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Bharti Airtel bags six lakh 3G subscribers
Bharti Airtel has added up to six lakh 3G subscribers across India, since the launch of the
next generation telephony service in January 2011. Mumbai was the 11th city where Airtel
launched its 3G services on March 08, 2011 and it targets to rollout the services in 40
cities across 13 telecom circles where it has secured a 3G license by March-end. Moreover,
the company is targeting a 3G presence in 1,000 towns and cities by FY2012-end. The
average revenue per user (ARPU) is expected to receive a fillip post the 3G rollout as
conventional voice service rates have been declining due to intense competition in the
sector. We expect the Indian mobile subscriber base for the company to grow at an 18.5%
CAGR over FY2010–12E to 179mn subscribers. We recommend Accumulate on the stock
with a Target Price of `360, valuing the stock at EV/EBITDA of 7x FY2012E.
India Equity Research Reports, IPO and Stock News
Visit http://indiaer.blogspot.com/ for complete details �� ��
Bharti Airtel bags six lakh 3G subscribers
Bharti Airtel has added up to six lakh 3G subscribers across India, since the launch of the
next generation telephony service in January 2011. Mumbai was the 11th city where Airtel
launched its 3G services on March 08, 2011 and it targets to rollout the services in 40
cities across 13 telecom circles where it has secured a 3G license by March-end. Moreover,
the company is targeting a 3G presence in 1,000 towns and cities by FY2012-end. The
average revenue per user (ARPU) is expected to receive a fillip post the 3G rollout as
conventional voice service rates have been declining due to intense competition in the
sector. We expect the Indian mobile subscriber base for the company to grow at an 18.5%
CAGR over FY2010–12E to 179mn subscribers. We recommend Accumulate on the stock
with a Target Price of `360, valuing the stock at EV/EBITDA of 7x FY2012E.
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