Stating that 5G<\/a> FWA (fixed wireless access) could bring in $5-9 billion in revenue, global brokerage firm CLSA<\/a> has issued buy ratings on 4 telecom stocks<\/a> — Bharti Airtel<\/a>, Tata Communications<\/a>, Sterlite Technologies<\/a>, Indus Tower — and a sell rating on Vodafone Idea<\/a>. “澳洲公平工作委员会是一个5 g服务在印度的业务案例是高度相关的。Bharti Airtel和信实Jio (RJio)加大HH BB 5-7m;RJio目标雄心勃勃的100 Jio Airfiber / 5 g澳洲公平工作委员会。5克澳洲公平工作委员会是一个重要的机会,可以引入每年5 - 90亿美元的收入,”里昂证券(CLSA)的一份报告中说。 说明5克澳洲公平工作委员会(固定无线接入)可以带来收入5 - 9美元,全球经纪公司里昂证券(CLSA)4日发布了“买入”评级吗电信的股票- - - - - -Bharti Airtel,塔塔通信,斯特里特锌白铜技术,印度塔和一个卖出评级沃达丰的想法。
\"FWA is a 5G service whose business case is highly relevant in India. Bharti Airtel<\/a> and Reliance<\/a> Jio (RJio) have been ramping up HH BB to 5-7m; RJio targets an ambitious 100m Jio Airfiber\/5G FWA. 5G FWA can be a significant opportunity and bring in US$5-9bn in revenues annually,\" CLSA said in a report.
5G FWA can take Bharti Airtel and Reliance Jio's Ebitda to 15-25 per cent CAGR by FY25, it added.
CLSA's recommendation on telecom stocks:
Buy Bharti Airtel
<\/b>Target price Rs 930
CLSA’s SOTP-based target price valued Bharti Airtel's mobile operations at a 10x EV\/Ebitda multiple based on single-stage discounting of free cash flow to the firm in FY25. For its non-mobile business, the brokerage firm ascribes a 10 per cent discount to the mobile operations multiple due to the segment's 10-ppt lower Ebitda margin, valuing it at 9x. CLSA added the value of its 56 per cent stake in Airtel Africa at market price and its 47.7 per cent stake in Indus Towers<\/a> at target valuation.
Buy with outperform rating: Tata Communications
<\/b>Target price Rs 1,433
CLSA’s target price is based on a SOTP-based methodology for voice and data and a 26 per cent stake in the data centre. The brokerage firm values the data\/other business at 9x Mar-24CL Ebitda, similar to its Bharti non-mobile business and the voice business at a 2x multiple, given the weak outlook and margin profile of this business.
Buy Sterlite Technologies
<\/b>Target price Rs 225
The brokerage derived its target price on the company by applying a 15x PE multiple to the Mar-24CL earnings estimate, a 16 per cent discount to the five-year average multiple. However, the brokerage sees delays in project execution, and lower-than-expected order book inflows could pose risks to estimates.
Indus Tower
<\/b>Buy: Target price Rs 258
CLSA valued the stock using a 5.5x EV\/Ebitda multiple, a 75 per cent discount to towerco peers. Lower-than-average peer multiples are due to 68 per cent telco ownership in Indus Towers (47.7 per cent by Bharti Airtel, 21 per cent by Vodafone Plc). Risks in the company include a pick-up in tenancy exits due to higher tenancies loss from Vodafone Idea or due to a delay in Bharti Airtel’s network densification.
Vodafone Idea
<\/b>Sell: Target price Rs 5
The brokerage firm valued Vodafone Idea based on 8.5x EV\/Ebitda one-year forward Ebitda of Mar24, which is at a 15-25 per cent discount to Bharti Airtel and Reliance Jio’s valuation multiples. Tariff wars initiated by Jio could hinder the company’s earnings and leverage. Delays in the realisation of merger synergies may affect Ebitda estimates and increase gearing.
