Bharti Infratel - Annual report highlights + a few other thoughts - Kotak

Mention of 0-2.5% price escalation per annum in FY2013 AR (versus the flat 2.5% communicated earlier) perhaps added to the Street's already-high concerns on minority shareholders getting squeezed to benefit majority shareholders. These concerns, subdued operating performance in 4QFY13, and RCOM-Jio deal at lower-than-market rentals have all combined to drive steep correction in the stock in the past month or so.

We look at some of these issues in addition to highlighting a few aspects from FY2013 AR. Retain ADD with a reduced target price of Rs170/share (Rs207 earlier).

Source : Equity Bulls

Keywords