Sharekhan is bullish on Bharti Airtel has recommended buy rating on the stock with a target price of Rs 390 in its research report dated June 04, 2019.
Sharekhan's research report on Bharti Airtel
Planned unlocking the value of its holdings in its subsidiaries and divestment of tower business stake would further reduce net debt/EBITDA level to around 2.6x and provide cash flow support. India wireless business surprised positively during Q4FY2019, with revenue and EBITDA growth of 4%/32% q-o-q, respectively; steep increase in ARPU to Rs. 123 (18.6% q-o-q). DTH business performed well despite uncertainty around new tariff order implementation; ARPU improved while other industry players struggled during the quarter.
Outlook
We maintain Buy on Bharti Airtel with a revised PT of Rs. 390, considering its resilient performance in a tough environment and some signs of stability in India wireless business.
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