Angel Broking has maintained its buy rating on Bharti Airtel with a 12-month target price of Rs 1125 in its April 25, 2008 research report. "Bharti Airtel recorded an impressive 45.9% yoy growth in Topline in 4QFY2008 (12.3% qoq). The company’s Mobile Services Business was again the key contributor to Topline growth. This business grew by an excellent 51.3% yoy and by 14.4% qoq in 4QFY2008."

"Going ahead, we expect Bharti to record a CAGR growth of 28.8% in Top-line over FY2008-10E, while Bottomline would grow at a CAGR of 23.5% in the mentioned period. At the CMP, the stock is trading at 17.2x FY2010E EPS, 9.5x FY2010E EV/EBITDA and an EV/subscriber of USD 370.4 on our FY2010E subscriber base. We expect Bharti to maintain its market leadership position on continued execution excellence and rapid network roll-outs into the interiors of the country. We have also factored in Rs 155 per share as the value of Bharti’s towerco, Bharti Infratel in our Target Price, derived on a discounted cash flow (DCF) basis. We maintain a Buy on the stock, with a 12-month Target Price of Rs 1125, including Rs 155 per share as the towerco valuation, says Angel's research report.

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