![\"\"](\"\/\/www.iser-br.com\/Themes\/Release\/images\/responsive\/ettelecom-default.jpg\")
While earnings estimates for the telecom operator have been trimmed marginally, analysts are optimistic on the market share gains and set price targets of up to Rs 750, which suggest up to 39 per cent potential upside for the stock.
Among global brokerages, Citi has maintained a ‘buy’ rating on the stock with a price target of Rs 685, as it expects the firm to keep gaining market share. Noting that the stock has remained rangebound over the past few months, it said valuations are reasonable for the stock.
Macquarie, which has an ‘outperform’ rating on the stock, found the March quarter momentum ‘good’. It said the impact on Arpu was largely on account of removal of IUC. It finds the stock worthy of a price target of Rs 747, based on 8.1 times FY23 EV\/Ebitda.
The scrip fell 2.26 per cent to hit a low of Rs 537 in an otherwise strong session for Dalal Street on Tuesday. It had dropped 2 per cent on Monday, and has been falling for five straight sessions now.
Airtel on Monday reported a 11.1 per cent quarter-on-quarter fall in its consolidated net profit to Rs 759.20 crore, which was sharply below analysts’ estimates. The miss on the bottom line was despite the company reporting an exceptional gain of Rs 440 crore for the quarter and a near-doubling of other income to Rs 83.9 crore.
Consolidated revenue from operations fell 3 per cent on-quarter to Rs 25,747.3 crore.
The company’s average revenue per user (ARPU) in India plummeted nearly 13 per cent in the quarter to Rs 145 per user from a three-year high of Rs 166 in the previous quarter. The decline in ARPU was largely on account of the removal of interconnect usage charges from January 1.
The telecom operator’s customer base in India in the quarter grew 4.2 per cent on a quarter-on-quarter basis to 350.3 million.
Goldman Sachs said the market is under-appreciating a ‘market share re-allocation’ scenario and believes that one of the two outcomes - tariffs moving up or market share re-allocation – is highly likely in the near term. The brokerage has maintained a 'buy' rating on the stock with a price target of Rs 665.
“Bharti reported a broadly in-line set of results with higher-than-expected subscriber addition, but that was offset by a marginally weaker Arpu. However, it continues to outperform peers, with the company’s revenue market share higher by 390 bps over the last five quarters. While we expect short-term headwinds to earnings due to Covid-19 (moderation in subscriber additions) and competition, we forecast Bharti’s wireless business to deliver 20 per cent plus revenue and Ebitda growth for the next two years,” the brokerage said.
CLSA, too, is positive on the stock with a target of Rs 730. For this brokerage, March quarter revenues were ahead of estimates. It noted that India sales, net of IUC, were up 4 per cent sequentially. \"Bharti's 4G penetration of 56 per cent of its own subscribers assure growth,\" it said.
The company management will host a conference call on Tuesday at 14:30 IST. UBS said it would be looking at the management commentary on the potential impact of the second wave of Covid-19, overall outlook for mobile competition as well as topics such as floor tariffs and 5G spectrum auctions. It said it would also focus on 'flattening Arpus' and potential impact of recent freebies offered by all the telcos as part of pandemic relief.
\"Overall, a healthy set of results, with Bharti outperforming Jio on most metrics. However, the impact of the second wave of Covid-19 on subscriber additions and ARPUs will be a key monitorable going ahead. We recently analysed the sector in detail, and we believe Bharti is well placed in the sector. We maintain a ‘buy’ rating with a price target of Rs 665,\" UBS said.
\"Bharti's gearing including leases, spectrum liabilities and adjusted gross revenue (AGR) is comfortable at 3 times (2.5 times ex-AGR). Bharti's application in the SC on errors in DoT AGR demand is awaiting adjudication. Bharti's FY21 Capex is $3.3 billion and free cash flow doubled to $3 billion,” CLSA cited while forecasting a 17 per cent growth in consolidated Ebitda by FY23.
