Doha-Mubasher: Watani Investment Company (NBK Capital) set the fair value of Vodafone Qatar at QAR 9, with “Sell” recommendation.

Vodafone Qatar previously reported losses of QAR 100 million ($27.40 million) in the first quarter ended 30 June 2015, compared to QAR 27.4 million ($7.51 million) in the same period of 2014, a leap of 264.6%.

Total revenues declined by 8% year-on-year and 6% quarter-on-quarter to QAR 538 million, 5% short of our QAR 568 million forecast and 9% lower than the Bloomberg consensus of QAR 592 million.