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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