Investment Analysis Case study: Emirates Telecommunication Group Company (Etisalat)
Emirates Telecommunication Group, commonly referred by its brand name Etisalat, is a multinational telecommunication and mobile services company with headquarters in Abu Dhabi, United Arab Emirates (Abu Dhabi Securities Exchange, 2016). The company was founded in 1976 as the first telecommunication company to serve the locals in the United Arab Emirates but has since grown to become a giant corporation the country and beyond. Etisalat enjoys the most extensive 3G and 4G network coverage in the UAE whereby it has highly set up Fiber-To-The-Home (FTTH) to over 80 percent of homes in densely populated areas. FTTH works at super-high speeds hence it is now possible for Etisalat resident customers to enjoy internet speed of up to 500 megabytes per second. The company’s recent rollout of the 4G+ has been a huge boost since it has successfully brought high broadband speeds of up to 300 megabytes per second and covers over 90 percent of UAE’s densely populated areas (Etisalat.com/ company profile, 2016).
Currently, Etisalat serves an estimated 11.6 million subscribers in the UAE alone, making it the leading mobile services operator in the country and consequently among the largest companies in the Gulf Cooperation Council. Operating as a group, Etisalat provides innovative mobile and broadband solutions and services to over 163 million customers spread in 17 countries across Asia and Africa. The company has seen tremendous growth and high performance in the markets whereby its current market cap stands at over USD 36 billion. Etisalat’s wonderful performance in the markets shows its reported net profit for 2015 grow to a high of AED 8.3 billion while total revenues stood at AED 51.7 billion, making the company rank as one of the most profitable telecommunication groups all over the world (Etisalat.com/ company profile, 2016).
Etisalat aspires to be the best operator in its existing market through provision of best-in-class customer experience and offer support to facilitate economic development in its market regions. Through its innovation, the company’s services are the envy of other mobile operator companies. Etisalat has made quite a number of trials of 5G network that could become a major innovative milestone in its market countries. The company’s extraordinary market performances and service delivery have put it in the limelight leading to recognition through awards such as GSMA’s Global Mobile Awards (Etisalat.com/ company profile, 2016).
Global Strategic Objectives
Etisalat is bound to its mission objectives whereby the company seeks to provide the best customer experience for its clientele, deliver excellent returns to its shareholders while making long-term investments for a better future of the company, and to support the local economies in the markets they operate through creating job opportunities and corporate social responsibility. However, attaining these mission objectives would not be possible without setting out strategic objectives first. As such, the company has set various global strategic objectives that would see it fulfill its mission statements regarding the 17 market countries it serves with its innovative telecommunication services.
Etisalat Group is going to refresh it corporate strategy whereby it aims to focus on the main internal and external factors in order to determine its ambitions in the long-run. The telecommunication industry is facing a lot of changes that could lead to bigger and better opportunities for the industry’s players. There are now significant changes on how customers in the telecom industry consume the available products, plus, stronger innovations are coming up as a result of the highly advancing technology. In its strategic response, Etisalat will improve its customer experience amid these significant changes in the markets whereby it has a wider market knowledge as leverage (Etisalat.com /Investor Relations/Strategy, 2016).
Etisalat seeks to use growth as one of its key global strategic objectives. This is because the telecom industry is growing at a huge pace; by the end of 2013 total revenue generated by the industry was about US $1.7 trillion, and still the market is growing. A key element that has resulted in the increased growth of this industry includes upcoming new market segments as many people are increasing their demand for mobile and broadband services. A bigger market would be a perfect opportunity for Etisalat to grow further and have a bigger impact on the local and global markets (Etisalat.com /Investor Relations/Strategy, 2016).
