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Buy Bharti Airtel target of Rs 540: Sharekhan

December 03
16:24 2019

Sharekhan’s research report on Bharti Airtel

Bharti has announced to increase tariffs of its prepaid services by 15-50%; the quantum is higher than expectations. RJio has indicated that it will take tentative price hike of 40% and will provide 300% more benefits; RJio’s decision to increase tariff is positive for the industry. With a blended ARPU improvement of 20-23%, we expect an EBITDA increase of ~Rs. 3,300 crore and ~Rs. 8,500 crore in FY2020E and FY2021E, respectively, and increase in fair value.

Outlook

We maintain our Buy rating on Bharti Airtel (Bharti) with a revised PT of Rs. 540.

For all recommendations report, click here

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