We met the management of Bharti Airtel. Key takeaways from our meeting: Positive subscriber growth outlook; competitive intensity manageable The pace of net additions is expected to remain strong, though the management acknowledged that multiple SIMs may be prevalent. Free minute schemes being offered by competition are not sustainable and BHARTI has not attempted...
CMP:792 TARGET PRICE:977 Evaluating synergies on potential Bharti-MTN deal Potential Bharti-MTN synergies include lowering procurement costs and replicating low-cost/high-usage model at MTN Deal uncertainties and probability of sweetening the offer forMTN shareholders raise short-term concerns Retain OW(V). Raise TP to INR977 (from INR876) as we roll over our multiples to FY11e. 3G factor supports...