While Etisalat Group has engaged in short-term strategies that have led to a record-growing rate in the recent past, the company has also established a five-year strategy founded on six pillars to enhance its global strategic objectives. The strategy is based on services characterized by excellent differentiation and innovation, customer experience through which the company seeks to obtain positive experiences with them, and operational excellence that would see the company has strong profitability. On the other hand, Etisalat seeks to maximize economies of scale as one group of companies, revitalized recognition of its portfolio, and have strong people and culture to enhance successful execution of its global objectives (Etisalat.com /Investor Relations/Strategy, 2016)
Financial Statement Analysis
- Financial Ratios (2014 and 2015)
| Ratio | Formula | 2014 (RED ‘000’) | 2015 (RED ‘000’) |
| Dividend payout | Dividends paid / Net Income | 8601086 / 9562546
= 0.90 |
8262756 / 9510918
= 0.87 |
| Total debt / Total assets | Total liabilities / Total Assets | 67894945 / 128109417
= 0.53 |
68889448 / 128264547
= 0.54 |
| Cash flow/total debt | EBIT + Depreciation – Taxes / Total liabilities | (10842533 + 5,092,328 -1165325) / 67894945
= 0.22 |
(11025839 + 5,772,304 – 1277590) / 68889448
= 0.23 |
| Fixed charge (interest) coverage | (EBIT + Fixed Charges Before Taxes) / ( Fixed Charges Before taxes + Interest) | (10842533 + 12567331) / (12567331 + 1094059)
= 1.71 |
(11025839 + 12534369) / (12534369 + 962983)
= 1.75 |
| Working capital/total assets | (Current Assets – Current Liabilities) / Total Assets | (37583244 – 39867123) / 128109417 = -0.02 | (41680494 – 42344526) / 128264547 = 0.01 |
| Current ratio | Current Assets / Current Liabilities | 37,583,244 / 39,867,123 = 0.94 | 41,680,494 / 42,344,526 = 0.98 |
Calculation of fixed charge;
| Charge | 2014 (RED ‘000’) | 2015 (RED ‘000’) |
| Staff Costs | 6192735 | 5433064 |
| Depreciation | 5092328 | 5772304 |
| Regulatory expenses | 1,039,950 | 1,013,150 |
| Operating lease rentals | 225,035 | 304,917 |
| Finance lease obligations | 17283 | 10934 |
| Total | 12567331 | 12534369 |
Interest expense
| 2014 (RED ‘000’) | 2015 (RED ‘000’) | |
| Interest on bank overdrafts, loans, and other financial liabilities | 431,990 | 435,651 |
| Interest on other borrowings | 662,069 | 527,332 |
| Total | 1094059 | 962983 |
- Variability Measures
- Coefficient of variation of operating earnings
Assuming the probabilities of occurrence of operating incomes for years2012, 2013, 2014, and 2015 to be 0.25, 0.25, 02.5, and 0.25 respectively, the covariance of operating earnings is calculated as follows
| Particulars | Years | |||
| 2012(RED ‘000000000’) | 2013 (RED ‘000000000’) | 2014 (RED ‘000000000’) | 2015(RED ‘000000000’) | |
| EBIT (r) | 6.66 | 8.40 | 11.13 | 11.03 |
| Probability of occurrence (P) | 0.25 | 0.25 | 0.25 | 0.25 |
| Expected Return | 1.67 | 2.10 | 2.78 | 2.76 |
Total Expected Return (R) = 1.67 + 2.1 + 2.78 + 2.76 = 9.31
But Variance = P (R-r) 2
V = 0.25 (6.66 – 9.31)2 = 0.25 (8.4 – 9.31)2 + 0.25 (11.13 – 9.31)2 + 0.25 (11.03 – 9.31)2
V= 1.76 + 0.21 + 0.83 + 0.74
V= 3.54
Standard deviation = √ Variance
s.d = √ 3.54 = 1.88
Coefficient of variation = s.d / expected value x 100%
COV = (1.88 / 9.31) X 100 = 20.20%
- Coefficient of variation of sales
Assuming the probabilities of occurrence of revenue on sales for years2012, 2013, 2014, and 2015 to be 0.25, 0.25, 02.5, and 0.25 respectively, the covariance of operating earnings is calculated as follows
| Particulars | Years | |||
| 2012(RED ‘000000000’) | 2013 (RED ‘000000000’) | 2014 (RED ‘000000000’) | 2015(RED ‘000000000’) | |
