The unexpected capital raise may cause a negative reaction in the short term, but we see a good earnings growth opportunity over the next 12 months.
We value Bharti on an FY23E basis, assigning an EV/EBITDA of 11x to its India Mobile business and 5x to its Africa business, arriving at a SoTP-based target price of Rs 720. Maintain Buy.
Bharti Airtel was quoting at Rs 603.30, up Rs 9.35, or 1.57 percent on the BSE.
News Source:- Moneycontrol