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'Buy' Bharti Airtel Shares Maintains Motilal Oswal, Lowers Target Price — Here's Why
Motilal Oswal believes capital allocation remains the key monitorable and would likely be 'the biggest driver for Bharti Airtel's stock price performance over the medium term.
05 Mar 2025, 10:01 AM IST 
The brokerage values India wireless and homes business on DCF, DTH/Enterprise at 4.5x/10x Mar’27E Ebitda and Bharti Airtel's stake in Indus Towers and Airtel Africa at a 25% discount to our target price/current market price..
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We continue to like Bharti Airtel’s superior execution on the premiumization agenda. With a moderation in capex intensity, Bharti is likely to generate significant FCF (~Rs 1.3 trillion over FY25-27E), which should lead to significant deleveraging and improvement in shareholder returns.
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