Bharti Airtel; Factoring African ops, Retain HOLD; Target: Rs 345

Bharti Airtel

Reco: HOLD

CMP: Rs316

Target Price: Rs345

Factoring African ops, Retain HOLD

·                    Q1FY11 performance reflects healthy traffic, and revival in revenue growth in mobile business

·                    Incorporating African operations in our estimates. Low base provides scope for positive surprise. Q2FY11 with first full quarter of African ops, to be the first important indicator

·                    Revised EPS estimates by -0.5%/7.2% to Rs20/Rs23 for FY11E/12E post consolidation of Zain African operations

·                    Revise target price to Rs345 (from Rs322 earlier) based on 15x FY12E EPS. Retain HOLD rating

 

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