Vodafone raises Telsim outlook

6 Dec 2006

Vodafone has raised its outlook for its new Turkish operation after revealing that the investment needed is less than originally planned. Dow Jones reports that Vodafone is not now expecting to have to pump an additional USD1 billion into Telsim and it says EBITDA margins are now expected to be in the high-twenties rather than mid-twenties as previously forecast. The firm is also expecting annual revenue growth of 20% for Telsim over the next five years. Vodafone paid USD4.5 billion to acquire Telsim in a deal which was completed at the start of this year; the cellco had 12.18 million subscribers and a 23% market share at the end of September.

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