experience right now may not be at par with Jio and Bharti and they have to invest more on their network so that they remain competitive. They would probably need a large capex investment in the next 18 to 24 months to make their network robust and also to prevent any traditional churn from their network to other companies.

Sooner or later, we should look at the situation where Jio is satisfied with their revenue market share and they will stop discounting in the market and that will be the right time when tariff will start to grow from there on.

Can you just talk about Jio as well? Even they are looking to raise funds.
<\/strong>
Jio has definitely taken the market with the surprise. They have gained a large subscriber base now and their revenue market share is also clearly growing and their network is congesting. They now have to continuously invest on their networks to provide 10 plus GB data to their subscribers. And in the next one or two years, you will have the 5G auctions. So even Jio needs to raise money because they know that in future they have to do more capex and they have to spend money on 5G auctions. Jio has announced that they want to monetise
<\/body>","next_sibling":[{"msid":69041561,"title":"Vodafone and Orange expand network-sharing deal in Spain","entity_type":"ARTICLE","link":"\/news\/vodafone-and-orange-expand-network-sharing-deal-in-spain\/69041561","category_name":null,"category_name_seo":"telecomnews"}],"related_content":[{"msid":"69041314","title":"Nitin Soni-Fitch Ratings-1200","entity_type":"IMAGES","seopath":"markets\/expert-view\/voda-idea-will-need-to-do-capex-of-3-4-billion-a-year-in-next-18-months-nitin-soni-fitch-ratings\/nitin-soni-fitch-ratings-1200","category_name":"Voda-Idea will need capex of $3-4 bn in next 18 months: Nitin Soni, Fitch Ratings","synopsis":false,"thumb":"https:\/\/etimg.etb2bimg.com\/thumb\/img-size-142923\/69041314.cms?width=150&height=112","link":"\/image\/markets\/expert-view\/voda-idea-will-need-to-do-capex-of-3-4-billion-a-year-in-next-18-months-nitin-soni-fitch-ratings\/nitin-soni-fitch-ratings-1200\/69041314"}],"msid":69042007,"entity_type":"ARTICLE","title":"Voda-Idea will need capex of $3-4 bn in next 18 months: Nitin Soni, Fitch Ratings","synopsis":"\n Jio has a revenue market share very close to Voda-Idea and Bharti at about 32-33%, says Soni.","titleseo":"telecomnews\/voda-idea-will-need-capex-of-3-4-bn-in-next-18-months-nitin-soni-fitch-ratings","status":"ACTIVE","authors":[],"Alttitle":{"minfo":""},"artag":"ET Now","artdate":"2019-04-25 16:46:49","lastupd":"2019-04-25 17:18:31","breadcrumbTags":["Vodafone-Idea","Nitin Soni","fitch rating","Fitch Ratings","markets","et now","Industry","market news"],"secinfo":{"seolocation":"telecomnews\/voda-idea-will-need-capex-of-3-4-bn-in-next-18-months-nitin-soni-fitch-ratings"}}" data-authors="[" "]" data-category-name="" data-category_id="" data-date="2019-04-25" data-index="article_1">

Voda-Idea需要3 - 4美元的资本支出在未来18个月内bn: Nitin索尼,惠誉国际评级(Fitch Ratings)

Jio收入市场份额非常接近Voda-Idea和Bharti大约在32 - 33%,索尼说。

  • 更新于2019年4月25日下午05:18坚持
现在目前的关税水平,三大电信公司没有足够的投资回报,说Nitin索尼企业主管,惠誉国际评级(Fitch Ratings)采访中,ETNOW。

编辑摘录:

Idea-Vodafone权利问题有什么样的反应?是他们必不可少的筹集资金为他们的评级吗?
我们没有一个评级Vodafone-Idea实体。但我们确实沃达丰股价。考虑到有如此多的竞争行业。Voda-Idea合并在一起,他们仍有一个巨大的债务在资产负债表上。当息税前利润大幅下降至约6亿美元左右,其债务EBITDA仍然很高。是的,这是一个必要引进一些股票业务提供一些缓解资产负债表。我们认为这可能不是最后一次注射时股权业务,此业务将不得不做大量的资本支出的3 - 4美元一年至少在未来的12到18个月。他们可能需要更多的注资。

广告
我们说话科塔克银行也正该事务和他们说,投资者情绪显然是在很大程度上改变时电信空间。你读到一个可能的逆转?公司需要做什么为了弥补信托人放置在吗?
展望未来,我们相信arpu从这里可以长在目前的关税水平,因为现在所有的三大电信公司没有足够的投资回报。Jio的关税上季度下降主要是由于低的ARPU订户在农村地区。

