ICICI Securities's research report on Vodafone Idea
VIL’s long-awaited resolution for its AGR demand appears probable post the recent SC order where it has permitted the government to reassess and reconcile all AGR dues, including interest and penalty till FY17. VIL is in discussion with DOT for next steps in resolving AGR liabilities. Further, the resolution of AGR dues should also open up options for funding availability, thereby, allowing VIL to expand its network coverage and capacity, and grab a fair market share. Meanwhile, VIL continues with its existing capex plan of INR 75-80bn for FY26 from internal accruals.
Outlook
We reduce FY26/27E EBITDA by 1-2% but raise TP to INR 10 (earlier INR 7), as we roll over to FY28E and increase EV/EBITDA multiple to 16x (earlier 15.5x). Maintain HOLD.
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