Global research firm CLSA is upbeat on Bharti Airtel, terming it as the top pick in telecom space. It termed the stock to be inexpensive at 5-year average on trough EBITDA.
Further, it highlighted that the company maintained market share at 31 percent in 2018.
Going forward, it expects average revenue per user (ARPU) to improve. It also expects Africa IPO and stake sale in Bharti Infratel to help in deleveraging.
CLSA also expects consolidated operating profit CCAGR at 19 percent over FY19-21.
On the stock, CLSA has a buy call, with target raised to Rs 425 from Rs 415.
The stock has rallied over 11 percent in the past one month, while in the past three days, it has risen 2 percent. – Moneycontrol