Sharekhan has given Buy recommendation for Bharti Airtel with a target price of Rs. 750 in its research report issued on Feb 04, 2021
Sharekhan’s research report on Bharti Airtel
Stellar performance; ARPU improvement led by strong net 4G subscriber additions; company gained revenue market share in its India wireless business and sees strong traction in broadband & enterprise businesses. Strong 4G subscriber addition creates platform for healthy growth of India wireless business; Bharti optimistic that digital services through the partnership-led model would help drive growth. Bharti is well-positioned to capitalise opportunities from weakness in competitors and tariff hikes. We expect company to register a 14%/23% growth in revenue/EBITDA over FY2020-FY2023E.
Outlook
We maintain a Buy on Bharti Airtel with a revised PT of Rs. 750, given favourable market structure, reasonable valuations and strength in core business.
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