Moneycontrol
Jun 19, 2017 10:20 AM IST | Source: Moneycontrol.com

Buy Bharti Infratel; target of Rs 440: Motilal Oswal

Motilal Oswal is bullish on Bharti Infratel has recommended buy rating on the stock with a target price of Rs 440 in its research report dated June 15, 2017.

 
 
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Motilal Oswal's research report on Bharti Infratel


Bharti Infratel (BHIN) has witnessed healthy tenancy addition over the last 2-3 quarters, led by aggressive 4g rollout by RJio and Airtel. In FY18, gross additions should remain high, as RJIo and Airtel are expected to continue accelerated data network expansion.


Outlook


The stock is trading at an EV of 9x FY19E EBITDA. Assuming a 15% EBITDA cut due to Vodafone-Idea merger, the stock would be valued at 10.3x (FY19E). BHIN’s key value proposition is its high free cash generating capability, with 6-7% FCFE yield supporting valuations. We maintain Buy with a target price of INR 440/sh.


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