Jefferies has reiterated a Buy rating on Bharti Airtel, elevating its target price to ₹2,370 per share, implying a 12x EV/EBITDA multiple. This suggests a potential upside of over 27% from the current market price of ₹1,859.70.
The brokerage highlights that subscriber premiumization could drive a 30%+ valuation re-rating. Additionally, a projected 30% reduction in capital expenditure intensity—attributed to no spectrum renewals required until 2030—is expected to bolster free cash flow. Jefferies anticipates Bharti Airtel to deliver a 14% CAGR in consolidated revenues and a 17% CAGR in India mobile revenues.
These insights underscore Bharti Airtel’s unique blend of growth and rerating potential in the telecom sector.
