New Street Research - Bharti Airtel (532454) Bharti Airtel (Buy, TP: INR 1,400, +26%) Q3 FY24 Quick Take: In-line, with domestic mobile trends ahead of peers again

Report

New Street Research

Chris Hoare

EUR 9344.00 For Business Accounts Only

Bharti Airtel (Buy, TP: INR 1,400, +26%) Q3 FY24 Quick Take: In-line, with domestic mobile trends ahead of peers again

Excluding the Naira devaluation impact, Bharti Airtel reported in-line results for its Indian businesses, with sustained margin expansion again. Indian mobile performance remained strong, with ARPU and revenue growth ahead of peers ahead. Trends also remained strong for Home Services, with Digital TV seeing a nice acceleration post the inflection last quarter.

05/02/2024 1 EN

Underlying

Bharti Airtel

See profile

Provider

New Street Research

Provided by our team of experienced analysts, our work is idea driven, based on independence of thought, sector expertise, and firmly focussed on fundamentals and valuation.

New Street Research is an independent, partner-owned, research firm specialising in equity and debt research. Our equity research embraces the following sectors:

Pan European Telecom Services and Cable
US Telecoms, Cable, Satellite and Towers
Global Emerging Market Telecoms
Japan Telecoms
Asian Internet
Pan European Healthcare
Global healthcare thematic research

We provide debt research on:

Pan European Telecom Services and Cable

See profile

Analysts

Chris Hoare

Other Reports on these Companies

New Street Research

Indian Mobile Q3 FY24 review: Still tracking well even without tariff hikes

India’s telecom industry continue to grow in the HSD, with Bharti and Jio improving at the expense of VIL. Industry ARPU tracked MSD again even without any meaningful tariff hikes; we expect increases to be put through in 2H CY24 though that has largely been priced in. EBITDA continue to trend ahead of topline, with YoY margins improvement across the board. Earlier last month, the government also approved the auction for 10,523 MHz of spectrum which starts from INR 963bn (USD 11.6bn). However, we expect much of this spectrum to go unsold.

EUR 9344.00

March 6, 2024 March 6, 2024 1 EN

New Street Research

Bharti Airtel (Buy, TP: INR 1,500, +34%) Marginal margin continuing to drive upside. Buy, pt to INR 1,500 (from INR 1,400)

Following a very strong H2 2023, Bharti has retraced nearly INR 100/share. We remain bullish and would see the sell-down as a buying opportunity. Consensus forecasts continue to look too low to us; in this note we focus on the consumer margin, which we think is likely to surprise to the upside.

EUR 9344.00

February 16, 2024 February 16, 2024 1 EN

Wolfspeed: who could buy? At what price?

JANA Partners recently urged Wolfspeed management to consider a sale or explore other strategic alternatives. Execution delays at Mohawk Valley and Siler City over the years, combined with a slowdown in end-demand make the question legitimate. We review the situation, including potential acquirers and acquisition price.

17h / 31m 17h / 31m 1 EN

Jonathan Chaplin

Jonathan Chaplin

Charter Model Update

This note focuses mostly on model changes. Please see separate notes reviewing results and on thoughts following the earnings call. We lowered broadband adds, revenue and EBITDA. We also expect leverage to approach 4.25x by the end of the year. This likely rules out further repurchases this year, unless EBITDA is stronger than we expect. No change to thesis, though we expect Broadband stocks to be challenged for at least next few quarters. Price target is $431 (+69%).

EUR 9344.00

April 26, 2024 April 26, 2024 1 EN

Jonathan Chaplin

Jonathan Chaplin

CHTR: quick thoughts following the call

What's new: in this note we cover the change to leverage and what it means for management’s confidence in the business, our evolving thoughts on broadband market growth, our outlook for 2Q24 for broadband adds, ARPU, and EBITDA, and thoughts on long-term pricing strategy.

EUR 9344.00

April 26, 2024 April 26, 2024 1 EN

Sign-up for free to access full reports immediately

Email Address*

Choose Password* ( 6 or more characters )

Due to regulatory restrictions regarding the distribution of financial research, this report is restricted to a specific region or investor type. Get access to exclusive reports by answering the questions below.

Select your country*

Get financial insights straight to your inbox

By clicking "register" you accept the Terms and Conditions & Privacy Policy

Already on ResearchPool?

Almost there...

Are you a professional investor?

Select your country

REGISTER

Create a free ResearchPool account to access full reports, get a personalised dashboard and follow providers or companies

In order to access this report please create an account.

LOGIN

Bharti Airtel (Buy, TP: INR 1,400, +26%) Q3 FY24 Quick Take: In-line, with domestic mobile trends ahead of peers again

Indian Mobile Q3 FY24 review: Still tracking well even without tariff hikes

Bharti Airtel (Buy, TP: INR 1,500, +34%) Marginal margin continuing to drive upside. Buy, pt to INR 1,500 (from INR 1,400)

Wolfspeed: who could buy? At what price?

Charter Model Update

CHTR: quick thoughts following the call

Create a free ResearchPool account to access full reports, get a personalised dashboard and follow providers or companies

Sign-up for free to access full reports immediately

ResearchPool Subscriptions

Get the most out of your insights

Why subscribe?

How to subscribe

ResearchPool Subscriptions

This report is only available to subscribers

Why subscribe?

How to subscribe