Vodafone Idea

 Vodafone Idea 

CLSA U-P, TP cut to Rs 6 from Rs 10 - 07.08.2021

Cut FY22-23CL forecasts between 5% (FY23CL rev) &  12% (FY22CL Ebitda), though management said operations normalised in 2QFY22 

Debt burden is huge at $25.8bn, & headed for financial crisis when annual payments are due

CS U-P, TP cut to Rs 4 from Rs 6 -  07.08.2021
1Q FY22 review: an all-round weak quarter; awaiting government support 

Believe VIL needs meaningful capital infusion, along with strong operational improvement to become competitive

UBS Neutral, TP Rs 10 - 07.08.2021

Subscriber market share loss continues; impact of Covid adds to woes  

Critical position in terms of liquidity, with FY22 cash flows (even assuming minimal or no capex) unlikely to be sufficient to meet upcoming repayment obligations