Bharti Airtel: Undervalued. Upgrade to BUY :: Kotak Sec, report link

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Undervalued. Upgrade to BUY. We upgrade our rating on Bharti a notch to BUY
from ADD post the recent sharp correction; our target price stays at `430 (25% upside
from current levels). We appreciate the worries around the stock (R-Jio, spectrum
auctions, depreciating African currencies) but believe the same are amply priced in.
Bharti’s India wireless business now trades at 4.5X FY2016E EV/EBITDA if one were to
assume that the market is valuing Bharti Infratel right.

LINK
http://www.kotaksecurities.com/pdf/indiadaily/indiadaily22122014al.pdf