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India Equity Research Reports, IPO and Stock News
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Key takeaways
India markets. The company is comfortable with the competitive scenario in the Indian
wireless markets. The company believes that the new players do not have the balance
sheet strength to sustain the price wars and some of them will struggle for even a
graceful exit from the market. Bharti’s India wireless strategy continues to revolve around
revenue market share protection with a focused eye on EBITDA market share.
Recent events. The company does not see MNP changing the competitive dynamics
much in the Indian wireless industry beyond some price rationalization in the post-paid
segment. The company sees the TRAI recommendations on spectrum pricing as just the
start of a long process of telecom policy reformulation in the country. The company
believes that their balance sheet strength places them in the relatively better position to
absorb any spectrum related charges compared to peers. 3G to be rolled out in 25-30
cities by end March 2011 and to around 100 cities in the next 12 months.
Africa – three-pronged strategy. (1) driving affordability-led penetration; Bharti
believes that current unique subscriber penetration in their African markets is just about
25%, (2) gaining subscriber and revenue market share from competitors through smart
pricing and distribution management and (3) EBITDA margin expansion driven by ironing
out inefficiencies in the cost structure.
Capex for India business. Excluding towercos, this is pitched in the range of US$1.8-2
bn for the next 2-3 years, Africa capex to be in the vicinity of US$800 mn for the next 2-3
years.
India Equity Research Reports, IPO and Stock News
Visit http://indiaer.blogspot.com/ for complete details �� ��
Key takeaways
India markets. The company is comfortable with the competitive scenario in the Indian
wireless markets. The company believes that the new players do not have the balance
sheet strength to sustain the price wars and some of them will struggle for even a
graceful exit from the market. Bharti’s India wireless strategy continues to revolve around
revenue market share protection with a focused eye on EBITDA market share.
Recent events. The company does not see MNP changing the competitive dynamics
much in the Indian wireless industry beyond some price rationalization in the post-paid
segment. The company sees the TRAI recommendations on spectrum pricing as just the
start of a long process of telecom policy reformulation in the country. The company
believes that their balance sheet strength places them in the relatively better position to
absorb any spectrum related charges compared to peers. 3G to be rolled out in 25-30
cities by end March 2011 and to around 100 cities in the next 12 months.
Africa – three-pronged strategy. (1) driving affordability-led penetration; Bharti
believes that current unique subscriber penetration in their African markets is just about
25%, (2) gaining subscriber and revenue market share from competitors through smart
pricing and distribution management and (3) EBITDA margin expansion driven by ironing
out inefficiencies in the cost structure.
Capex for India business. Excluding towercos, this is pitched in the range of US$1.8-2
bn for the next 2-3 years, Africa capex to be in the vicinity of US$800 mn for the next 2-3
years.
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