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

Report

New Street Research

Chris Hoare

EUR 9486.00 For Business Accounts Only

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.

See profile

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.

See profile

INE121J01017 National Stock Exchange of India India

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 VIL – Nationalisation beckons, and implications for Bharti/RIL

With the company unlikely to have been able to engineer a meaningful recovery by the end of the moratorium on payments to the govt, and the stock trading below the level at which it can issue new shares, we see the most likely outcome now as creeping nationalisation. Bad for VIL, but great for Bharti and Jio. We discuss implications for Indus in a separate note out today.

EUR 9486.00

October 14, 2024 October 14, 2024 1 EN

New Street Research

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

In this note we address the implications for Indus of creeping nationalisation at VIL, as explained in a separate note out today. Spoiler alert: they aren’t good.

EUR 9486.00

October 14, 2024 October 14, 2024 1 EN

New Street Research

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

Yesterday, Vodafone Idea announced a INR 300bn (US$3.6bn) network equipment deal with Nokia, Ericsson and Samsung over the next three years to expand its 4G coverage and introduce 5G in key cities.

EUR 9486.00

September 23, 2024 September 23, 2024 1 EN

BABA FY2Q25 Results: Monetization Starts to Stabilize for Taobao and Tmall

What’s new: Alibaba’s reported FY2Q25 revs that were below consensus and our expectations. Taobao and Tmall take rate starts to stabilize partly driven by full-quarter impact from the software service fee and further merchant adoption of Quanzhantui. Margins could see quarterly fluctuations as BABA continues to invest in user experience. We maintain our PT at USD100. Analysts: Jin Yoon

22m 22m 1 EN

Pierre FerraguÊ

Pierre FerraguÊ

ASML 2024 CMD: What did we learn?

ASML hosted its 2024 CMD last week. This note follows our initial reaction on the company’s updated financial targets and our recent updated perspective on the broader semicap equipment sector and ASML. The event was particularly rich and will provide us with research topics for months to come. For a summary of our main takeaways, please follow the link below.

48m 48m 1 EN

Dominic Rose ... (+2)

Dominic Rose
Naresh Chouhan

Novo - 2025 Growth Sensitivities (BUY, TP DKK1150, 8pgs)

Following management commentary on sales growth in 2025, we have calculated the implied sensitivity to Wegovy supply & the potential impact on consensus group sales. We show that high-teens group sales growth implies 40% US Wegovy sales growth in 2025. This is below consensus. Given our previous analysis [here] on falling Wegovy prices but higher volumes, the CTLT deal is now the most important catalyst, in our view: even more important than the cagrisema readout, which we forecast accounts for just 27% of Novo’s obesity sales by 2030. The recent sell-off seems to reflect the growing risks on ...

EUR 4743.00

1h / 15m 1h / 15m 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

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.

BABA FY2Q25 Results: Monetization Starts to Stabilize for Taobao and Tmall

ASML 2024 CMD: What did we learn?

Novo - 2025 Growth Sensitivities (BUY, TP DKK1150, 8pgs)

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