Jeffries on Bharti Airtel
Buy call, target Rs 1,300 to 1,590
Q4 saw significant subscriber growth, improved mix, and improved mobile ARPU
FCF unexpectedly increases positively due to restraint in capital investment
Increase revenue/EBITDA forecast by up to 5% to account for beat and subscriber growth
Achieve 15/16% CAGR in sales/EBITDA from FY2024 to FY2027 while controlling capital investment in India
Supporting $6 billion in deleveraging in FY25-26, boosting equity returns
Bharti Airtel’s MS
Overweight call, target Rs 1,330
India mobile business beats expectations on revenue and EBITDA
Mobile biz in India driven by growth in subscription additions and marginal improvement in ARPU
Dividend for FY24 increased by 100% per Sh1.Net debt stable QoQ despite strong OCF
UBS on Bharti Airtel
Neutral, TP Rs 1310
ARPU growth slowed, but net numbers grew very surprising.
Console EBITDA was 5% lower than UBSe.
Net profit was significantly affected by the devaluation of the naira.
Monitor commentary on capital spending, 5G deployment progress, and potential rate hikes in FY25
Bharti Airtel GS
buy
Another solid quarter
Bharti generated FCF of over USD 2 billion in FY24, although India’s capex still rises to around 30% of revenue (due to increased 5G deployment)
Bharti’s FCF profile has room for meaningful improvement
Jeffries of Bharti Hexacom
Buy call, target Rs 1,080 to 1,200
A powerful growth story unfolding
Fourth quarter sales increased 8% year-on-year, EBITDA increased 14% year-on-year, and profit increased 10% year-on-year, all exceeding expectations.
A pleasant surprise with higher-than-expected subscriber numbers, ARPU, and EBITDA incremental margins
Increase estimates by up to 9%
Hexacom is expected to achieve 17%/23%/77% CAGR in revenue/EBITDA and profit during FY24-27
Bharti Hexacom is the best way to invest in improving your telecom rates in India
Nomura talks about Shree Cements
Buy call, target Rs 33,400
Exceeds all expectations. Highest EBITDA/tonne recorded again
Better-than-expected results in Q4 deliver strong results
The company’s reported EBITDA/t exceeded Ultratech’s for the third consecutive quarter.
Aiming to expand production capacity by 68.5 million tons by the end of FY2025
Plan to invest 4,500 Cr in expansion in 2025
Shree Cement MS
Overweight call, target Rs 30,000
Sales volume was good, but even better results were achieved and profits exceeded that.
We await clarity on electricity sales, but it appears to have accelerated during the quarter.
Raw material costs and “other” operating expenses performed well, exceeding EBITDA.
Jeffries on Shree Cements
Calls on hold, target Rs 29,500
Reported 49% year-over-year EBITDA growth, 17% higher than expected
Company reports industry-leading (overall) EBITDA/T, flat quarter-over-quarter
Beat successfully increases sales and reduces costs
Like For Like Cement realization rate down 6% QoQ/3% YoY (Inline)
Volumes in the fourth quarter increased 8% year-over-year, slightly below industry growth.
The company aims to expand by 12 million tons per year in fiscal 2025, raising production capacity to 65.8 million tons per year.
PVR HSBC
Downgrade on hold, target lowered to 1,520 rupees
PVR reports weakest quarter of FY2024 (below consensus)
Occupancy rate is low due to focus on margin
First quarter of 2025 starts off sluggish
Q2 faces a high base.A meaningful growth recovery can only be expected in the second half of 2025
Box office consistency is essential for meaningful reassessment
Nomura talks about AIA Eng
Call reduction, target Rs 3,580
Inline results.Slower earnings outlook
FY25/26 EPS will be reduced by 3%/6% driven by volume
Expected EPS CAGR of only 3% from FY2024 to FY2026
jeffries and siemens
Buy call, target raised to Rs 8,000
EBITDA increased 11% in Q2 2024 due to revenue and margin improvement
Looking ahead, see joint benefits from huge transmission capital investment orders.
Capital investments should result in unexpected operating leverage due to higher capacity utilization
Very interested in Siemens
Additional call, target raised to Rs 7,565
EBITDA in Q2 FY2024 is stronger than expected
EBITDA margin improved by 249 bps year-on-year to 15.3%.
Split the energy business at a 1:1 ratio and become a separate listed company
Energy business separation expected to be completed by 2025
UBS on the chemical sector (coverage begins)
Against the backdrop of the worst global destocking cycle in 30 years, we believe investors may be ignoring strong niche positions and growth opportunities.
There are signs of gradual volume recovery.
Structural growth through capacity building and supply chain diversification
Volume may increase due to the end of inventory adjustment.Excess production capacity suppresses prices
Start buying PI Ind,TP at Rs 4800
Prioritized based on strong growth, business performance, low business volatility, and potential for expansion of the pharmaceutical business
Start buying with Navin – TP Rs 4250
Jointly leveraging growth opportunities in agrochemicals, CDMOs and 3rd/4th generation refrigerants
Now on sale at AArti Ind – TP Rs 615
Increased cyclical dependence and debt levels coupled with strong near-term EBITDA prospects
Now on sale at Gujarat Fluor – TP Rs 3000
Exposed to China’s fluoropolymer overcapacity even though EV business is still in its early stages
