IDEA

IDEA(Vodafone Idea Limited)

18.01.2023 - CLSA on IDEA Maintain Sell CMP 6.95 Target 6
04.03.2022 - Nomura on Vodafone Idea Maintain Reduce CMP 11 Target 8

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

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 

CLSA ON VODAFONE IDEA

• Maintain Underperform, Target at Rs 9/share
• AGR hearing, Videa fundraising & tariff hikes delayed but still inevitable
* Supreme Court's delay in hearing on AGR
• Planned US$3.4bn fundraising delayed
* Floor tariffs or hikes delayed but inevitable
* Resolution likely ahead of crisis in April 2022