Fwd: Idea Cellular Q2FY12 Result Update; forex loss weighs on bottom-line; Accumulate; Target: Rs 105

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Deepak Vaishnav

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Oct 29, 2011, 3:19:32 AM10/29/11
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Idea Cellular

forex loss weighs on bottom-line

 

ACCUMULATE

 

CMP: Rs91                                        Target Price: Rs105

n     Revenue grew 2.2% qoq to Rs46.2bn (in line with our est.), primarily due pronounced seasonally weak quarter

n     Q2FY12 EBIDTA at Rs11.9bn (our est. 12bn), PAT at Rs1.0bn (our est. Rs1.3bn). Higher interest, depreciation charge pertaining to 3G spectrum and forex loss of Rs313mn dented the bottom-line

n     Traffic on network declined 2.2%. ARPU declined to Rs155 v/s Rs 160 in Q1FY12. MOUs declined 7.8% to 364 v/s 391 subsequently ARPM improved 4.1% qoq to Rs0.43

n     Valuations at 7.9x & 6.4x EV/EBIDTA for FY12E & FY13E respectively. We reiterate our positive view on the stock, retain ACCUMULATE with target price of Rs105

 

Regards,

Naval Seth

Research Associate | Emkay Global Financial Services Ltd. | www.emkayglobal.com | Email : naval...@emkayglobal.com 

Board No. : +91-22-66121212 | Extn. : 414 | DID : 66242414 | Mob : +919930468398 |

 


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Idea Cellular Q2FY12 Result Update.pdf
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