KEY RATING DRIVERSįitch views competition in the Polish mobile market as developed and well dimensioned with no single operator owning a disproportionate share of the market, while as the market challenger, Play has taken a measured approach to market share gains, product position and pricing. how closely the shareholders choose to manage leverage to covenant), continued rational development of the market and evidence that roaming agreements are largely insulated from material price inflation or renegotiation risk, could support a higher rating. The evolution of the capital structure following the transaction (i.e. The Positive Outlook reflects Fitcha€™s opinion that delivery of managementa€™s planned 2014 budget would result in robust financial metrics for a a€˜B+a€™ rating. The rating is constrained by some uncertainty over future financial policy, the pace of growth, market position among competitors, and the currency mismatch of the proposed debt structure. Revenues and cash flows demonstrate strong growth, with the company exhibiting improving margins, albeit below market and positive (pre-distribution) free cash flow. P4 has proven a nimble and fast-growing challenger in the Polish mobile market, establishing itself as a strong brand, with an easily understood service message and competitive distribution network.
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