New Street Research - Indus Towers Limited (INDUSTOWER) ... Indian Telcos Towers What to expect in 2025: FWA S-curve enables monster Jio IPO? Indus to Neutral

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New Street Research

Chris Hoare

EUR 9694.00 For Business Accounts Only

Indian Telcos & Towers What to expect in 2025: FWA S-curve enables monster Jio IPO? Indus to Neutral

FWA will likely be the key themes of 2025 in Indian Telcos we think, with the market likely to be delivering 5m+ quarterly net adds by the end of the year. This is likely to drive renewed optimism towards Bharti and enable Jio to IPO. Given Jio’s valuation of approaching $200bn if it happens this is likely to be one of the biggest events in Global Telecoms this year. On rolling forward our DCF our Indus pt rises to INR 325 and we lift our recommendation to Neutral, and stay Buyers of both Bharti and RIL.

03/01/2025 1 EN

Underlyings

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

Vodafone Idea Ltd

Idea Cellular provides Global System for Mobile Communications (GSM) based mobile services and related telephony services to individuals and businesses in India. The company operates through three segments: Mobility Services, which provides GSM based mobile and related telephony services; International Long Distance (ILD), which provides international long distance services; and Passive Infrastructure, which provides passive infrastructure services. Co. offers 2G and 3G services that comprise roaming arrangements; ILD and other services; and a range of mobile broadband devices, including dongles and 3G smartphones that provide 3G applications and data services.

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INE669E01016 National Stock Exchange of India India

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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:

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Analysts

Chris Hoare

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Indian Telcos & Towers What to expect in 2025: FWA S-curve enables monster Jio IPO? Indus to Neutral

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.

NSR Policy: Court Overturns FCC Title II Order

Global EM Telcos & Towers Themes and Top picks for 2025

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