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<\/span><\/figcaption><\/figure> Kolkata<\/a>: <\/strong><\/span>The Vodafone-Idea merged entity is likely to face a tough time defending its market share and holding on to its high-ARPU data customers as it may be unable to make comparable capex infusions in augmenting 4G network capacity for fighting Airtel and Jio Infocomm due to its high leverage and sizeable combined debt levels, analysts said.

Leverage results from using borrowed money, and a highly leveraged company is one with more debt than equity. “The Vodafone-Idea merged company will find itself constrained to invest in the business on account of high leverage,” Credit Suisse said in a note seen by ET<\/strong>.

Brokerage JM Financial, in turn, expects the Vodafone-Idea combined entity to “start on a weaker-than-expected wicket with a net debt estimated at ₹1,150 billion (₹1.15-lakh crore) on Day 1”, especially with Idea Cellular<\/a>’s financials “continuing to deteriorate sharply” ahead of its merger with Vodafone<\/a> India that is nearing completion.

Kumar Birla-led Idea on Monday reported a ₹263.6 crore net profit in the June quarter, largely on the strength of a one-time exceptional gain from sale of its captive towers business to American Tower Corp. Without the tower arm sale proceeds, the number 3 telco would have suffered a huge net loss, given the significant deterioration in its operating performance, reflected in the 34.5% sequential fall in earnings before interest, tax, depreciation & amortization (Ebitda) to ₹659.5 crore in the April-June quarter, analysts said.Shares of Idea fell over 6% to close at ₹54.90 on the BSE on Tuesday, a day after the telco reported a weak operational performance in the quarter ended June.

Bank of America-Merrill Lynch said “the merged entity would be vulnerable to market share losses as both Jio and Bharti are ahead of Vodafone and Idea in data investment, and are likely to poach their customers”.

Brokerage JP Morgan said “both Idea and Vodafone India have demonstrated the archetypal conservative behaviour of two debt-stressed firms ahead of a significant merger”.

Analysts estimate the merged entity’s immediate incremental funding needs at ₹10,000 crore besides debt repayment commitments.

“Though funded for a peak competitive intensity, the merged company’s gearing, estimated at 6.6 times Ebitda even by FY21, will still be out of hand and leaves little headroom for any further operating income (read: Ebitda) decline,” CLSA said in a note.

Jefferies said the capex levels of the Vodafone-Idea merged entity would have to increase substantially to match the (network) capacity generation of peers (read: Airtel and Jio).

Idea’s modest capex at Rs 980 crore in the April-June period is way below Airtel’s Rs 8,200 crore and Jio’s Rs 17,000 crore capex spends in the just-ended quarter.

“With Idea and Vodafone losing postpaid subscribers, we expect blended ARPU to see a sharper fall,” the foreign brokerage said.

Credit Suisse said a particularly worrisome trend before the merger closure is Idea’s stagnant 3G\/4G subscriber base, with the telecom arm of the Aditya Birla Group<\/a> reporting a paltry 1.1 million net increase on-quarter, which is way below “a monthly run-rate of 3 million (adds) for Bharti Airtel<\/a> and 9 million for Jio”.

In the immediate term, J P Morgan said “it is essential for Idea to get its fair share of subscribers to upgrade to 4G to improve headline ARPUs if overall industry<\/a> pricing does not improve.



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Vodafone-Idea可能面临市场份额的损失

Vodafone-Idea合并实体可能会面临一个艰难的时间保护自己的市场份额

Kalyan尔巴特
  • 发布于2018年8月1日09:34点坚持
加尔各答:Vodafone-Idea合并实体可能会面临一个艰难的时间保护自己的市场份额和客户持有其high-ARPU数据,因为它可能无法使类似的资本支出增加4 g网络的能力战斗中注入Airtel和Jio Infocomm由于其高杠杆和庞大的债务水平相结合,分析师表示。

杠杆的结果使用借来的钱,和高杠杆公司是一家超过股本的债务。“Vodafone-Idea合并后的公司将发现自己限制投资业务的高杠杆率,”瑞士信贷(Credit Suisse)在一份报告中被说等。

广告
经纪JM金融反过来预计Vodafone-Idea合并后的实体,“开始与一个弱于预期wicket净债务估计₹1.15万亿(1.15₹十万的卢比)第一天”,特别是在知道细胞的金融类股大幅“持续恶化”的合并沃达丰(Vodafone)印度,已接近完成。

Kumar Birla-led想法周一公布₹263.6卢比的6月季度的净利润,在很大程度上一次性特殊的力量获得其俘虏塔业务出售给美国的塔塔集团没有手臂销售收入,3号电信将遭受巨大的净损失,鉴于其操作性能的严重恶化,反映在连续下降34.5%利息、税收、折旧及摊销之利润(Ebitda)₹659.5卢比,第二季度,分析师表示。想法股价下跌超过6%,收盘报54.90₹周二在疯牛病,一天后电信6月当季业绩疲软的操作。

