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 ($m) 500
Coupon Rate (% p.a.) 6.20%
Coupon Frequency S/A
Maturity date 2/11/2025
Ratings: Fitch/Moody`s/S&P CCC-/—/CCC+
Market Price* ($) 83.50
Market YTM* 29.80%
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% *** ***
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

Mar 22, 2024
| Telecommunications

Vodafone Ukraine — S&P downgrades to CCC

The rating agency S&P on Mar. 20 lowered its long-term issuer credit rating on Vodafone Ukraine (VFU) by one notch, from CCC+ to CCC. The downgrade reflected S&P’s view that, despite VFU’s resilient operating performance and both financial capacity and willingness to repay its $400m Eurobond due in February 2025, the company could initiate a debt restructuring due to the prevailing NBU F/X restrictions leaving the company unable to repay its foreign debt using its local liquidity.
Nov 09, 2023
| Telecommunications

Vodafone Ukraine — Reports 3Q23 results

Vodafone Ukraine (VFU), Ukraine’s second largest mobile operator, reported 9M23 revenue of $435m (-9% y-o-y), EBITDA of $247m (-9%) and net income of $104m (vs. $20m net loss in 9M22). The EBITDA margin was unchanged y-o-y at 56.9%. CAPEX surged by 57% y-o-y to $103m over the period. VFU reported 3Q23 ARPU of UAH 112.4, up 3.7% q-o-q and 21.1% y-o-y ($3.1 in USD terms, up 3.7% q‑o‑q and 16% y-o-y). The customer base was stable q-o-q at 15.2 million subscribers (-3.8% y-o-y).
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