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 ($m) 500
Coupon Rate (% p.a.) 6.20%
Coupon Frequency S/A
Maturity date 2/11/2025
Ratings: Fitch/Moody`s/S&P CCC
Market Price* ($) 65.50
Market YTM* 34.80%
Spread over UST* -
Note: *Based on bid price.
Year 2020 2021 2022E
Net Sales ($m) 673 *** ***
EBITDA ($m) 365 *** ***
Net Income ($m) 45 *** ***
EBIT Coverage Ratio (x) 3.14 *** ***
Net Debt/Equity (%) 114.9% *** ***
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

May 25, 2023
| Telecommunications

Vodafone Ukraine — Reports 1Q23 results

Vodafone Ukraine (VFU), Ukraine’s second largest mobile operator, reported 1Q23 revenues of $140m (flat q-o-q and -23% y-o-y), EBITDA of $78m (-2.1% q-o-q and -24% y-o-y) and net income of $28m (-40% q-o-q but +57% y-o-y). The EBITDA margin declined by 1.2pp q-o-q to 55.8%, with the net margin falling by 13.4pp q-o-q to 20.3% (yet +10% y-o-y).
May 18, 2023
| Telecommunications

Vodafone Ukraine — S&P affirms at CCC+, outlook stable

S&P Global Ratings affirmed its rating on Vodafone Ukraine (VFU), Ukraine’s second largest mobile operator, at CCC+, with a stable outlook. S&P thus rated VFU one notch above the sovereign, arguing that the company passes a hypothetical sovereign default stress test, benefiting from sufficient cash reserves to service its debt obligations in the next 12 months. The stable rating outlook reflected S&P’s view that VFU will likely maintain its ability to exchange local currency for foreign currency and carry out cross-border debt service payments even if the sovereign were to restructure its F/X debt. S&P assessed VFU’s liquidity as adequate based on positive cash flow, a large share of F/X cash (55% USD and 12% EUR as of end-2022, or $183m total), and no debt maturities until 2025.
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