VF Ukraine

Vodafone Ukraine is a leading Ukrainian mobile operator providing a wide range of services including 3G/4G data transfer, mobile voice communications, messaging, fixed Internet and mobile TV. The Vodafone Ukraine serves 19.8 million customers.
Year 2025
Issue Volume ($m) 500
Coupon Rate (% p.a.) 6.20%
Coupon Frequency S/A
Maturity date 2/11/2025
Ratings: Moody`s/S&P/Fitch CCC/-/CCC+
Market Price* ($) 49.00
Market YTM* 40.50%
Spread over UST* -
Note: *Based on bid price.
Year 2020 2021E 2022E
Net Sales ($m) 673 *** ***
EBITDA ($m) 365 *** ***
Net Income ($m) 45 *** ***
EBIT Coverage Ratio (x) 3.14 *** ***
Net Debt/Equity (%) 114.9% *** ***
Covenants
Financial Reports A - within 120 days; S/A - within 60 days
Max. Consolidated Net Debt/EBITDA* 2.75:1

Company Peers

Latest news about VF Ukraine

Aug 11, 2022
| Telecommunications

Vodafone Ukraine — Pays Eurobond coupon of $12m

Vodafone Ukraine (VFU), Ukraine’s second largest mobile operator, made a scheduled coupon payment of $12.4m on its 2025 notes.
Jun 21, 2022
| Telecommunications

Corporates: S&PGR Downgrades VF Ukraine One Notch to CCC+

S&P Global Ratings downgraded Vodafone Ukraine (VFU), Ukraine’s second largest mobile operator, to CCC+ from B- following a similar sovereign rating downgrade. The rating outlook was negative, in line with the sovereign outlook, with the rating agency noting VFU’s positive cash flow and stable ratios as positive drivers of its stand-alone credit quality. In 1Q22, the company reported 10% y-o-y revenue growth and 15% y-o-y growth in OIBDA. However, exposure to very high country risk, regulatory and foreign exchange risk, and limited scale and diversification constrained its credit profile.
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