Sharekhan is is bullish on Bharti Airtel has recommended buy rating on the stock with a target price of Rs 680 in its research report dated May 19, 2020.
Sharekhan's research report on Bharti Airtel
We expect free cash flow of India wireless business to improve in FY2021E as capex intensity is expected to moderate in the near term. Higher digitisation would help the company to reduce churn rate and improve ARPU. Steady EBITDA performance, scope for growth in 4G subscribers and improving free cash flow make us optimistic on stock. Q4 numbers beat estimates;India wireless revenue grew 16% q-o-q led by strong 14% q-o-q growth in ARPU; EBITDA margin improved 78 bps q-o-q despite effect of change in accounting methodology in DTH business.
We maintain our Buy rating on Bharti Airtel with a revised price target (PT) of Rs. 680.
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