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The “deal is expected to be completed latest by April-May-19,” Bank of America Merrill Lynch said in a report.
Anlaysts said that while the merger<\/a> may drive profitability and lower capex for the combined entity, the benefits are limited. “We believe the two companies already operate on a large scale and had practically no overlap in terms of areas of operations. Hence, merger benefits will be marginal,” said Edelweiss in its report.
The Infratel stock closed 2.6% lower at Rs290.75 on the BSE Wednesday.
The merger to create the largest tower firm in India is awaiting regulatory approvals from National Company Law Tribunal (NCLT) and the telecom department. Analysts expect the two major telcos – Bharti Airtel and Vodafone Idea – who will co-own the merged entity to bring down their respective stakes to strengthen their respective balance sheets.
“Bharti and Vodafone will have equal governance and management rights in the merged entity with no lock-in which should pave the way for eventual independence,” said UBS in its report. The brokerage company added that the merger is expected to be 14-16% accretive to earnings per share (EPS) for Infratel, along with improvement in capital structure and return ratios.
Last year, Bharti Airtel, erstwhile Idea Cellular and Vodafone Group agreed on merger of Indus Towers<\/a> and Bharti Infratel<\/a> to create the largest mobile tower operator in the world outside China. It is estimated to have 163,000 towers across 22 telecom service areas in India.
At present, Indus Towers is jointly owned by Bharti Infratel (42%), Vodafone (42%), Aditya Birla’s Idea group (11.15%) and Providence (4.85%). After the merger, Bharti Airtel and UK’s Vodafone Plc are set to hold 37.2% and 29.4% stakes, respectively, in the combined tower entity.
Infratel’s management is optimistic that growth of mobile data could lead to demand for additional tenancy, which in turn will add to opportunities for the tower firm. “Management expects strong mobile data growth to lead to tenancy demand. Demand could come across macro towers for coverage and densification in the near term, and through small cells over long term,” said Credit Suisse in its report.
The analysts of the brokerage firm also highlighted that the company’s management estimates the top three telcos to cross 300,000 tenancies respectively from a current 180,000-220,000 each.
In the longer term, the company sees multiple new growth opportunities - fibre sharing, small cells, data centres, wi-fi offloading, among others. Its strong balance sheet position would be handy for inorganic growth into these opportunities.
The Sunil-Mittal led tower company is also mitigating pricing risk arising from renewal of large chunk of tenancies between FY20-23 by offering telcos similar Master Services Agreements (MSA) terms provided that the operators renew at least 33% of tenancies expiring in any given year for a period of at least 5 years, said UBS.
Brokerage firm Jefferies estimates that pressures will continue on tower firms as telcos remain under stress and expects “margins to see gradual moderation as increments and loading charges are negotiated”.
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Bharti Infratel-Indus塔合并可能在1 q FY20完成
“April-May-19预计完成最新的协议,”美林(Bank of America Merrill Lynch)在一份报告中称。
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“April-May-19预计完成最新的协议,”美林(Bank of America Merrill Lynch)在一份报告中称。
Anlaysts,尽管说合并可能会降低盈利能力和资本支出对合并后的实体来说,好处是有限的。“我们相信,这两家公司已经大规模经营,几乎没有重叠区域的操作。因此,合并的好处将边际,“雪绒花在其报告中表示。
鼓吹他的股票周三收盘下跌2.6%在Rs290.75疯牛病。
合并创建最大的塔公司在印度正在等待监管部门的批准国家公司法法庭(NCLT)和电信部门。分析人士预计,两个主要的电信公司——Bharti Airtel和沃达丰的想法——谁将共同拥有合并后的实体来降低各自的股份来加强各自的资产负债表。
“巴蒂电信和沃达丰将平等的治理和管理权利在合并后的实体没有锁定这应该为最终独立,”瑞银在其报告中表示。经纪公司表示,合并预计将14 - 16%逐步提升公司的每股收益(EPS)例以及改善资本结构和返回率。
去年,Bharti Airtel,昔日的想法细胞和沃达丰集团同意合并的印度河塔和鼓吹创建世界上最大的移动塔运营商中国以外的地区。据估计有163000塔在22日在印度电信服务领域。
目前,印度塔被鼓吹共同拥有(42%)、沃达丰(Vodafone) (42%), Aditya Birla想法集团(11.15%)和普罗维登斯(4.85%)。合并后,Bharti Airtel和英国的沃达丰公司将持有37.2%和29.4%股权,分别结合塔里的实体。
鼓吹他的移动数据管理是乐观的增长可能会导致额外的租赁需求,进而会增加塔公司的机会。“管理预计移动数据强劲增长导致租赁需求。需求可能遇到宏观塔覆盖率和致密化在短期内,在长期和通过小细胞,”瑞士信贷(Credit Suisse)在其报告中表示。
经纪公司的分析人士也强调,公司的管理层估计,三大电信公司跨越300000占有权分别从目前180000 - 220000。
从长远来看,公司看到多个新的增长机遇——纤维共享,小细胞,数据中心,wi - fi卸载。其强劲的资产负债表状况将方便无机增长到这些机会。
sunil mittal导致塔公司也减轻定价风险引起的大块佃户的更新FY20-23之间通过提供电信公司类似的主服务协议(MSA)方面,运营商提供更新至少33%的租户到期在任何一年一段至少5年,瑞银(UBS)说。
经纪公司Jefferies估计压力将继续塔公司电信公司仍然存在压力,预计“利润率逐步适度增量和装船费用谈判”。
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