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Bharti Airtel Ltd. has been an underperformer despite elevated expectations around business potential/growth.
In this note, we highlight our key arguments as to why we believe it offers a good risk-reward equation.
Despite the Covid-19 woes, Airtel has delivered estimated Ebitda growth of 28% and the trend should continue in FY22E with estimated consolidated Ebitda growth of 21%.
This should be on the back of steady market share gains; we think, irrespective of a tariff hike, earnings growth should continue to be strong.
Free cash flow generation and deleveraging have been a concern for the past four to six quarters.
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