The 13% EBITDA miss was primarily on account of provision for doubtful debts of Rs 1.93 billion accounted in other expenses. Energy margin continued to be volatile and stood at 5.9 per cent, (+430 bps quarter on quarter), while it was in-line with estimates.
Although gross additions improved, higher exits impacted net tenancy additions, with standalone net tenancies declining by 607. Overall, net tenancies were up 1 per cent, supported by Indus. The brokerage has factored in 5,000 and 5,500 net tenancy additions for FY21E and FY22E.
Rising working capital requirements due to increase in receivables days, as well as the lower end of energy margin guidance of 3 per cent, indicates the pressure from operators due to their weak financial health. Dividend from Indus and clarity on merger could provide a trading opportunity, according to the brokerage. Overhang to remain until clarity emerges on Voda-Idea. The brokerage maintained a sell rating with a revised target price of Rs 145 (4 times FY22 EV\/EBITDA) while cutting its target multiple with recent market correction.
The share price moved down by -0.35 per cent from its previous close of Rs 157.40. The last traded price is 156.85. Incorporated in 2006, Bharti Infratel has a market cap of Rs 29075.84 crore.
Investment Rationale<\/b>
Incremental tenancies would be largely dependent on only two operators as concerns remain on the possibility of continued subscriber and revenue market share losses of Voda-Idea. Factoring in the current financial health of telecom incumbents, the brokerage expects net working capital cycle to remain at elevated levels with delayed payments or that might become the new normal. In addition, any delay in Indus merger for almost the fourth time, with a long stop date being pushed to 24th June, despite receiving all regulatory approvals, paints a negative picture.
The brokerage, however, believed that the 11 per cent dividend yield on FY21E should restrict meaningful downside in the near term, while the sharp market correction and the uncertainties should keep valuations under check.
Key risks<\/b>: a) aggressive 4G expansion for independent sites, leading to conversion of loading into actual sites; b) robust growth from Jio; c) shift to 5G leading to fresh investments; and d) implementation of floor pricing, resulting in increased vigor to the industry<\/a>.
<\/b>Financials<\/b>
<\/b>
For the quarter ended March 31, 2020, the company reported consolidated sales of Rs 1682.10 crore, up .89 per cent from last quarter sales of Rs 1667.20 crore and up .38 per cent from last year's same quarter sales of Rs 1675.80 crore. The company reported net profit after tax of Rs 405.00 crore in the latest quarter.
Promoter\/FII Holdings<\/b>
<\/b>
Promoters held 53.51 per cent stake in the company as of the third quarter ending December 31, 2019, while FIIs held 42 per cent, DIIs 3.6 per cent and public & others 0.9 per cent per cent.<\/body>","next_sibling":[{"msid":75420874,"title":"Nokia enters into \u2018smarter real estate\u2019 partnership with Central China Holdings","entity_type":"ARTICLE","link":"\/news\/nokia-enters-into-smarter-real-estate-partnership-with-central-china-holdings\/75420874","category_name":null,"category_name_seo":"telecomnews"}],"related_content":[{"msid":"75420516","title":"Buy-sell11","entity_type":"IMAGES","seopath":"markets\/stocks\/recos\/sell-bharti-infratel-target-price-rs-145-emkay-global\/buy-sell11","category_name":"Sell Bharti Infratel, target price Rs 145: Emkay Global ","synopsis":false,"thumb":"https:\/\/etimg.etb2bimg.com\/thumb\/img-size-146070\/75420516.cms?width=150&height=112","link":"\/image\/markets\/stocks\/recos\/sell-bharti-infratel-target-price-rs-145-emkay-global\/buy-sell11\/75420516"},{"msid":"75421598","title":"Bharti Infratel","entity_type":"IMAGES","seopath":"telecomnews\/sell-bharti-infratel-target-price-rs-145-emkay-global\/bharti-infratel","category_name":"Sell Bharti Infratel, target price Rs 145: Emkay Global ","synopsis":"The company's bottomline was helped by increase in other income, reduction in tax bill and rent expenses.","thumb":"https:\/\/etimg.etb2bimg.com\/thumb\/img-size-244063\/75421598.cms?width=150&height=112","link":"\/image\/sell-bharti-infratel-target-price-rs-145-emkay-global\/bharti-infratel\/75421598"}],"msid":75421581,"entity_type":"ARTICLE","title":"Sell Bharti Infratel, target price Rs 145: Emkay Global ","synopsis":"Incremental tenancies would be largely dependent on only two operators as concerns remain on the possibility of continued subscriber and revenue market share losses of Voda-Idea.","titleseo":"telecomnews\/sell-bharti-infratel-target-price-rs-145-emkay-global","status":"ACTIVE","authors":[],"Alttitle":{"minfo":""},"artag":"ETMarkets.com","artdate":"2020-04-28 10:41:42","lastupd":"2020-04-28 10:43:29","breadcrumbTags":["Bharti infratel share price","Bharti Infratel Ltd.","markets","sensex","Industry","Emkay Global","Nifty"],"secinfo":{"seolocation":"telecomnews\/sell-bharti-infratel-target-price-rs-145-emkay-global"}}" data-authors="[" "]" data-category-name="" data-category_id="" data-date="2020-04-28" data-index="article_1">
假如全球已经卖出评级鼓吹他的目标价Rs 145除以12个月。
13%的息税前利润主要是小姐为可疑的债务提供的Rs 19.3亿占其他费用。能源保证金继续波动,站在5.9%,环比(+ 430个基点),而在线估计。
尽管总值增加改善,更高的出口影响净租赁补充,与独立的净占有权下降607。总的来说,净占有权上涨了1%,印度支持的。租赁经纪公司已经考虑在5000年和5500年净增加FY21E和FY22E。
营运资本需求上升由于应收账款增加的日子,以及能源保证金3%,指导的低端显示来自运营商的压力由于其财务状况疲弱。股息从印度河和清晰的合并可以提供交易机会,根据经纪。过剩保持直到Voda-Idea清晰浮现。经纪公司保持修改后的目标价格的卖出评级Rs 145 (4 * FY22 EV / EBITDA)而削减目标多个近期市场修正。
股价下降了-0.35%从先前移近157.40卢比。最后交易价为156.85。有限公司成立于2006年,鼓吹他的市值29075.84卢比。
投资的基本原理
增量的租户将很大程度上依赖于只有两个运营商面临的问题仍在继续的可能性Voda-Idea用户市场份额和收入损失。保理在电信公司当前的财务状况,公司预计净营运资本周期保持在高位与延迟支付或可能成为新常态。此外,任何延迟印度河合并几乎第四次与截止日期被推迟到6月24日,尽管收到所有监管机构的批准,描绘一个消极的画面。
经纪公司,然而,相信11%的股息收益率FY21E应该在短期内限制有意义的缺点,而敏锐的市场调整和不确定性应该控制下的估值。
关键风险:1)大力推广4 g的独立网站,导致转换加载到实际的网站;b)从Jio强劲增长;c)转向5 g导致新的投资;地板和d)实施定价,导致增加了活力行业。
金融类股
本季度结束2020年3月31日,该公司公布统一的销售1682.10卢比,.89每分钱从上个季度的销售1667.20卢比,38每分从去年的同期销售1675.80卢比。该公司公布的税后净利润在最新的季度405.00卢比。
启动子/造成控股
发起人持有该公司53.51%的股份作为第三季度结束12月31日,2019年,而造成持有42%,dii 3.6%和公共和其他的0.9%。
13%的息税前利润主要是小姐为可疑的债务提供的Rs 19.3亿占其他费用。能源保证金继续波动,站在5.9%,环比(+ 430个基点),而在线估计。
尽管总值增加改善,更高的出口影响净租赁补充,与独立的净占有权下降607。总的来说,净占有权上涨了1%,印度支持的。租赁经纪公司已经考虑在5000年和5500年净增加FY21E和FY22E。
营运资本需求上升由于应收账款增加的日子,以及能源保证金3%,指导的低端显示来自运营商的压力由于其财务状况疲弱。股息从印度河和清晰的合并可以提供交易机会,根据经纪。过剩保持直到Voda-Idea清晰浮现。经纪公司保持修改后的目标价格的卖出评级Rs 145 (4 * FY22 EV / EBITDA)而削减目标多个近期市场修正。
股价下降了-0.35%从先前移近157.40卢比。最后交易价为156.85。有限公司成立于2006年,鼓吹他的市值29075.84卢比。
投资的基本原理
增量的租户将很大程度上依赖于只有两个运营商面临的问题仍在继续的可能性Voda-Idea用户市场份额和收入损失。保理在电信公司当前的财务状况,公司预计净营运资本周期保持在高位与延迟支付或可能成为新常态。此外,任何延迟印度河合并几乎第四次与截止日期被推迟到6月24日,尽管收到所有监管机构的批准,描绘一个消极的画面。
经纪公司,然而,相信11%的股息收益率FY21E应该在短期内限制有意义的缺点,而敏锐的市场调整和不确定性应该控制下的估值。
关键风险:1)大力推广4 g的独立网站,导致转换加载到实际的网站;b)从Jio强劲增长;c)转向5 g导致新的投资;地板和d)实施定价,导致增加了活力行业。
金融类股
本季度结束2020年3月31日,该公司公布统一的销售1682.10卢比,.89每分钱从上个季度的销售1667.20卢比,38每分从去年的同期销售1675.80卢比。该公司公布的税后净利润在最新的季度405.00卢比。
启动子/造成控股
发起人持有该公司53.51%的股份作为第三季度结束12月31日,2019年,而造成持有42%,dii 3.6%和公共和其他的0.9%。
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