NEW DELHI: Bharti Airtel<\/a>'s June quarter results, analysts said, reinforced its execution capabilities. The strong average revenue per user (ARPU), the best tariff pass-through among peers and good traction in Enterprise and Homes Services businesses were all positives. 然而,分析师不确定5 g的回报。鉴于Bharti Airtel一直积极地购买5 g频谱,其中几个相信高资本支出可能会推迟去杠杆化的过程。所有人都在关注关税上涨,他们说,虽然说每分钱9-34潜力的代币 新德里消息:Bharti Airtel6月的季度业绩,分析师表示,增强其执行能力。强劲的每用户平均收入(ARPU),最好的关税直通同行和良好的牵引中企业和家庭服务企业都是阳性的。
Analysts are, however, unsure of the payback from 5G<\/a>. Given that Bharti Airtel<\/a> has been aggressive in 5G spectrum purchases, a few among them believe high capex may delay the deleveraging process. All eyes are on tariff hikes, they said while suggesting up to 9-34 per cent potential upside for the scrip.
\"Payback from 5G is still unclear across telcos globally and will put pressure on tariff hikes. We have increased our Ebitda estimates by 3.5 per cent each year for FY23E and FY24E on lower SUC charges but increased spectrum investment and capex. Our target price for Bharti dips to Rs 775 from Rs 812 as we cut our India business FY24E EV\/Ebitda multiple to 9.5 times from 10 times,\" it said as it sees risk to free cash flow,\" said ICICI Securities<\/a> in a note.
On Wednesday, the scrip was trading at Rs 711.35, up 0.99 per cent.
The telecom major reported a 466.8 per cent year-on-year (YoY) jump in its June quarter profit at Rs 1,607 crore compared with Rs 284 crore in the year-ago period. The operator's consolidated revenue rose 22.2 per cent YoY to Rs 32,805 crore. Airtel's ARPU or average revenue per user for the quarter came in at Rs 183 compared to Rs 146 in the year-ago quarter. CLSA sees the stock at Rs 953.
Bharti Airtel delivered yet another steady quarter, said Emkay Global<\/a>. The brokerage said India wireless ARPU was up 2.8 per cent sequentially at Rs 183 and that subscriber addition was healthy at 48 lakh, outpacing its estimates of 30 lakh.
\"After two successive quarters of double-digit growth, home broadband growth moderated but still grew at a healthy 5.7 per cent QoQ, while the enterprise segment's revenue accelerated to 4.7 per cent QoQ. DTH decline continued for the fourth consecutive quarter, down 0.9 per cent QoQ,\" Emkay said while suggesting an unchanged target of Rs 850.
Edelweiss<\/a> said Bharti is looking at aggressively deploying 5G by front-loading capex over the next 12-18 months – targeting 5G coverage in 5,000 cities by March 2024. The brokerage said it is already building-in higher capex on account of the 5G rollout and that the speed of the rollout, competitive response and customer adoption will determine the capex’s quantum.
\"With vastly differing 5G strategies, Bharti’s execution versus Reliance<\/a> Jio (RJio), and the evolution of their respective ecosystems will chart the course of their market share,\" it said while reiterating its ‘buy’ with a target of Rs 866.
JM Financial<\/a> expects tariff hikes to be more frequent going forward, with Jio more willing to participate in tariff hikes, given that it also needs to start focussing on profitability. The Bharti management, it said, reiterated that cumulative capex over a 3-year period will be similar to the last few years’ run rate.
\"We have raised our FY23-25 Ebitda by 1-2 per cent due to reduction in SUC charge as recently acquired 5G spectrum will have nil SUC. However, our target price has been revised down to Rs 920 from Rs 940 due to rise in net debt because of Rs 43,100 crore bid for 5G spectrum,\" it said. The brokerage, however, believes the sector could see significant re-rating, and Bharti could gain significantly given its sticky and premium quality of its subscribers, ensuring that tariff hikes flow through to ARPUs.
Motilal Oswal<\/a> said healthy ARPU powered India mobile growth and FCF at Rs 4,500 crore was strong and reflected in a healthy deleveraging after the last few quarters of one-offs and Indus’ investment-led dilution. What it did not like is moderation in 4G subscriber addition, 5G auction and incrementally higher capex that could cap deleveraging.
