Doha – Mubasher: NBK Capital, the investment arm of National Bank of Kuwait (NBK) recommended “Sell” on Vodafone Qatar, setting the fair value at QAR 9, 12% lower than the stock price during the study period.
The Kuwait-based financial services firm said that the Qatari telecom provider’s financial results were down at all levels in the third quarter of fiscal year 2015.
Total revenues declined 9% year-on-year to QAR 537 million, due to the difficult operating environment.
NBK Capital, citing a report by Vodafone Qatar, attributed the fall in revenues to the pricing environment in the Gulf country especially in the prepaid sector.
Vodafone Qatar reported net losses of QAR 285.7 million in Q3-15, compared to QAR 149.8 million in the same period of 2014.
