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ICICI Securities Report
5G spectrum auction day-one concluded on a negative note in our view. Operators picked spectrum worth Rs 1,450 billion ($18 billion), which reflects a modicum of investment indiscipline.
We were of the opinion that operators’ priority would be to drive return on invested capital and cashflows higher, but spectrum auctions have never been easy. Though details of the bids are not announced as yet, our analysis shows that Reliance Jio has likely bid for highest spectrum worth Rs 801 billion, and likely opted for 10 megahertz spectrum in 700 MHz band.
Bharti Airtel Ltd. may have bid for spectrum worth Rs 450 billion and spent 20% more than our base case. The extra spend is probably for 1800 MHz and 2100 MHz bands.
Vodafone Idea Ltd. has likely bid for Rs 184 billion for spectrum, which is within our estimated range.
Adani Data Networks should have picked 26 GHz spectrum pan-India, our analysis suggests.
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