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Bharti Airtel
• The industry scenario has improved over the past few quarters
with the ongoing CBI enquiry into the 2G scam. The recent price
hike by incumbents signifies reducing competitive intensity and
returning pricing power. Airtel is expected to post an
improvement in ARPMs in the coming quarters on the back of the
recent price hike and traction in 3G services. With the withdrawal
of unsustainable customer acquisition offers from the market and
reducing dual SIM phenomena, margins in the domestic market
are expected to improve, going ahead
• Africa operations have shown continual improvement in key
metrics. EBITDA margins have expanded by 276 bps in the past
three quarters. With outsourcing agreement in place, the benefit
in terms of further margin expansion is expected to kick in from
FY13 onwards
• DoT expects NTP 2011 to come into effect by December 31, 2011.
Most of the negatives related to one-time spectrum fees seem to
be already priced in. Spectrum trading, pooling and sharing
would help larger players like Bharti Airtel. At the CMP of | 385,
the stock is trading at 16.1x FY13EPS against its long-term
average of 19.3x. Also, with most of the capex already incurred,
return ratios would also improve, going ahead
find detail report and other stock pick detail at
India Equity Research Reports, IPO and Stock News
Visit http://indiaer.blogspot.com/ for complete details �� ��
Bharti Airtel
• The industry scenario has improved over the past few quarters
with the ongoing CBI enquiry into the 2G scam. The recent price
hike by incumbents signifies reducing competitive intensity and
returning pricing power. Airtel is expected to post an
improvement in ARPMs in the coming quarters on the back of the
recent price hike and traction in 3G services. With the withdrawal
of unsustainable customer acquisition offers from the market and
reducing dual SIM phenomena, margins in the domestic market
are expected to improve, going ahead
• Africa operations have shown continual improvement in key
metrics. EBITDA margins have expanded by 276 bps in the past
three quarters. With outsourcing agreement in place, the benefit
in terms of further margin expansion is expected to kick in from
FY13 onwards
• DoT expects NTP 2011 to come into effect by December 31, 2011.
Most of the negatives related to one-time spectrum fees seem to
be already priced in. Spectrum trading, pooling and sharing
would help larger players like Bharti Airtel. At the CMP of | 385,
the stock is trading at 16.1x FY13EPS against its long-term
average of 19.3x. Also, with most of the capex already incurred,
return ratios would also improve, going ahead
find detail report and other stock pick detail at
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