Leading Independent Investment Research, Morningstar, Inc.

Morningstar

Leading Independent Investment Research

Morningstar, Inc.

Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. We offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors. 

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Equity Bottom-Up

&nbsp;<ul><li>Bharti offers investors exposure to a fast-growing telecom business with more than 330 million subscribers in emerging markets in South Asia and Africa, underpinned by established market leadership in India.</li><li>While the voice market has matured in India, data usage has started to pick up and will continue to drive Bharti&rsquo;s growth during our five-year forecast period. We forecast Bharti&rsquo;s revenue to grow by 6% and adjusted earnings to grow by 17% over the course of our five-year forecast period.</li><li>We have assigned Bharti a fair value estimate of INR 350 per share. At current prices, the stock is close to fairly valued.</li><li>We think Bharti may see limited upside, given uncertainty over the potential impact from Reliance Jio&rsquo;s launch, which could increase competition for Bharti. Increased clarity on this could serve as a catalyst for change, while asset monetisation in its international operations could also play a role in deleveraging the balance sheet and upgrading our fair value estimate.</li><li>Although we expect RJio to be an aggressive new entrant that could have a negative impact on near-term margins, Bharti&rsquo;s cost advantages, network presence and intangible assets should enable the firm to maintain its strong competitive position over the long term.</li></ul>Analyst:&nbsp;Piyush JainFull report below the fold...

&nbsp;Bharti offers investors exposure to a fast-growing telecom business with more than 330 million subscribers in emerging markets in South Asia and Africa, underpinned by established market leadership in India.While the voice market has matured in India, data usage has started to pick up and will continue to drive Bharti&rsquo;s growth during our five-year forecast period. We forecast Bharti&rsquo;s revenue to grow by 6% and adjusted earnings to grow by 17% over the course of our five-year forecast period.We have assigned Bharti a fair value estimate of INR 350 per share. At current prices, the stock is close to fairly valued.We think Bharti may see limited upside, given uncertainty over the potential impact from Reliance Jio&rsquo;s launch, which could increase competition for Bharti. Increased clarity on this could serve as a catalyst for change, while asset monetisation in its international operations could also play a role in deleveraging the balance sheet and upgrading our fair value estimate.Although we expect RJio to be an aggressive new entrant that could have a negative impact on near-term margins, Bharti&rsquo;s cost advantages, network presence and intangible assets should enable the firm to maintain its strong competitive position over the long term.Analyst:&nbsp;Piyush JainFull report below the fold...

Bharti is slated to benefit from market consolidation and increasing data usage in India

Bharti Airtel

Bharti is slated to benefit from market consolidation and increasing data usage in India