MOSL: Morning India (31/March/20): 1. Bharti Airtel (Still a lot of juice left!); 2. Larsen & Toubro; 3. IndusInd Bank; 4. Dr Lal Path Labs; 5. Expert Speak (a. Telecom; b. Real Estate)
MOrning India (31/March/20):
Today’s top research idea
Bharti Airtel: Still a lot of juice left!
** Currently, the Bharti Airtel (BHARTI) stock is down ~20% from its peak due to the Coronavirus (COVID-19) outbreak and the consequent complete lockdown in India.
** Additionally, both BHARTI and Vodafone-Idea (VIL) are facing the ire of the Supreme Court (SC), which recently dismissed their plea toward self-assessment of AGR liabilities.
** We see limited impact of COVID-19, currency and crude price swings on the BHARTI stock and believe that it is the best hedged to face regulatory woes.
** BHARTI has EBITDA growth opportunity either through additional ARPU hike (function of VIL survival) or market share gains in case VIL shut down. In the more likely scenario of VIL's survival, BHARTI has opportunity to reach INR621b EBITDA in FY22 that could generate post interest FCF yield of 11%.
Piping hot news
SBI-led lenders approve Suzlon's Rs 14,000 crore loan recast
Troubled wind turbine maker Suzlon Energy has received approval from lenders led by State Bank of India to restructure its Rs 14,000 crore worth debt. The company and lenders were working on the resolution plan as per the Reserve Bank of India (Prudential Framework for Resolution of Stressed Assets) Directions, 2019 issued by the central bank through a circular dated June 7, 2019.
Motilal Oswal Financial Services Ltd. is a reputed name in Financial Services and Online Trading with group companies providing services such as Private Wealth Management, Retail Broking and Distribution, Institutional Broking, Asset Management, Investment Banking, Private Equity, Commodity Broking, Currency Broking, Principal Strategies & Home Finance.
Motilal Oswal Securities is a group company of Motilal Oswal Financial Service Limited which started as a stock trading company and has blossomed into well diversified firm offering a range of financial products and services. Motilal Oswal has built a reputation as the source for best stock trading company and this has taken a wealth of experience, knowledge and expertise, constantly working in tandem, over the years.
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