| Sales Revenue(r) | 32.95 | 38.85 | 48.77 | 51.74 |
| Probability of occurrence (P) | 0.25 | 0.25 | 0.25 | 0.25 |
| Expected Return | 8.24 | 9.71 | 12.20 | 12.94 |
Total Expected Return (R) = 8.24 + 9.71 + 12.20 + 12.94 = 43.09
But Variance = P (R-r) 2
V = 0.25 (32.95 – 43.09)2 = 0.25 (38.85 – 43.09)2 + 0.25 (48.77 – 43.09)2 + 0.25 (51.74 – 43.09)2
V= 25.70 + 4.50 + 8.07 + 18.71
V= 56.98
Standard deviation = √ Variance
s.d = √ 56.98 = 7.55
Coefficient of variation = s.d / expected value x 100%
COV = (7.55 / 43.09) X 100 = 17.52%
- Coefficient of variation of net income
Assuming the probabilities of occurrence of net income for years2012, 2013, 2014, and 2015 to be 0.25, 0.25, 02.5, and 0.25 respectively, the covariance of operating earnings is calculated as follows
| Particulars | Years | |||
| 2012(RED ‘000000000’) | 2013 (RED ‘000000000’) | 2014 (RED ‘000000000’) | 2015(RED ‘000000000’) | |
| Net Income(r) | 6.57 | 7.75 | 9.85 | 9.51 |
| Probability of occurrence (P) | 0.25 | 0.25 | 0.25 | 0.25 |
| Expected Return | 1.64 | 1.94 | 2.46 | 2.38 |
Total Expected Return (R) = 1.64 + 1.94 + 2.46 + 2.38 = 8.42
Applying variance formula; P (R-r) 2
V = 0.25 (6.57 – 8.42)2 = 0.25 (7.75 – 8.42)2 + 0.25 (9.85 – 8.42)2 + 0.25 (9.51 – 8.42)2
V= 0.86 + 0.11 + 0.51 + 0.30
V= 1.78
Standard deviation = √ Variance
s.d = √ 1.78 = 1.33
Coefficient of variation = s.d / expected value x 100%
COV = (1.33 / 8.42) X 100 = 15.80%
- Systematic risk (beta)
| Βeta Coefficient of Stock | = | Cov(rs, rm)
σ2m |
rs = Investment Return rm = Market Return σ2m = Market Variance |
Source: (thisMatter, 2016)
Based on the CoVs calculated on sales, net income, and earnings before tax, we can benchmark the three items against each other to find how they impact each other
beta =(0.158 x 0.1752 x 0.202) / (7.55 x 1.33 x 1.88)
= 0.0003 ≈ 0
- Non-ratio Variables
- Average growth rate of sales and earnings
Average sales growth rate
| Particulars/ Year | 2012 (RED ‘000’) | 2013 (RED ‘000’) | 2014 (RED ‘000’) | 2015 (RED ‘000’) |
| Sales revenue (y) | 32946300 | 38853238 | 48766875 | 51737018 |
| Growth (x) | – | 5,906,938 | 9,913,637 | 2,970,143 |
Growth rate between 2012 & 2013;
= (5,906,938 /32,946,300) x 100% = 17.93%
Growth rate between 2013 & 2014;
= (9,913,637 / 38,853,238) x 100% = 25.52%
Growth rate between 2014 & 2015;
= (2,970,143 / 48766875) x 100% = 6.09%
Average sales revenue growth rate = (17.93 + 25.52 + 6.09) / 3 = 16.51%
Average earnings growth rate
| Particulars/ Year | 2012 (RED ‘000’) | 2013 (RED ‘000’) | 2014 (RED ‘000’) | 2015 (RED ‘000’) |
| EBIT | 6,657,656 | 8,399,595 | 11,125,163 | 11,025,839 |
| Growth | – | 1,741,939 | 2,725,568 | (99,324) |
Growth rate between 2012 & 2013;
= (1,741,939 / 6,657,656) x 100% = 26.16%
Growth rate between 2013 & 2014;
= (2,725,568 / 8,399,595) x 100% = 32.45%
Growth rate between 2014 & 2015;
= {(99,324) / 11,125,163} x 100% = -0.89%
Average sales revenue growth rate = (26.16 + 32.45 – 0.89) / 3 = 19.24%
- Average growth rate of cash flow
| Particulars/ Year | 2012 (RED ‘000’) | 2013 (RED ‘000’) | 2014 (RED ‘000’) | 2015 (RED ‘000’) |
| Cash flows (Cash and cash equivalents at the end of the year) | 13, 934,076 | 15,450,248 | 18,551,773 | 5,553,300 |
| Growth | – | 1,516,172 | 3,101,525 | (12,998,473) |
Growth rate between 2012 & 2013;
= (1,516,172 / 13, 934,076) x 100% = 10.88%
Growth rate between 2013 & 2014;
= (3,101,525/ 15,450,248) x 100% = 20.07%
Growth rate between 2014 & 2015;
= {(12,998,473) / 18,551,773} x 100% = -70.07 %
Average sales revenue growth rate = (10.88 + 20.07 – 70.07) / 3 = -13.04%
