Monday 10 November 2008

Buy Bharti Airtel with target of Rs 1025: Emkay

Emkay Global Financial Services has maintained its buy rating on Bharti Airtel with price target of Rs 1025 in its November 3, 2008 research report. "Its Q2FY09 results were slightly below our estimates primarily due to higher than expected fall in the mobile ARPU (Q2FY09 ARPU came was at Rs 331 v/s our estimate of Rs 341). The net sales for the quarter grew by 6.3% QoQ to Rs 90.2 billion v/s our estimate of Rs 91.4 billion. Post Q2FY09 results we have reduced our ARPU estimates by 3.2% each and once again increased the subscriber estimates by 3% and 3.6% for FY09E and FY10E respectively. We maintain buy rating with revised price target of Rs 1025 (from Rs1168 earlier) based on DCF value of core business at Rs 906 per share and value of tower business at Rs 119 per share," says Emkay Global Financial Services' research report.

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Source: Moneycontrol

Posted by Harsh at 12:41

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