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Last Updated : Jul 30, 2020 06:47 PM IST | Source: Moneycontrol.com

Sell Bharti Infratel; target of Rs 153: Emkay Global Financial

Emkay Global Financial is bearish on Bharti Infratel has recommended sell rating on the stock with a target price of Rs 153 in its research report dated July 28, 2020.

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Emkay Global Financial's report on Bharti Infratel


BHIN IN reported an EBITDA miss, primarily due to lower energy reimbursements (-8% qoq). Energy margins, which stood at -2%, surprised negatively, and were pushed downward by Indus. At the standalone level, energy margins stood at 4.8%. Gross tenancy additions of 862 was weakest in last 7 quarters. Net tenancies declined by 366 due to the exits from VIL, while the sharing factor continued to see a marked drop on a standalone basis. Management believes that the underlying business is back to normalcy after large-scale tenancy exits over the last two years. We have already baked in net tenancy addition improvement from Q2. Energy margin guidance is lowered to 0-3% from 3%.


Outlook


We continue to highlight that the stock lacks catalysts until clarity emerges on VIL’s survival. We are keeping our estimates largely unchanged, while maintaining our Sell recommendation with a revised TP of Rs153 (4x Sept’22E EBITDA). We are UW in EAP.





For all recommendations report, click here

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First Published on Jul 30, 2020 06:47 pm
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