Motilal Oswal's research report on Bharti Airtel
Bharti has seen decent earnings growth for the last 12 quarters. However, we expect Bharti to witness 1) a period of soft earnings given low probability of a price hike, and 2) high capex over the next 2-3 years given increased investments in 5G and rural densification. These factors could keep the stock range-bound in the near term, though our long-term BUY view remains intact.
Outlook
We derive our SOTP-based TP of INR950 based on FY25E EV/EBITDA of 10x for the India Mobile business and 5x for the Africa business.
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