但尽管如此,极大地改变了过去两年。现在你有情况出现了三大电信公司类似的收入市场份额,我们相信Jio收入市场份额非常接近Voda-Idea和Bharti约32 - 33%。和Voda-Idea实际上是失去的收入市场份额,他们需要解除充血Vodafone-Idea网络。

他们的网络经验现在可能不是平价Jio和Bharti他们必须投入更多网络使他们保持竞争力。他们可能会需要大量资本投资在未来18到24个月使他们的网络健壮并防止任何传统生产其他公司的网络。

广告
迟早,我们应该看情况Jio收入市场份额感到满意,他们将停止打折时将正确的时间的市场和关税将从那里开始生长。

你能谈谈Jio吗?即使他们正在筹集资金。
Jio绝对惊喜的市场。他们现在获得了庞大的用户基础,他们的收入市场份额也明显增长和网络是拥挤的。他们现在必须不断投资网络向用户提供10 + GB的数据。在未来一年或两年,你将有5 g拍卖。所以即使Jio需要筹集资金,因为他们知道将来他们必须做更多的资本支出,他们必须把钱花在5 g拍卖。Jio已经宣布,他们想套现
  • 发布于2019年4月25日下午04:46坚持
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  • Voda-Idea需要3 - 4美元的资本支出在未来18个月内bn: Nitin索尼,惠誉国际评级(Fitch Ratings)
\n
\"\"
<\/span><\/figcaption><\/figure>\n\n\n\nRight now at the current tariff level, all three big telecom companies are not making sufficient return on \n\n \n\n \n\n \n\n \n\n \n\n\n\n\n\n\n\n\n\n\n\n\n \n\n \n\n \n\n \n\n \n\n\n\n\n\n\n\n\n\n\n\n\n \n\n \n\n \n\n \n\n \n\n\n\n\n\n\n\n\n\n\ninvestment, said Nitin Soni<\/a><\/strong>, Director, Corporates, Fitch Ratings<\/a><\/strong>, in an interview with ETNOW.

Edited excerpts:
<\/em>

What sort of response has the Idea-Vodafone rights issue got? Was it essential for them to raise funds for their rating?
<\/strong>
We do not have a rating on the Vodafone-Idea<\/a> entity. But we do rate Vodafone PLC. Given the fact that there has been so much of competition in the industry<\/a>. Voda-Idea merged together and they still have a massive debt on their balance sheet. While EBITDA has declined significantly to about $600 million or so, their debt to EBITDA remains quite high. So yes that was a necessity to bring in some equity into the business to provide some relief to the balance sheet. We believe this may not be the last time when they are injecting equity in the business and this business will have to do a lot of capex of $3-4 billion a year at least in the next 12 to 18 months. They might require more equity injections in future.

We did speak to Kotak Bank as well who were heading this transaction and they said that investor sentiment is clearly changing in a big way when it comes to the telecom space. How are you reading into a possible turnaround? What does the company needs to do in order to make up for the trust people have placed in it?
<\/strong>
Going forward, we believe that the ARPUs can grow from here on because right now at the current tariff level, all the three big telecom companies are not making sufficient return on investment. Jio’s tariff has fallen in the last quarter which is primarily due to the addition of the low ARPU subscribers in the rural areas.

But having said that, the situation has dramatically changed in the last two years. Now you have a situation where three large telcos have emerged with a similar revenue market share and we believe that Jio has a revenue market share which is very close to Voda-Idea and Bharti of about 32-33%. And Voda-Idea is in fact losing a bit of a revenue market share and they need to decongest their network for Vodafone-Idea.

Their network experience right now may not be at par with Jio and Bharti and they have to invest more on their network so that they remain competitive. They would probably need a large capex investment in the next 18 to 24 months to make their network robust and also to prevent any traditional churn from their network to other companies.

Sooner or later, we should look at the situation where Jio is satisfied with their revenue market share and they will stop discounting in the market and that will be the right time when tariff will start to grow from there on.

Can you just talk about Jio as well? Even they are looking to raise funds.
<\/strong>
Jio has definitely taken the market with the surprise. They have gained a large subscriber base now and their revenue market share is also clearly growing and their network is congesting. They now have to continuously invest on their networks to provide 10 plus GB data to their subscribers. And in the next one or two years, you will have the 5G auctions. So even Jio needs to raise money because they know that in future they have to do more capex and they have to spend money on 5G auctions. Jio has announced that they want to monetise
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