Explanation of Financial Statement Analysis
- Financial Ratios
- Dividend payouts
At the end of the fourth quarter of the financial year that ended on the 31st of 2015, the dividend payout ratio for Etisalat was 0.87 compared to 2014 when it was higher at 0.90. Since the net earnings between the two years were almost the same at 9.5 billion, during 2015 the proceeds attributed to shareholders were relatively lower compared to 2014. Lower amount of earnings allocated to the shareholders led to a lower payout ratio in 2015 than in 2014. But then, the payout ratios in both of the years were high to show that the company issues out a significant proportion of its earnings to the shareholders.
- Total debt/total assets
Debt ratios are essentially meant to depict the company’s ability to pay its financial obligations (Accounting-simplified.com, 2016). The total debt ratio for Etisalat was 0.53 and 0.54 in 2014 and 2015 respectively. This means that the liabilities and assets did not change significantly between 2014 and 2015. However, the ratio for the company is the best at 0.5 because it shows that company is less risky since it has almost twice the number of assets as its liabilities hence possible longevity due to the ability to meet obligations.
- Cash flow/total debt
The net cash flows to debts for 2014 and 2015 were a ratio of 0.22 and 0.23 respectively representing an improvement of the company’s ability to pay its debts from cash generated.
- Fixed charge (interest) coverage
The ratio shows the ability of a business to pay its fixed payments (Accounting-simplified.com, 2016). Based on the analysis of Etisalat’s financial statements, the fixed charge coverage ratios for the company were 1.71 and 175 for 2014 and 2015 respectively. This generally shows that Etisalat is 1.7 times greater than its interest and fixed payments. The ratio is not the best, but it shows the company is a healthy enough for creditors and investors to trust it in the payment of its regular or fixed charges. Comparing between the two years, the company improved on its fixed charge coverage by 0.4 thus showing that it improved in its ability to pay its fixed monthly expenses.
- Working capital/total assets
This ratio aims at showing the ability of a company to pay its short-term financial obligations by making a direct comparison between working capital and the total assets of the company (Gallagher & Andrew, 2007). The working capital to total assets ratio of Etisalat for 2014 and 2015 were -0.02 and -0.01 respectively. These ratios are significantly low suggesting that Etisalat has too many liabilities that lead to the reduction of the working capital available. But then, comparing the company’s results for the two years, there was a slight increase from -0.02 to -0.01 showing that Etisalat’s liquidity improved between 2014 and 2015.
- Current Ratio
This ratio is useful in measuring the liquidity of a business; if the current assets cover the current liabilities (Gallagher & Andrew, 2007). Etisalat’s statements show that the current ratios for 2014 and 2015 were 0.94 and 0.98 respectively. It is recommended that companies should have a current ratio of at least one or more so that they can have a cushion against short-term financial obligations and unpredictable contingencies that may come up. Etisalat’s current ratios are almost the recommended 1; thus, an indication that the company can cover almost all its short-term liabilities. Its current ratio is a healthy one. However, in comparing the two years, 2014 and 2015, there is an improvement in 2015 whereby the current assets and current liabilities were almost equal.