(Disclaimer: Recommendations, suggestions, views, and opinions given by the experts are their own. These do not represent the views of Economic Times)<\/i>
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Bharti Airtel的多种的跳第一季度净未能带来目标升级股票。这是为什么
然而,分析师不确定的回报5克。鉴于Bharti附近的旅馆一直积极地购买5 g频谱,其中几个相信高资本支出可能会推迟去杠杆化的过程。所有人都在关注关税上涨,他们说,虽然说每分钱9-34潜力的代币。
“回报从5 g仍不清楚在全球电信公司,将关税上涨的压力。我们有我们的Ebitda估计增加了3.5%每年FY23E和FY24E往下费用较低,但增加频谱投资和资本支出。Bharti下降我们的目标价格从775 Rs 812卢比作为我们削减印度商业FY24E EV / Ebitda多个从10倍的9.5倍,”它说,它将自由现金流风险,”说印度工业信贷投资银行证券在一份报告中指出。
电信主要同比466.8%(同比)6月季度利润大幅增长1607卢比相比之下,去年同期为284卢比。运营商的合并营收同比上涨22.2%至32805卢比。Airtel ARPU或每用户平均收入的四分之一的Rs 183比去年同期为146卢比。里昂证券认为股票在953卢比。
Bharti Airtel交付另一个稳定的季度,说假如全球。经纪说,印度无线ARPU顺序Rs 183上涨了2.8%在48个十万的,用户除了健康,超过30十万卢比的估计。
“连续两个季度实现两位数增长之后,家庭宽带增长放缓但仍增长5.7%健康不可小觑,而企业部分的收入加速到4.7%不可小觑。DTH连续第四个季度持续下降,下降0.9%不可小觑,“假如说,虽然说850卢比的不变的目标。
雪绒花说Bharti看着积极部署5 g的前期资本支出在未来12 - 18个月,针对5 g覆盖5000个城市,2024年3月。经纪公司表示,它已经在更高的资本支出的5 g推出推出的速度,竞争和客户采用的反应将决定资本支出的量子。
5 g”截然不同的策略,与Bharti的执行依赖Jio (RJio),和各自的生态系统的进化图的市场份额,”它说,同时重申“买入”,目标866卢比。
JM金融预计税率将更频繁,与Jio更愿意参与关税上涨,考虑到它还需要开始关注盈利能力。Bharti管理,重申,3年内累积资本支出将类似于过去几年的运行速度。
“我们提出了FY23-25 Ebitda每分1 - 2将在往下电荷减少,最近收购了5 g频谱nil往下。然而,我们的目标价格已经调低了Rs 920 Rs 940由于净债务上升,因为43100卢比竞购5 g频谱,”它说。然而,经纪公司认为该行业可以看到重要的评级调整,和Bharti也能得到明显由于其粘性和优质的用户,确保关税上调arpu流过。
Motilal Oswal说健康的ARPU动力印度移动增长和自由现金流量在4500卢比强劲,反映在一个健康的去杠杆化后过去几个季度的突发事件和印度河的投资导向型稀释。它不喜欢温和4 g订户,5 g拍卖帽子去杠杆化和增量更高的资本支出。
(免责声明:推荐、建议、视图和自己意见的专家。这些不代表经济时期的观点)
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NEW DELHI: Bharti Airtel<\/a>'s June quarter results, analysts said, reinforced its execution capabilities. The strong average revenue per user (ARPU), the best tariff pass-through among peers and good traction in Enterprise and Homes Services businesses were all positives.
Analysts are, however, unsure of the payback from 5G<\/a>. Given that Bharti Airtel<\/a> has been aggressive in 5G spectrum purchases, a few among them believe high capex may delay the deleveraging process. All eyes are on tariff hikes, they said while suggesting up to 9-34 per cent potential upside for the scrip.
\"Payback from 5G is still unclear across telcos globally and will put pressure on tariff hikes. We have increased our Ebitda estimates by 3.5 per cent each year for FY23E and FY24E on lower SUC charges but increased spectrum investment and capex. Our target price for Bharti dips to Rs 775 from Rs 812 as we cut our India business FY24E EV\/Ebitda multiple to 9.5 times from 10 times,\" it said as it sees risk to free cash flow,\" said ICICI Securities<\/a> in a note.
On Wednesday, the scrip was trading at Rs 711.35, up 0.99 per cent.
The telecom major reported a 466.8 per cent year-on-year (YoY) jump in its June quarter profit at Rs 1,607 crore compared with Rs 284 crore in the year-ago period. The operator's consolidated revenue rose 22.2 per cent YoY to Rs 32,805 crore. Airtel's ARPU or average revenue per user for the quarter came in at Rs 183 compared to Rs 146 in the year-ago quarter. CLSA sees the stock at Rs 953.
Bharti Airtel delivered yet another steady quarter, said Emkay Global<\/a>. The brokerage said India wireless ARPU was up 2.8 per cent sequentially at Rs 183 and that subscriber addition was healthy at 48 lakh, outpacing its estimates of 30 lakh.
\"After two successive quarters of double-digit growth, home broadband growth moderated but still grew at a healthy 5.7 per cent QoQ, while the enterprise segment's revenue accelerated to 4.7 per cent QoQ. DTH decline continued for the fourth consecutive quarter, down 0.9 per cent QoQ,\" Emkay said while suggesting an unchanged target of Rs 850.
Edelweiss<\/a> said Bharti is looking at aggressively deploying 5G by front-loading capex over the next 12-18 months – targeting 5G coverage in 5,000 cities by March 2024. The brokerage said it is already building-in higher capex on account of the 5G rollout and that the speed of the rollout, competitive response and customer adoption will determine the capex’s quantum.
\"With vastly differing 5G strategies, Bharti’s execution versus Reliance<\/a> Jio (RJio), and the evolution of their respective ecosystems will chart the course of their market share,\" it said while reiterating its ‘buy’ with a target of Rs 866.
JM Financial<\/a> expects tariff hikes to be more frequent going forward, with Jio more willing to participate in tariff hikes, given that it also needs to start focussing on profitability. The Bharti management, it said, reiterated that cumulative capex over a 3-year period will be similar to the last few years’ run rate.
\"We have raised our FY23-25 Ebitda by 1-2 per cent due to reduction in SUC charge as recently acquired 5G spectrum will have nil SUC. However, our target price has been revised down to Rs 920 from Rs 940 due to rise in net debt because of Rs 43,100 crore bid for 5G spectrum,\" it said. The brokerage, however, believes the sector could see significant re-rating, and Bharti could gain significantly given its sticky and premium quality of its subscribers, ensuring that tariff hikes flow through to ARPUs.
Motilal Oswal<\/a> said healthy ARPU powered India mobile growth and FCF at Rs 4,500 crore was strong and reflected in a healthy deleveraging after the last few quarters of one-offs and Indus’ investment-led dilution. What it did not like is moderation in 4G subscriber addition, 5G auction and incrementally higher capex that could cap deleveraging.
(Disclaimer: Recommendations, suggestions, views, and opinions given by the experts are their own. These do not represent the views of Economic Times)<\/i>
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