January 25, 2017 / 16:05 IST
BHIN reported healthy results. Consolidated revenue grew 10% YoY (and 3.3% QoQ) to INR 34.01b (1.3% above our estimate). Rental revenue grew 7% YoY (and 2% QoQ) to INR 21.2b on robust co-location additions of 6,139 (v/s 2,393 in 2Q).
Outlook
We have marginally tweaked our estimates, expecting 10% EBITDA CAGR over FY16-19, led by 7% growth in co-location. The stock trades at an EV of 9x FY18E EBITDA. We maintain Buy, with SOTP/DCF target of INR 435 (unchanged). With improving outlook on co-location growth, the stock appears attractively priced.
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