Neutral Bharti Infratel; target of Rs 210: Motilal Oswal

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26 Aug, 2025 12:21

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Motilal Oswal 's research report on Bharti Infratel

Bharti Infratel (BHIN) reported healthy revenue/EBITDA growth of 5%/3% QoQ due to improvement in tenancies, rates and falling exits. Yet, there was a marginal miss on EBITDA, solely due to EBITDA loss in Energy. We largely maintain our EBITDA estimates factoring in higher tenancies/rates, partly offset by lower Energy EBITDA for FY21/FY22E. Subsequently, we estimate FY20-22E revenue/EBTDA CAGR at 4%.

Outlook

We value BHIN on an SOTP basis to arrive at a TP of INR210, implying EV/tenancy of 2.2m and EV/EBITDA of 5x. The stock garners healthy dividend yield of 5%, which could provide cushion from further downside. Maintain Neutral.

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