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ICICI Securities Report
At current market price, Bharti Infratel Ltd. provides a huge margin of safety and an opportunity to earn dividend of Rs 17.8 per share.
This means the effective price of buying Bharti Infratel is Rs 160 per share. Our working shows, in worst case of Vodafone Idea Ltd. shutdown, the fair of the company dips to Rs 130-150 per share.
However, the probability of Vodafone Idea shutting down has been reducing with staggered adjusted gross revenue (AGR) payment and the company’s efforts to raise fresh capital.
Further, any tariff hike, which is imminent, will increase confidence among investors.
The new scheme of arrangement also provides additional security in terms of merged entity share pledge by Vodafone Plc.
We believe 5G will open up new business opportunities such as higher core rentals, and small cell and fiber business.
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