reports
- Aliasgar Shakir
MOSL: VODAFONE IDEA (Buy)-Tiding over near-term liquidity crisis-Right...
VODAFONE IDEA: Tiding over near-term liquidity crisis; Rights issue at ~60% discount, amounts to 70% dilution (IDEA IN, Mkt Cap USD4.2b, CMP INR33, TP INR40, 21% Upside, Buy) Vodafone Idea (VIL) board has provided the following details on its proposed INR250b rights issue: Price:5/share (~60% discount to CMP). Dilution: 70% (post issue) at a swap ratio of 87 equity shares for every 38 shares. Period of right issue: Opens on 10th April, closes on 24th April 2019. Rights issue to sup...
- Aliasgar Shakir
MOSL: VODAFONE IDEA (Buy)-Sailing in rough waters
Vodafone Idea: Sailing in rough waters (IDEA IN, Mkt Cap USD3.8b, CMP INR31, TP INR40, 29% Upside, Buy) We attended Vodafone Idea’s Analyst Meet. Key takeways: Management reiterated that it remains focused on achieving synergy gains, working on ‘what is in own control’ to drive EBITDA, creating capacity to drive 4G subscription and readying funds for capex/debt servicing. The company continues facing challenges in the form of weak operating cash flows and high capex/leverage. However,...
- Aliasgar Shakir
MOSL: VODAFONE IDEA (Buy)-Mammoth task ahead
Vodafone Idea: Mammoth task ahead (IDEA IN, Mkt Cap USD3.9b, CMP INR32, TP INR40, 25% Upside, Buy) Merger synergies drive margins: Reversal in EBITDA trend led Vodafone Idea to witness growth for the first time (excl. one-offs) since the launch of RJio. LTL growth came in at 16% QoQ to INR11.4b (12% miss), led by synergy gains, despite LTL revenue decline of 2.2% QoQ to INR117.6b (in-line). (for exceptional item and DTA impact) net loss stood at INR62b (v/s INR44.5b in 2Q). A silver li...
- Aliasgar Shakir
MOSL: VODAFONE IDEA LTD (Buy)-Faced with tough task of network integra...
Idea Cellular: Faced with tough task of network integration/debt repayment; Fund raising may bring along some relief (IDEA IN, Mkt Cap USD4.5b, CMP INR37, TP INR50, 36% Upside, Buy) Dismal quarter despite merger: Vodafone-Idea (IDEA) reported its first quarterly result post-merger (consolidating Vodafone India from 31st Aug 2018). Revenue/EBITDA came in at INR76.6b/INR4.6b. Adjusted for an INR4.1b exceptional item (net of taxes), the company reported a net loss of INR45.7b. On a pro forma...
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