美国银行-美林说“合并后的实体将很容易受到市场份额损失Jio和Bharti沃达丰(Vodafone)和数据投资理念,并有可能挖走他们的客户”。

经纪公司摩根大通(JP Morgan)说:“这两个想法和沃达丰印度展示了典型的保守的行为前两家负债累累的公司重大合并”。

分析师估计合并后实体的直接融资需求增量₹10000卢比的除了债务偿还的承诺。

“虽然资助竞争强度峰值,合并后的公司的杠杆,估计6.6倍Ebitda FY21,仍将失控和树叶没有空间进行进一步的营业利润(Ebitda)下降,”里昂证券在一份报告中称。

广告
Jefferies说Vodafone-Idea合并实体的资本支出水平大大增加了匹配(网络)能力代同行(阅读:Airtel和Jio)。

想法的温和的资本支出在4 - 6月当季980卢比是低于Airtel 8200卢比,Jio 17000卢比的资本支出花过去一季。

“想法和沃达丰失去邮资已付的用户,我们预计混合ARPU看到更清晰的秋天,“外国经纪说。

瑞士信贷(Credit Suisse)表示一个特别令人担忧的趋势合并关闭之前想法停滞的3 g / 4 g订户基地,与电信部门的Aditya Birla集团报告仅110万年净增长。今年第一季度,低于300万年的“每月运行率(添加)Bharti Airtel和900万年Jio”。

在短期内,J P摩根说“这是必不可少的主意得到的用户升级到4 g提高标题arpu如果整体行业价格并没有提高。



  • 发布于2018年8月1日09:34点坚持
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<\/span><\/figcaption><\/figure> Kolkata<\/a>: <\/strong><\/span>The Vodafone-Idea merged entity is likely to face a tough time defending its market share and holding on to its high-ARPU data customers as it may be unable to make comparable capex infusions in augmenting 4G network capacity for fighting Airtel and Jio Infocomm due to its high leverage and sizeable combined debt levels, analysts said.

Leverage results from using borrowed money, and a highly leveraged company is one with more debt than equity. “The Vodafone-Idea merged company will find itself constrained to invest in the business on account of high leverage,” Credit Suisse said in a note seen by ET<\/strong>.

Brokerage JM Financial, in turn, expects the Vodafone-Idea combined entity to “start on a weaker-than-expected wicket with a net debt estimated at ₹1,150 billion (₹1.15-lakh crore) on Day 1”, especially with Idea Cellular<\/a>’s financials “continuing to deteriorate sharply” ahead of its merger with Vodafone<\/a> India that is nearing completion.

Kumar Birla-led Idea on Monday reported a ₹263.6 crore net profit in the June quarter, largely on the strength of a one-time exceptional gain from sale of its captive towers business to American Tower Corp. Without the tower arm sale proceeds, the number 3 telco would have suffered a huge net loss, given the significant deterioration in its operating performance, reflected in the 34.5% sequential fall in earnings before interest, tax, depreciation & amortization (Ebitda) to ₹659.5 crore in the April-June quarter, analysts said.Shares of Idea fell over 6% to close at ₹54.90 on the BSE on Tuesday, a day after the telco reported a weak operational performance in the quarter ended June.

Bank of America-Merrill Lynch said “the merged entity would be vulnerable to market share losses as both Jio and Bharti are ahead of Vodafone and Idea in data investment, and are likely to poach their customers”.

Brokerage JP Morgan said “both Idea and Vodafone India have demonstrated the archetypal conservative behaviour of two debt-stressed firms ahead of a significant merger”.

Analysts estimate the merged entity’s immediate incremental funding needs at ₹10,000 crore besides debt repayment commitments.

“Though funded for a peak competitive intensity, the merged company’s gearing, estimated at 6.6 times Ebitda even by FY21, will still be out of hand and leaves little headroom for any further operating income (read: Ebitda) decline,” CLSA said in a note.

Jefferies said the capex levels of the Vodafone-Idea merged entity would have to increase substantially to match the (network) capacity generation of peers (read: Airtel and Jio).

Idea’s modest capex at Rs 980 crore in the April-June period is way below Airtel’s Rs 8,200 crore and Jio’s Rs 17,000 crore capex spends in the just-ended quarter.

“With Idea and Vodafone losing postpaid subscribers, we expect blended ARPU to see a sharper fall,” the foreign brokerage said.

Credit Suisse said a particularly worrisome trend before the merger closure is Idea’s stagnant 3G\/4G subscriber base, with the telecom arm of the Aditya Birla Group<\/a> reporting a paltry 1.1 million net increase on-quarter, which is way below “a monthly run-rate of 3 million (adds) for Bharti Airtel<\/a> and 9 million for Jio”.

In the immediate term, J P Morgan said “it is essential for Idea to get its fair share of subscribers to upgrade to 4G to improve headline ARPUs if overall industry<\/a> pricing does not improve.



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