External broker reports(aggregated public sources), ICICI Securities Ltd

ICICI Securities Limited

External broker reports(aggregated public sources)

ICICI Securities Ltd

ICICI Securities Limited provides investment services. The Company provides corporate and investment banking, securities, wealth management, retail brokerage, initial public offerings, and advisory services. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

Equity Bottom-Up

<ul><li>Bharti Airtel (Airtel) is India’s second largest telecom operator with a revenue market share of ~36% as on Q2FY22</li><li>The company has ~35.5 crore wireless customers in India (November, 2021) and ~12.9 crore subscribers across operations in 14 African countries.</li><li>We remain constructive on Airtel and maintain BUY rating with a revised SOTP target price of Rs 860</li></ul><div class="content-highlight"><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></div>

Bharti Airtel (Airtel) is India’s second largest telecom operator with a revenue market share of ~36% as on Q2FY22The company has ~35.5 crore wireless customers in India (November, 2021) and ~12.9 crore subscribers across operations in 14 African countries.We remain constructive on Airtel and maintain BUY rating with a revised SOTP target price of Rs 860Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Bharti Airtel: Google’s Investment – a Strategic Move

External broker reports(aggregated public sources), Motilal Oswal Financial Services Limited

Motilal Oswal

Motilal Oswal Financial Services Limited

Motilal Oswal Financial Services Limited is an Indian diversified financial services firm offering a range of financial products and services. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

<p>The effective tariff hike of ~20% in prepaid plans is expected to contribute incremental revenue/EBITDA of INR103b/INR72b, thereby driving 13% consolidated EBITDA growth on a 2QFY22 annualized basis. To improve cash flow in the industry, other large players are expected to follow suit in the immediate future. Bharti's lower churn and strong network capability leaves room for a...</p><div class="content-highlight"><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></div>

The effective tariff hike of ~20% in prepaid plans is expected to contribute incremental revenue/EBITDA of INR103b/INR72b, thereby driving 13% consolidated EBITDA growth on a 2QFY22 annualized basis. To improve cash flow in the industry, other large players are expected to follow suit in the immediate future. Bharti's lower churn and strong network capability leaves room for a...Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Bharti hikes tariff, other telcos likely to follow suit

External broker reports(aggregated public sources), Axis Direct

Axis Direct

Axis Direct is the flagship brand under Axis Securities Limited, a subsidiary of Axis Bank in India. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

<p>We maintain our BUY rating on the stock. Given the company's superior margins, stronger subscriber growth, and higher 4G conversions, we value the stock at Rs 770/share based on SOTP valuation. TP indicates an upside of 10% from the CMP.</p><div class="content-highlight"><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></div>

We maintain our BUY rating on the stock. Given the company's superior margins, stronger subscriber growth, and higher 4G conversions, we value the stock at Rs 770/share based on SOTP valuation. TP indicates an upside of 10% from the CMP.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Bharti Airtel: Posts Healthy Growth; Strong Client Addition Continues

<p>Bharti posted a strong 2QFY22, with consolidated EBITDA up 6% QoQ (above our estimate) on India Mobile/Africa EBITDA growth of 6%/5%, led by a 5% increase in India Mobile ARPU. This has continued to drive FCF, post interest, despite higher capex. The only dampener was the steady rise in net debt, which should fall with rising FCF and proceeds from the rights issue.</p><div class="content-highlight"><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></div>

Bharti posted a strong 2QFY22, with consolidated EBITDA up 6% QoQ (above our estimate) on India Mobile/Africa EBITDA growth of 6%/5%, led by a 5% increase in India Mobile ARPU. This has continued to drive FCF, post interest, despite higher capex. The only dampener was the steady rise in net debt, which should fall with rising FCF and proceeds from the rights issue.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Growth steady; gaining market share; await a pickup in deleveraging

<p>We recommend a BUY rating on the stock with SOTP based valuation at Rs 700 indicating 13% upside from CMP owing to the company's better margins, stronger subscriber growth, and higher data consumption.</p><div class="content-highlight"><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></div>

We recommend a BUY rating on the stock with SOTP based valuation at Rs 700 indicating 13% upside from CMP owing to the company's better margins, stronger subscriber growth, and higher data consumption.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Bharti Airtel: Raising Funds to Fuel Future Growth

India

Bharti Airtel Limited, a part of Bharti Enterprises, provides telecommunications services throughout India. The Company provides GSM Mobile Services, broadband, fixed line telephone services, long distance services (international & national) and enterprise services.

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Bharti Airtel (BHARTI IN)

Bharti Airtel: Google’s Investment – a Strategic Move

Google announced investment of up to $1 billion in partnership with Airtel as part of its Google for India Digitisation Fund. The deal includes...

ICICI Securities Limited

Bharti hikes tariff, other telcos likely to follow suit

The effective tariff hike of ~20% in prepaid plans is expected to contribute incremental revenue/EBITDA of INR103b/INR72b, thereby driving 13%...

Motilal Oswal

Bharti Airtel: Posts Healthy Growth; Strong Client Addition Continues

We maintain our BUY rating on the stock. Given the company's superior margins, stronger subscriber growth, and higher 4G conversions, we value the...

Axis Direct

Bharti Airtel: Raising Funds to Fuel Future Growth

We recommend a BUY rating on the stock with SOTP based valuation at Rs 700 indicating 13% upside from CMP owing to the company's better margins,...

Axis Direct

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52-week Range

Market Cap (USDm)

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Dividend (Yield)

Bharti Airtel: Google’s Investment – a Strategic Move

Google announced investment of up to $1 billion in partnership with Airtel as part of its Google for India Digitisation Fund. The deal includes...

ICICI Securities Limited

Bharti hikes tariff, other telcos likely to follow suit

The effective tariff hike of ~20% in prepaid plans is expected to contribute incremental revenue/EBITDA of INR103b/INR72b, thereby driving 13%...

Motilal Oswal

Bharti Airtel: Posts Healthy Growth; Strong Client Addition Continues

We maintain our BUY rating on the stock. Given the company's superior margins, stronger subscriber growth, and higher 4G conversions, we value the...

Axis Direct

Growth steady; gaining market share; await a pickup in deleveraging

Bharti posted a strong 2QFY22, with consolidated EBITDA up 6% QoQ (above our estimate) on India Mobile/Africa EBITDA growth of 6%/5%, led by a 5%...

Motilal Oswal

Bharti Airtel: Raising Funds to Fuel Future Growth

We recommend a BUY rating on the stock with SOTP based valuation at Rs 700 indicating 13% upside from CMP owing to the company's better margins,...

Axis Direct