New Street Research - Bharti Airtel (532454) Bharti Airtel (Buy, INR 2,750 from INR 2,180, +32%) All cylinders firing. Buy, price target INR 2,750

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New Street Research

Chris Hoare

EUR 8628.00 For Business Accounts Only

Bharti Airtel (Buy, INR 2,750 from INR 2,180, +32%) All cylinders firing. Buy, price target INR 2,750

Bharti has always performed well in anticipation of price increases, which we think are likely in H1 next year. The company also looks set to be seeing accelerating growth in both Home, and Enterprise, while Airtel Africa continues to knock it out of the park, and capex is constrained. What’s not to like? PT to 2,750.

13/11/2025 1 EN

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Bharti Airtel

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Chris Hoare

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Bharti Airtel (Buy, INR 2,750 from INR 2,180, +32%) All cylinders firing. Buy, price target INR 2,750

Bharti Airtel (Buy, INR 2,070, +13%) Q4 FY25 Quick Take: Dividend doubled (again). Strong margins. Bodes well for Singtel.

Indian Telcos Q3 FY25 review: Sustained margin expansion from July’s price increase

Rakuten (Reduce, ¥510, -51%) Q3 25 Quick Take: EC demand pulled forward on hometown rule tax changes, Q4 expected to be softer; still no significant improvement in Mobile

OTE (Neutral, TP: €16, -1%) Q3 25: Solid results, and Romania-linked extraordinary return

Deutsche Telekom (Buy, €40, +46%) Three Key Points for Q3

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