India: Bharti Infratel Hitting an Air Pocket. Tower Market Will Be Disrupted by Telco Consolidation

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New Street Research Insights

New Street Research

Research is provided by our team of experienced analysts. Our work is idea driven, based on independence of thought, sector expertise, and firmly focused on fundamentals and valuation of telecoms and internet names globally. New Street is headquartered in London with offices in New York, Singapore and Australia. 

New Street Research is an independent, partner-owned, research firm specialising in equity and debt research. Our equity research embraces the following sectors:

Pan European Telecom Services and Cable
US Telecoms, Cable, Satellite and Towers
Global Emerging Market Telecoms
Japan Telecoms
Asian Internet
Pan European Healthcare
US Healthcare
Japanese Healthcare

We also provide debt research on:
Pan European Telecom Services and Cable

Event-Driven

<p>Our core thesis on <a href="https://www.smartkarma.com/entities/8922" target="_blank" data-smartkarma-citation="entities:8922:1">Bharti Infratel (BHIN IN)</a> is that ARPUs will be restricted due to competitive pressures from other tower operators (especially <a href="https://www.smartkarma.com/entities/6365" target="_blank" data-smartkarma-citation="entities:6365:1">American Tower (AMT US)</a> ) while rising ground rents will hurt margins. We can add to this ongoing in-market consolidation which will affect top line growth. This leads to a wide disparity in New Street's forecasts vs consensus in later years. Given the nature of tower leases, we won't see the full impact until older leases come up for renewal. We wrote…</p>

Our core thesis on Bharti Infratel (BHIN IN) is that ARPUs will be restricted due to competitive pressures from other tower operators (especially American Tower (AMT US) ) while rising ground rents will hurt margins. We can add to this ongoing in-market consolidation which will affect top line growth. This leads to a wide disparity in New Street's forecasts vs consensus in later years. Given the nature of tower leases, we won't see the full impact until older leases come up for renewal. We wrote…

Bharti Infratel: Pressure on Costs and ARPUs. Consolidation Will Make This Worse.

Indus Towers

Bharti Infratel: Pressure on Costs and ARPUs. Consolidation Will Make This Worse.