New Street Research - Bharti Airtel Limited (BHARTIARTL) ... Indian Mobile VIL Capital Increase – should you participate and what does it mean for Bharti, Jio and Indus? Indus to Reduce

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New Street Research

Chris Hoare

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Indian Mobile VIL Capital Increase – should you participate and what does it mean for Bharti, Jio and Indus? Indus to Reduce

Sometimes the markets behave in ways that appear irrational. VIL having sufficient market cap to launch an INR 200bn ($2.4bn) capital increase despite (in our view) being a failing business is one example. But what does it mean for Bharti, Jio and Indus?

15/04/2024 1 EN

Underlyings

Bharti Airtel Limited

Bharti Airtel provides telecommunication systems and services to individuals and businesses in India with operations in 20 countries across Asia and Africa. In India, Co.'s product offerings include 2G, 3G and 4G wireless services, mobile commerce, fixed line services, high speed DSL broadband, IPTV, DTH, enterprise services including national & international long distance services to carriers. In the rest of the geographies, it offers 2G, 3G wireless services and mobile commerce. Co. had nearly 287 million customers across its operations at the end of Dec 2013.

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INE397D01024 National Stock Exchange of India India

Indus Towers Limited

Bharti Infratel provides telecom tower infrastructure in India. Co. acquires, builds, owns, operates, and manages towers and related infrastructure for wireless telecommunications service providers. As of Mar 31 2014, Co. owned and operated 83,368 towers and 167,202 co-locations in 22 telecommunication circles.

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INE121J01017 National Stock Exchange of India India

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New Street Research

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

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Analysts

Chris Hoare

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Indian Mobile VIL Capital Increase – should you participate and what does it mean for Bharti, Jio and Indus? Indus to Reduce

Indian Mobile VIL – Nationalisation beckons, and implications for Bharti/RIL

Indus Towers (Reduce, INR 280 from INR 265, -26%) Implications for Indus of likely VIL nationalisation

Indian Telcos – Final AGR ruling and Vodafone IDEA Equipment deal – Our thoughts.

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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