Bharti Airtel - Fund Raise Aimed At Accelerating Growth: ICICI Securities
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ICICI Securities Report
Mr. Sunil Mittal, promoter and chairman, attending investor call to interact with investors is big confidence booster.
Bharti Airtel Ltd. sees huge opportunities, and fresh capital infusion will support company’s balance sheet in investment to accelerate growth.
It does not see any capital allocation in non-core business. However, capex investment in 5G spectrum (which the company believes will happen early next year), fibre and data centre are its priorities.
It does not see any requirement of spectrum after 5G provides long-term free cash flow visibility.
Digital investment has been slow, but is shaping good; monetisation will be only at Bharti Airtel level, which could lead to value maximisation, in our view.
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