Monday, February 15, 2010

Bharti Zain deal appears expensive, Reduce target 250

Bharti Zain Deal: The deal values Zain at 9.2X annualised EBITDA of US$1.6bn which we believe is at a 28% premium to Bharti's current valuations of 7.2X FY10 EV/EBITDA, the deal appears expensive and we continue to retain our Reduce rating on Barti Airtel with a target price of Rs 250.

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