Thread by @BullsforBears

#industowers
Mkt leader telecom tower space in India, 95801 towers ~16% industry ,post merger 1,70,000 towers ,29% mkt share
Rev up 5.4% QoQ 37 bn,Rental up 3.4% QoQ 23.3 bn post rise in tenancy rates ,tenancy addition, energy rev up 9% 13.8 bn ,Ebidta margin down 130bps
#telecom

PAT up 4% 7.3 bn
Net tenancy up 2116 vs decrease 365 in Q1 to 176332
5g infra rollout require dense network, however 5g more asset light, faster rollout,increase profitability
WFH ,Digitization,increased data consumption will sustain growth going fwd
@airtelindia @reliancejio

Tenancy addition 2116 location is highest past 13 quarters
Post merger shareholding- Airtel 36.7 ,VIL 28.2 ,Providence 3.25 ,remaining public
Energy Ebidta loss due to operator shift from fixed energy to pass through model
Tenancy addtn to remain steady post Agr case
#telecom

1 year cash flow from VIL from prepayment,Iry & 2ndry pledges
Jio building its own telecom infra,will lead to increased competition
Rentals per tenant per month up 3.3% to 43303 INR
Post merger Bharti infratel will not be Airtel subsidiary, FDI limit 100%

Receivables up due to deferment of exit payments, 800-900 crs dues pending
Receivables to decrease post merger
Dividend yield is healthy at 5%
Major contract renewals in 2023
Manag looking to bring operators back to fixed energy model
Capex spend to remain steady as Q2fy21
#Nifty

Company added 805 towers in 2018 ,826 in 2019 & 3095 in 2020, tower addtn to gather pace with 5g rollout ,WFH
Smart city project Bhopal with GOI on shared model of smart poles & optical fibres, cost 125 crs

Key risks- decreased data demand ,competition due to jio,land prices,5g

#industowers
M cap 63452 crs
CMP 235
P/E 22
BV 51
Yield 4.46%
ROCE 23%
FV 10
D/E 0.18
EV/EBIDTA 13.8
P/S 9.4

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#telecom #5g
#data #WFH #Mobile #stocks #StockMarket #Nifty #StocksToWatch @vodafonein1 @airtelindia @reliancejio