- Variability Measures
- Coefficient of variation of operating earnings
A coefficient of variation (CoV) is used to indicate how data is dispersed around the mean value thus in the business world it is used to show how volatile or risky an investment is (Levišauskait, 2010; Fabozzi & Markowitz, 2011). Considering the performance of Etisalat using the past four financial years from 2012 through to the end of 2015, the coefficient of variation of its operating earnings was an estimate of 20.20%. This shows that the standard deviation of operating income was approximately 20% of the expected income. Therefore, the operating earnings have a variability that could go to the extent of 20% from what the company has set. This is a relatively lower (CoV) meaning that the operating earnings are not very volatile.
- Coefficient of variation of sales
Considering the performance of Etisalat using the past four financial years from the end of the year 2012 through to the end of 2015, the coefficient of variation of its sales revenue was an estimate of 17.52%. This shows that the standard deviation of revenue from sales was approximately 17.5% of the expected revenue. This is a relatively lower (CoV) meaning that the revenue earned by Etisalat does not have a high volatility.
- Coefficient of variation of net income
Based on the performance figures of Etisalat using the past four financial years from the end of the year 2012 through to the end of 2015, the coefficient of variation of its net income was an estimate of 15.80%. This shows that the standard deviation of net income was approximately 16% of the expected revenue. This is a relatively lower (CoV) meaning that the net income earned by Etisalat does not have an alarming volatility.
- Systematic risk (beta)
A systematic risk depicts the uncertainty or risk to the entire company or market (Financial Analysis Hub, 2014). Etisalat’s key financial elements can be benchmarked against each other to show how their volatility as shown in the analysis part. Considering sales, net income, and earnings before tax, the beta coefficient of the company was approximately 0 (zero), but insignificantly to the positive side. This shows that the elements of sales, net income, and earnings before tax have no relationship or any impact on each other.
- Non-ratio Variables
- Average growth rate of sales and earnings
Considering the changing figures of revenue on sales of Etisalat from 2012 to 2015, there was significant growth in sales especially between 2013 and 2014. However, the average growth rate of sales was 16.51% meaning that sales grow each year by this percentage. On the other hand, there was an average growth rate on earnings of 19.24% to show that the earnings of the increase every year by this percentage. Based on the figures from the four years, the growth rate of earnings was at its highest between 2013 and 2014 at 32.45%. Therefore, we can conclude that there was a significant growth of Etisalat group between 2013 and 2015 as shown by its huge increase in sales and earnings.
- Average growth rate of cash flow
Based on the cash flow statements from 2012 to 2015, there was a general decline in Etisalat’s cash flows annually. The average decline of cash flows was approximately 13%. However, looking at individual years, the cash flows showed a positive trend from 2012 to 2014 when they sharply declined by 70%. This could be a consequence of a significant reduction in cash generating activities between 2014 and 2015.
Weaknesses and Core Competencies of Company
Weaknesses
Etisalat offers it telecommunication services to 17 countries located in the regions c of Africa, Middle East, and Asia hence it can be hectic to coordinate successful operations in every of these countries. When a company in the telecommunication industry serves a wide international market, it is likely to compromise the quality of its services. This could be because of diverted attention seeking to obtain more customers or growth in the industry leaving behind the most significant agenda of establishing quality. Therefore, Etisalat is facing a potential weakness of deteriorating quality in its mobile and broadband services due to multiple markets in different countries.
The cut-throat global competition in the telecom market is a potential challenge and weakness that can affect Etisalat in its quest to conquer the industry. In the recent past, no company seemed to push Etisalat Group off its pedestal, but now there are key players in the industry with bigger and better innovative ideas to offer stiff competition. The UK telecom giant, Vodafone, is one of the strongest companies Etisalat has had to reckon with in the international market. Vodafone is the global leader in mobile service provision with a clientele base of over 444 million spread in 26 countries where it serves and has also agreed to partnerships with more than 55 mobile networks across the globe (Vodafone/ company History, 2016). Hutchison 3G UK Limited is also another European telecom giant that poses to be a strong competitor to Etisalat since it enjoys of 40% of the UK market with its strong 3G and 4G networks (Hutchison 3G/ About us, 2016). Therefore, strong competition is a potential weakness for Etisalat because it hinders growth and survival in the market.
