Bharti Airtel share price today: Jefferies maintain Hold rating with price target of Rs 675
Bharti Airtel has announced buyback of 20% stake in Bharti Telemedia for Rs 31 bn. The deal valuation is reasonable at 7.3x EV/Ebitda, but offers an attractive exit to Warburg Pincus. Jefferies are surprised by this move as well as its timing given the upcoming spectrum auctions, and its investments of Rs 60 bn over the past three months raise questions around its strategic intent.
Jefferies see this as a marginal negative and maintain Hold rating with price target of Rs 675. Bharti Airtel share price today is Rs 595, up Rs 6 or 1%: Reuters