Bharti Airtel's valuations to sustain on market share & cash flow gains

(This report has been updated)

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The stock of telecom major Bharti Airtel (Bharti) has gained 28.4 per cent since the start of the financial year 2024-25 (FY25).
These gains could sustain given market share improvement, lower capex intensity, customer upgrades and expectation of more price hikes going ahead. 

Given these triggers, brokerages believe that premium valuations for the stock are justified. The stock is trading at 11.5 times its enterprise value to operating profit and this is 30 per cent higher than the average over the last five years. 

The key triggers are