New Street Research - Bharti Airtel (532454) ... Indian Mobile Q2 FY25 review: Renewed acceleration off tariff hike, FWA development very positive

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New Street Research

Chris Hoare

EUR 9605.00 For Business Accounts Only

Indian Mobile Q2 FY25 review: Renewed acceleration off tariff hike, FWA development very positive

Indian mobile revenue growth accelerated to mid-teens on the back of the tariff hike in July, with EBITDA margin expansion across all three operators.

22/11/2024 1 EN

Underlyings

Bharti Airtel

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Bharti Airtel

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India

Reliance Industries

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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

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Analysts

Chris Hoare

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Q3 was softer across the board, with Indosat ahead on topline growth and Telkom the underperformer again. XL expanded margin for the third consecutive quarter which led to an upgraded EBITDA guidance, as expected.

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December 11, 2024 December 11, 2024 1 EN

New Street Research

Indian Mobile Quick thoughts on the bank guarantees waiver

India’s Union Cabinet has approved the waiver of the bank guarantees related to spectrum acquired by the operators before 2022. Vodafone Idea was the key beneficiary of this news as it owed INR 247bn versus Bharti (INR 30bn) and Jio (INR 40bn). As a result, VIL shares rose sharply today. Our brief thoughts below.

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Chris Hoare

Chris Hoare

Airtel Africa (Buy, TP: GBp200, +85%) Second share buyback program

Airtel Africa has announced a second share buyback program of up to $100m, with the first $50m tranche starting today until the 24th of April 2025. This is positive news and as we wrote HERE reflects the strength of execution of AAF

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Dan Salmon

Dan Salmon

Takeaways from our conversation with VerticalScope (FORA-TO, Not rated)

Yesterday we hosted the latest in our Digital Ad Exec Speaker Series with Chris Goodridge, President and COO of VerticalScope, (FORA-TO, Not rated), which operates 1,200+ online enthusiast communities with 100M+ monthly users (70% of which are in the US), generating $60M+ of digital ad revenue annually.

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Indian Mobile Q2 FY25 review: Renewed acceleration off tariff hike, FWA development very positive

Indonesian Telcos Q3 24 review: Softer, expect Q4 to improve on price increase; XL-Smartfren merger positive for continued market repair

Indian Mobile Quick thoughts on the bank guarantees waiver

OpenAI: o3 is a game changer - a few steps away from AG. After the $1bn-to-train model, the $1m-inference model.

Airtel Africa (Buy, TP: GBp200, +85%) Second share buyback program

Takeaways from our conversation with VerticalScope (FORA-TO, Not rated)

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