IDEA
CREDIT SUISSE ON VODAFONE IDEA : 05.07.2021
* Maintain Underweight, Target at Rs 6/share
* Improvement in pricing a necessary condition for fund raise
* Looking at government for support
* Miss on revenues, beat on reported EBITDA; subscriber loss continues
* Needs a combination of factors to work
GS ON VODAFONE IDEA : 01.07.2021
* MAINTAIN SELL TARGET: 3
* Vi has large repayments due starting December 2021; co may have a Rs 23,400 cr cash shortfall until April 2022, Goldman Sachs says & maintains SELL
* Lost Another 130 bps Of Revenue
* Market Share In March Quarter
* Cumulative Rev Mkt Shr Loss At 630 bps In Last 12 Months
* Have Large Repayments Due Starting Dec 2021
* Co May Have A 23,400 Cr Cash Shortfall Until April 2022
* Capex To Remain Under Pressure Resulting In Continued Mkt Share Loss
CLSA ON VODAFONE IDEA : 01.07.2021
* MAINTAIN UNDERPERFORM TARGET: 10(PREVTGT:9)
* CLSA raises target for Vi to Rs 10/sh from Rs 9, says decline in subscribers in-line & 4G additions encouraging
* Revenue & EBITDA Below Estimates.
* Decline in Subscribers In-line & 4G Additions Encouraging At 40 Lakh
* Its AGR Is Headed For Financial Crisis When Annual Payments Come Due
* Review Of AGR & Tariff Hikes Inevitable, Else Sector is Headed Toward A Duopoly
VODAFONE IDEA : 01.07.2021
Credit Suisse View
• Maintain Underperform, Target At Rs 7.5/Share
• Operationally Largely In-Line But Market Share Loss Continues
* Miss On Revenues, Beat On Reported EBITDA
* Leverage Remains Unsustainable At 21X; Underinvestment Continues