<\/body>","next_sibling":[{"msid":82730692,"title":"South Africa Vodacom raises operating growth target on int'l business, Safaricom boost","entity_type":"ARTICLE","link":"\/news\/south-africa-vodacoms-fy-earnings-rise-upgrades-operating-growth-target\/82730692","category_name":null,"category_name_seo":"telecomnews"}],"related_content":[{"msid":"82730601","title":"Outbreak of the coronavirus disease (COVID-19) in Kolkata","entity_type":"IMAGES","seopath":"markets\/stocks\/news\/airtel-stock-falls-after-poor-q4-show-but-analysts-raise-price-targets\/outbreak-of-the-coronavirus-disease-covid-19-in-kolkata","category_name":"Airtel stock falls after poor Q4 show, but analysts see healthy upside","synopsis":"Analysts have set price targets as high as Rs 750, suggesting up to 39% potential upside for the stock.","thumb":"https:\/\/etimg.etb2bimg.com\/thumb\/img-size-15074\/82730601.cms?width=150&height=112","link":"\/image\/markets\/stocks\/news\/airtel-stock-falls-after-poor-q4-show-but-analysts-raise-price-targets\/outbreak-of-the-coronavirus-disease-covid-19-in-kolkata\/82730601"}],"msid":82730928,"entity_type":"ARTICLE","title":"Airtel stock falls after poor Q4 show, but analysts raise price targets","synopsis":"While earnings estimates for the telecom operator have been trimmed marginally, analysts are optimistic on the market share gains.","titleseo":"telecomnews\/airtel-stock-falls-after-poor-q4-show-but-analysts-raise-price-targets","status":"ACTIVE","authors":[{"author_name":"Amit Mudgill","author_link":"\/author\/479242126\/amit-mudgill","author_image":"https:\/\/etimg.etb2bimg.com\/authorthumb\/479242126.cms?width=100&height=100","author_additional":{"thumbsize":false,"msid":479242126,"author_name":"Amit Mudgill","author_seo_name":"amit-mudgill","designation":"Journalist","agency":false}}],"analytics":{"comments":0,"views":293,"shares":0,"engagementtimems":1465000},"Alttitle":{"minfo":""},"artag":"ETMarkets.com","artdate":"2021-05-18 11:12:59","lastupd":"2021-05-18 11:14:16","breadcrumbTags":["bharti airtel","Bharti Airtel share price","Airtel stock","Airtel shares","bharti airtel stock price","Airtel Stock Price","Industry","Bharti Airtel shares","airtel share price"],"secinfo":{"seolocation":"telecomnews\/airtel-stock-falls-after-poor-q4-show-but-analysts-raise-price-targets"}}" data-authors="[" amit mudgill"]" data-category-name="" data-category_id="" data-date="2021-05-18" data-index="article_1">
读到
而获利预估电信运营商已经略微减少,分析师乐观的市场份额并设置目标价高达750卢比,这表明39%股票的潜力。
在全球券商,花旗一直维持“买入”评级,目标价的Rs 685年,预计该公司将继续获得市场份额。指出股票仍然限于区间在过去的几个月里,它说股票估值是合理的。
麦格理(Macquarie),一个股票的“跑赢大盘”评级,发现3月季度势头‘好’。它说,影响IUC Arpu很大程度上是由于切除。它发现股票价值747卢比的价格目标,基于FY23 EV / Ebitda的8.1倍。
代币下跌2.26%,创下的低点Rs 537年原本周二强劲会话Dalal街。这周一下跌了2%,已经连续五个交易日下跌。
Airtel周一公布其合并净利润环比下降11.1%至759.20卢比,远低于分析师预期。小姐的底线是,尽管该公司报告异常获得440卢比的季度和接近两倍于其他收入83.9卢比。
合并营收从操作上季度下降了3%到25747卢比。
公司的每用户平均收入(ARPU)在印度暴跌近13%的季度Rs 145每个用户从166卢比的三年高位在前一个季度。ARPU的下降很大程度上是由于从1月1日的互连使用费用。
在印度电信运营商的客户基础较此前一个季度第二季度增长了4.2%到3.503亿。
高盛(Goldman Sachs)表示,市场under-appreciating重新分配市场份额的场景,相信两种结果之一——关税上升或市场份额的重新分配——很可能在短期内。经纪一直维持“买入”评级,目标价665卢比。
”Bharti报道一组广泛的在线的结果与用户高于预期,但那是Arpu轻微下跌所抵消。然而,它继续超越同行,与公司的收入市场份额在过去五个季度上涨390个基点。虽然我们预计短期阻力收益由于Covid-19(在用户添加适量)和竞争,我们预测Bharti提供20%以上的无线业务收入和Ebitda增长在未来两年,”经纪说。
里昂证券也看好股票,目标730卢比。对于这个经纪,前3季度收入预期。IUC网,它指出,印度销售环比增长4%。“Bharti的4 g的渗透自己的用户保证增长的56%,”它说。
公司管理层将主机在周二的电话会议上已是。瑞银表示,它将是看管理评论Covid-19第二波的潜在影响,整体前景等移动竞争以及主题地板关税和5 g频谱拍卖。也表示,它将关注平arpu,最近所有的电信公司提供的免费赠品的潜在影响大流行救援的一部分。
“总的来说,一组健康的结果,与Bharti优于Jio在大多数指标。然而,第二波的影响用户增加和arpu Covid-19将监控的关键。最近,我们详细分析了行业,我们相信Bharti放置在该行业。我们维持“买入”评级,目标价665卢比,”瑞银表示。
“Bharti的传动装置包括租赁、频谱负债和调整后的总收益(AGR)舒适3次ex-AGR(2.5倍)。Bharti的应用程序在SC错误点AGR需求正在等待审判。Bharti的FY21资本支出是33亿美元,自由现金流量翻倍至30亿美元,”里昂证券(CLSA)引用而预测FY23合并Ebitda增长了17%。
评论
现在评论 阅读评论(1)所有评论
找到这个评论进攻?
下面选择你的理由并单击submit按钮。这将提醒我们的版主采取行动