Bharti Airtel (BHARTI IN) India
Communications
New Street turns more positive on Bharti, arguing that focus is likely to shift back to the company itself after Airtel Africa and Singtel materially outperformed over the past year. Bharti has historically rallied ahead of tariff hikes and with price increases expected in H1 next year, momentum should build. Growth is accelerating across Home and Enterprise, AAF continues to perform strongly and capital intensity is now falling, supporting margin expansion and rising ROIC. With fixed wireless access (FWA) adoption gaining traction and scope for meaningful EBITDA beats through FY26-27, New Street raises their TP to INR 2,750 and sees a strong case for re-rating as earnings expectations climb.
Edition: 224
- 14 November, 2025
Bharti Airtel (BHARTI IN) India
Communications
The percentage of funds invested in BHARTI reaches 15-year highs. Over the past 6 months, ownership increases have been the highest among Indian peers, propelling the telecoms company to the 7th most widely owned stock in India. This has been primarily driven by Growth and Aggressive Growth investors, with other style groups largely absent. 27 funds have initiated new positions, with no closures, and notable new investors include Fidelity, GQG and Morgan Stanley. While BHARTI’s ownership has been steadily increasing for over four years, it remains a net underweight and lags behind other Indian large-cap peers. Even within Copley’s peer group, there are still 87 former holders who are not currently invested. The bull market may not be over just yet!
Edition: 193
- 23 August, 2024
EM Telcos are in a bull market
Communications
Most generalist EM fund managers are Telco bears - they don’t like the industry; they think returns are poor, regulatory risk is high and growth is weak. However, all these factors have improved in the majority of EM Telco markets. Bharti Airtel hitting new all-time highs says it loud and clear: despite weak (and weakening) macro, EM Telcos are in a bull market. Investors who retain a bearish view of the sector based on how things used to be are missing an ongoing opportunity to generate Alpha.
Edition: 146
- 14 October, 2022
Bharti Airtel (BHARTI IN) India
Communications
Once again Bharti has outperformed Jio operationally, which begs the question why is Jio valued at almost 2x Bharti’s Indian mobile business? The reported Indian Mobile EBITDA gap between the two operators is down to 28% (having been over 100%) and New Street explain why they expect the gap to narrow further. In recent years, EM & Global telco investors have lacked a multi-year high growth liquid investment opportunity. Bharti is that opportunity. TP INR 1,000 (90% upside).
Edition: 111
- 28 May, 2021