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New Delhi: Vodafone Idea<\/a> Limited risks its 5G<\/a> being viewed as more of a marketing gimmick, with investments largely done to prevent churn than create a better-quality network, BofA Securities said in a report.
VIL is the telco that bid for the least amount of 5G spectrum<\/a> and acquired 5G spectrum in 17\/16 circles across the 3300MHz\/26GHz bands out of the 22 circles. It won 850 MHz in 3300 MHz band vs 2,200\/2,440Mhz by Bharti\/Jio and 5,350 MHz in 26 GHz vs 17,600\/ 22,000Mhz by Bharti\/Jio.
BofA Securities said given VIL's weaker balance sheet, it believes that in the medium term, VIL could be at a disadvantage compared to Bharti\/Jio in the 5G space given lack of adequate spectrum.
'We also see risks of its 5G being viewed as more of a marketing gimmick, with investments largely done to prevent churn than create a better-quality network.
'We view the company as at maximum risk of losing its high-end subs over time if other telcos have better 5G networks,' the report said.
Nomura said in a report that external fund-raise is key for 5G rollouts\/market share defence for Vodafone Idea.
'Vi<\/a> spent Rs 188 bn in the recent spectrum auction to acquire 5G spectrum in its priority circles. However, with Vi's current cash EBITDA run-rate (Rs 84 bn) insufficient to meaningfully increase capex, large upcoming debt repayments (Rs 70 bn) and also delays in external fund raise, we think Vi's 5G rollouts would remain constrained in the near term,' Nomura said.
Impending 5G rollouts by peers could lead to accelerated market share losses for Vi, in its view.
Goldman Sachs said in a report, 'Vodafone Idea's EBITDA, though rising, remains below what we believe the company would require to meet its repayment obligations - we estimate a Rs 40 bn of cash shortfall for Vodafone Idea by June 2023 (assuming all debt repayable). Subscriber base continues to decline, and with a weak FCF and balance sheet profile constraining Vodafone Idea's ability to meaningfully increase capex, we foresee further risks to the company's market share.'
'Vodafone Idea continues to lose subscribers: -3.4 mn in 1QFY23 and was flat QoQ. Subscriber churn increased 10bps QoQ to 3.5 per cent. Further, we do not expect VIL's net subscriber loss trend to have improved in June 2022 on month-on-month basis,' Credit Suisse said in a report.
'Based on April\/May-22 TRAI<\/a> numbers and 3.4mn net subscriber loss in 1QFY23, we estimate VIL to have lost 1.1 mn subscribers in June-22, which would be higher than 0.8 mn in May-22,' it added.
Post the spectrum auction, Vodafone Idea said in a statement, 'We actively participated in the spectrum auction to strengthen our pan-India 4G<\/a> footprint and embark on our 5G roll-out journey in the country in line with our long term vision. We have successfully acquired mid band 5G spectrum (3300 MHz band) in our 17 priority circles and mmWave 5G spectrum (26 GHz band) in 16 circles, which will enable us to offer a superior 5G experience to our customers as well as strengthen our enterprise offerings and provide new opportunities for business growth in the emerging 5G era'.
'The additional 4G spectrum acquisition in three circles of Andhra Pradesh, Karnataka and Punjab will further improve the customer experience; an area where we have been consistently leading the league tables, as per various third party reports, over last several quarters. We believe that the above spectrum acquisition will enable us to strengthen our position in our key markets and it aligns well with our long term strategic intent.
With this, we now have a solid portfolio of spectrum across all bands in all our priority circles. We also have the advantage of leveraging the global experience of Vodafone Group which has proven expertise in deploying 5G in many markets. We will continue to invest in our future ready network to upgrade it for roll out of 5G services to our customers in future,' the company said.
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沃达丰(Vodafone)想法的5 g条目面临的风险5 g是营销噱头
维尔的电信收购最少的5 g频谱和获得5 g频谱在17/16圈在3300 mhz / 26 ghz频段的22圈。它赢得了3300 MHz频带vs 850 MHz 2200/2440 MHz Bharti / Jio和5350 MHz的26个GHz vs Bharti / Jio 17600/22000 MHz。
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新德里消息:沃达丰的想法有限的风险5克被视为更大的营销手法,投资在很大程度上防止生产比创建一个更好的网络,美银证券在一份报告中称。
维尔的电信是最少的5 g频谱获得5 g频谱在17/16圈在3300 mhz / 26 ghz频段的22圈。它赢得了3300 MHz频带vs 850 MHz 2200/2440 MHz Bharti / Jio和5350 MHz的26个GHz vs Bharti / Jio 17600/22000 MHz。
美银证券表示,鉴于维尔较弱的资产负债表,它认为,在中期内,维尔时,可能会处于不利地位相比,Bharti / Jio 5 g空间由于缺乏足够的频谱。
我们也看到其5 g的风险被视为更大的营销手法,投资在很大程度上防止生产比创建一个更好的网络完成的。
我们认为该公司是最大的风险失去高端潜艇随着时间的推移,如果其他电信公司有更好的5 g网络,”报告说。
野村证券在一份报告中表示,外部筹集资金是关键5 g /市场份额国防沃达丰推出的想法。
”六世花费1880亿卢比在最近的5 g频谱拍卖获取光谱的优先级。然而,用Vi的当前的现金息税前利润增长率(Rs 840亿)不足以有效地增加资本支出,大型即将到来的债务偿还(Rs 700亿)和也延迟外部基金募集,我们认为六世的5 g糊涂事仍将在短期内的限制,”野村说。
即将到来的5 g糊涂事,同事可能会导致加速市场份额损失六世,在它的观点。
高盛(Goldman Sachs)的一份报告中说,沃达丰的想法的息税前利润,虽然上升,仍低于我们相信公司需要履行还款义务,我们估计400亿卢比现金短缺的沃达丰的想法在2023年6月(假设所有债务偿还)。用户数量持续下降,疲软的自由现金流量和资产负债表概要约束沃达丰想法的能力显著增加资本支出,我们预见进一步风险公司的市场份额。
沃达丰的想法继续失去用户:-3.4 mn 1 qfy23和持平不可小觑。不可小觑流失率增加10个基点,至3.5%。此外,我们并不指望维尔的净用户损失趋势环比的基础上提高了2022年6月,”瑞士信贷(Credit Suisse)的一份报告中说。
根据4月/ 5月22日火车数字和3.4 mn净用户损失1 qfy23,我们估计维尔已经失去了1.1 mn用户在6月22日,这将是高于0.8 mn在5月22日,它补充说。
后频谱拍卖,沃达丰(Vodafone)在一份声明中说,“我们积极参与加强pan-India频谱拍卖4 g足迹,开始我们5 g推出旅行在中国与我们的长期愿景。我们已经成功地收购了中期乐队5 g频谱(3300 MHz频带)在我们的17个重点圈和mmWave 5 g频谱(26 GHz乐队)在16圈,这将使我们为客户提供一个更好的5 g经历以及加强我们企业产品和提供新的业务增长机会在新兴5 g时代”。
的额外的4 g频谱采集三个圆圈的安得拉邦,卡纳塔克邦和旁遮普将进一步改善客户体验;一个领域我们一直领先排行榜,根据各种第三方报告,在过去几个季度。我们相信上述频谱收购将使我们能够加强我们在关键市场的地位,它非常符合我们的长期战略意图。
这样,我们现在有一个固体的光谱组合在所有乐队在我们所有优先级圈。我们也有利用的优势沃达丰集团的全球经验已经证明技术在许多市场部署5克。我们将继续投资于我们的未来准备好网络升级它的推出5 g服务给我们的客户在未来,”该公司说。
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