发帖
雷达卡
【出版时间及名称】：2010年2月中东及北非地区电信行业研究报告
【作者】：摩根大通
【文件格式】：pdf
【页数】：52
【目录或简介】：
Table of Contents
Investment Thesis – Top Pick Mobily .....................................3
Mobily – top pick rated O/W and added to AFL .........................................................5
Debt analysis - mixed re-financing requirements ........................................................6
Sensitivity analysis of forex exposure - only relevant for moderately exposed
Wataniya Telecom .......................................................................................................6
Valuation Upside c.30% for Mobily and WT ...........................7
Most absolute valuation support for Mobily and WT ..................................................8
Relative valuation support strongest for WT and Mobily..........................................10
Investment Risks....................................................................15
Industry-wide investments risks.................................................................................15
Company-specific investment risks ...........................................................................15
Mixed Re-Financing Requirements.......................................18
Mobily – rapidly de-leveraging..................................................................................18
Wataniya Telecom – comfortable debt position ........................................................19
Vodafone Qatar – increasing net debt but limited refinancing risk............................20
Zain KSA – already addressing financing needs .......................................................21
Sensitivity Analysis: Wataniya Telecom Moderately
Exposed to Forex Moves .......................................................23
Company Profiles...................................................................25
Mobily......................................................................................26
Operation – commercial launch in May 2005............................................................27
Ownership – 27% owned by Etisalat .........................................................................27
Wataniya Telecom ..................................................................29
Domestic Operation – No2 mobile operator in Kuwait .............................................30
International Operation – North African focus ..........................................................30
Ownership – Qtel largest shareholder with 52.5% stake............................................31
Vodafone Qatar.......................................................................32
The license – awarded for USD2.1bn ........................................................................32
Operation – commercial launch mid 2009 .................................................................33
Ownership – 40% free-float with no FOR.................................................................34
Zain KSA .................................................................................35
The license - awarded for USD6.1bn.........................................................................35
Operation – commercial launch in Aug-08................................................................35
Ownership – 45% effective free-float........................................................................37
Appendix .................................................................................38
Valuation Methodology and Risks ........................................40
京公网安备 11010802022788号
