ICICI Direct's research report on Bharti Infratel
The Idea, Vodafone merger raises concerns on tenancy exits & consequent lower growth ahead. We believe the combined entity would aim to attain the subscriber/sites ratio of market leader Airtel (possibly higher given their superior spectrum portfolio), which has been the most efficient of the top three players.
Outlook
Moreover, rental freeze as per the new MSA also restricts revenue growth in the next two years. Therefore, we assign a HOLD recommendation to the stock with a target price of Rs 400. Possible strategic sale of Airtel stake/acquisition of Idea/Vodafone’s stake in Indus could be an upside risk.
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