Bharti Airtel share price: Focus on ARPU and spectrum auction in 2021 says HSBC
Bharti Airtel share price: HSBC raised EBITDA estimates by 1%-3.5% over FY21-23e and net profit by 30% for FY22e, driven by higher India ARPU estimates. HSBC raised Bharti Airtel target price as they incorporate higher ARPU estimates and roll forward valuation to Dec-2021e. At HSBC’s target price, the implied valuation for Bharti Airtel's India and South Asia business would be 11.7x FY22e EV/EBITDA and 10.4x FY23e EV/EBITDA, respectively.
CLSA expects 4G subs penetration to surge to 80% by FY23e, which would support ARPU increases: Reuters