Cultural diversity among Etisalat’s market segments in various countries across Africa to Asia can also be a potential challenge to the company. The huge market is characterized by people from various backgrounds and dissimilar social backgrounds. This could make it hard for Etisalat to penetrate these markets fully because it takes them time and huge resources to study the market so that they can understand their tastes and preferences for the purpose of brand development. Due to cultural diversity, Etisalat possibly digs deeper into its budget to facilitate research and development because of new market characteristics in every new market.
Core Competencies
Innovation is one of the key competencies that can easily give any organization a competitive edge in the market. Etisalat has not been left behind in coming up with new idea products that have led it to conquer its current markets. The company provides cutting-edge products through its innovative personnel hence the continuous gain of new customers who fancy these products. Through its innovation, the company’s services are the envy of other mobile operator companies. For instance, Etisalat has made quite a number of trials of 5G network that could become a major innovative milestone in its market countries (Etisalat Annual Report 2015, 2016). Furthermore, the company has identified its key segments in the market including the areas of finance and banking, transport and logistics, and airline solutions among other sectors where they deliver excellent enterprise solutions through the latest expertise and technology infrastructure.
Customers are a key factor in any given organization because, without them, it is impossible to undertake any production or selling activities. As such, organizations have to offer the best customer care service in order to keep a good relationship with them and maintain them or enhance their loyalty. This is an important area that Etisalat has always been on top whereby it prioritizes the simplification of customer relations through its first-class customer care team. The company provides a comprehensive pool of services under its “101” number that the customers can use to have wide access to its eVision services and products. Etisalat works tirelessly towards the provision of client insight-based and centered propositions and also on achieving a positive customer experience on its products across all its markets. The company’s services are easily accessible to the market since it has strategically located its facilities for the customers. On the other hand, Etisalat has partnered with reputable retailers in its effort to meet the market needs of special customers (Etisalat Annual Report 2015, 2016).
Quality is also a key competence that is founded on Etisalat’s provision of telecom services. Quality is based on the reliability of services and the performance of those services whereby Etisalat Group is based on. Due to increased demand for high-speed broadband and mobile services, the company is seeking to increase the coverage of its 4G networks and also take one step ahead to introduce the 5G network. Besides, Etisalat ensures quality through services to its consumer segments with special and enhanced offers and service. The company has it on its plans to ensure that it meets all the needs of all its main segments and sub-segments in the countries of operations. Amidst strong competition, Etisalat ought to engage in more strategies to be always a step ahead regarding the quality of its services; otherwise, it can be toppled easily by the likes of Vodafone and Three.
Suggestions on How to make up for Weaknesses of the Company
To counter the high rate of competition from her rival companies, Etisalat should tap into newer markets especially in Africa where there is a huge and potential market without any major player to offer its products and services. These markets, especially in West Africa and Pakistan, are still underserved with telecom services hence a perfect chance for Etisalat to expand its wings in the global market. Having a wider market could be the best arsenal to beat the cut-throat competition because Etisalat would have a commanding position in the market.
Being among its key competencies, Etisalat should also prioritize quality of products and consumer service. Most companies in its position may divert their intentions on expanding their market share and forget to improve the quality of their services or disregard customer services (Fabozzi & Markowitz, 2011). It is common that in the current era, businesses are offering quality and good customer care so that they are able to maintain the loyalty of these customers or attract more. Therefore, it is important for Etisalat to improve on its customer care and prioritize quality in its quest to expand in the global market.
Recommendation and Conclusion
Based on the analysis of Etisalat’s financial statements in the recent years, it is a company that is making a huge progress and still has got a huge potential to do better things to enhance its performance. Therefore, I could recommend that the company embraces the best strategic policies to facilitate further growth because the industry is growing and the company has the potential. However, Etisalat should watch out for the competition posed from its rivals to maintain or improve its position in the market. Thus, it should employ its key competencies including quality services, excellent customer care, and innovation to the fullest to conquer the telecoms market.
References
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