(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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里昂证券(CLSA)点4赢得赌注在5克澳洲公平工作委员会
“澳洲公平工作委员会是一个5 g服务在印度的业务案例是高度相关的。Bharti附近的旅馆和依赖Jio (RJio)加大HH BB 5-7m;RJio目标雄心勃勃的100 Jio Airfiber / 5 g澳洲公平工作委员会。5克澳洲公平工作委员会是一个重要的机会,可以引入每年5 - 90亿美元的收入,”里昂证券(CLSA)的一份报告中说。
5克澳洲公平工作委员会可以采取Bharti Airtel和信实Jio FY25的Ebitda每分钱CAGR 15 - 25,它补充说。
买Bharti Airtel
目标价格930卢比
里昂证券SOTP-based目标价价值Bharti Airtel的移动业务10 x EV / Ebitda多个基于单级打折FY25自由现金流的公司。对于非移动业务,经纪公司将10%的折扣移动操作多个由于段的10-ppt Ebitda利润率较低,重视9 x。里昂证券(CLSA)增加了其56%的股份价值Airtel非洲市场价格和47.7%的股份印度塔在目标估值。
买比评级:塔塔通信
目标价格1433卢比
里昂证券(CLSA)的目标价格是基于SOTP-based方法对语音和数据和数据中心26%的股份。经纪公司值数据/其他业务9 x Mar-24CL Ebitda,类似于Bharti非移动业务和语音业务在2 x多个,给这个行业的前景和利润。
购买斯特里特锌白铜技术
目标价格225卢比
的经纪公司通过应用目标价格15 x PE多个Mar-24CL收益估计,五年平均多16%的折扣。然而,经纪认为延迟项目执行和低于预期的订单流入可能会带来风险的估计。
印度塔
买:目标价格258卢比
里昂证券价值股票使用5.5 x EV / Ebitda多个towerco同行的75%的折扣。低于同行倍数是由于68%的电信所有权印度河塔(由沃达丰公司Bharti Airtel的47.7%,21%)。租赁公司的风险包括回升出口由于更高的占有权损失从沃达丰想法或由于Bharti Airtel的网络延迟致密化。
沃达丰的想法
销售:目标价Rs 5
经纪公司价值沃达丰的想法基于8.5 x EV / Ebitda一年期远期Ebitda Mar24,每分折扣15 - 25的Bharti Airtel和信实Jio的估值倍数。关税战争发起Jio可能会阻碍公司的收益和影响力。延迟并购协同效应的实现可能影响息税前利润预期,增加传动装置。
(免责声明:建议,建议,观点和意见的专家。这些不代表经济时期的观点)
读到
Stating that 5G<\/a> FWA (fixed wireless access) could bring in $5-9 billion in revenue, global brokerage firm CLSA<\/a> has issued buy ratings on 4 telecom stocks<\/a> — Bharti Airtel<\/a>, Tata Communications<\/a>, Sterlite Technologies<\/a>, Indus Tower — and a sell rating on Vodafone Idea<\/a>.
\"FWA is a 5G service whose business case is highly relevant in India. Bharti Airtel<\/a> and Reliance<\/a> Jio (RJio) have been ramping up HH BB to 5-7m; RJio targets an ambitious 100m Jio Airfiber\/5G FWA. 5G FWA can be a significant opportunity and bring in US$5-9bn in revenues annually,\" CLSA said in a report.
5G FWA can take Bharti Airtel and Reliance Jio's Ebitda to 15-25 per cent CAGR by FY25, it added.
CLSA's recommendation on telecom stocks:
Buy Bharti Airtel
<\/b>Target price Rs 930
CLSA’s SOTP-based target price valued Bharti Airtel's mobile operations at a 10x EV\/Ebitda multiple based on single-stage discounting of free cash flow to the firm in FY25. For its non-mobile business, the brokerage firm ascribes a 10 per cent discount to the mobile operations multiple due to the segment's 10-ppt lower Ebitda margin, valuing it at 9x. CLSA added the value of its 56 per cent stake in Airtel Africa at market price and its 47.7 per cent stake in Indus Towers<\/a> at target valuation.
Buy with outperform rating: Tata Communications
<\/b>Target price Rs 1,433
CLSA’s target price is based on a SOTP-based methodology for voice and data and a 26 per cent stake in the data centre. The brokerage firm values the data\/other business at 9x Mar-24CL Ebitda, similar to its Bharti non-mobile business and the voice business at a 2x multiple, given the weak outlook and margin profile of this business.
Buy Sterlite Technologies
<\/b>Target price Rs 225
The brokerage derived its target price on the company by applying a 15x PE multiple to the Mar-24CL earnings estimate, a 16 per cent discount to the five-year average multiple. However, the brokerage sees delays in project execution, and lower-than-expected order book inflows could pose risks to estimates.
Indus Tower
<\/b>Buy: Target price Rs 258
CLSA valued the stock using a 5.5x EV\/Ebitda multiple, a 75 per cent discount to towerco peers. Lower-than-average peer multiples are due to 68 per cent telco ownership in Indus Towers (47.7 per cent by Bharti Airtel, 21 per cent by Vodafone Plc). Risks in the company include a pick-up in tenancy exits due to higher tenancies loss from Vodafone Idea or due to a delay in Bharti Airtel’s network densification.
Vodafone Idea
<\/b>Sell: Target price Rs 5
The brokerage firm valued Vodafone Idea based on 8.5x EV\/Ebitda one-year forward Ebitda of Mar24, which is at a 15-25 per cent discount to Bharti Airtel and Reliance Jio’s valuation multiples. Tariff wars initiated by Jio could hinder the company’s earnings and leverage. Delays in the realisation of merger synergies may affect Ebitda estimates and increase gearing.
(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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