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 ($m) 500
Coupon Rate (% p.a.) 6.20%
Coupon Frequency S/A
Maturity date 2/11/2025
Ratings: Fitch/Moody`s/S&P CCC-
Market Price* ($) 73.00
Market YTM* 31.90%
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

Sep 14, 2023
| Telecommunications

Vodafone Ukraine — Fitch downgrades to CCC-

Fitch Ratings lowered its Long-Term Foreign Currency Issuer Default Rating (IDR) and senior unsecured rating on Vodafone Ukraine (VFU) by one notch, from CCC to CCC-. The downgrade reflects Fitch expectations that VFU would not have sufficient liquidity in its foreign accounts to service upcoming coupon payments, as it has already been utilized to meet 2023 obligations and the company’s ability to accumulate F/X offshore remains limited amid declining roaming revenues. In turn, using local UAH liquidity for debt service will remain restricted by an NBU ban on cross-border F/X payments, according to Fitch. The agency also highlights high refinancing risk for the outstanding $400m Eurobond maturing in February 2025.
Aug 30, 2023
| Telecommunications

Vodafone Ukraine — Reports 1H23 results

Vodafone Ukraine (VFU), Ukraine’s second largest mobile operator, reported 1H23 revenues of $285m (-17% y-o-y), EBITDA of $162m (-19% y-o-y) and net income of $62m (+170% y-o-y). The EBITDA margin declined by 1.1pp y-o-y to 57.0% while the net margin grew by 15.1pp y-o-y to 21.8%.
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