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On Wednesday, Jefferies, a global investment banking firm, adjusted its price target for Bharti Hexacom (BHARTIHE:IN), increasing it to INR2,020 from the previous INR1,730. The firm also reaffirmed its Buy rating for the company’s stock. This move reflects the analyst’s positive outlook on Bharti Hexacom following its fourth-quarter results, which surpassed expectations.
The company’s quarterly performance was particularly notable for its higher-than-expected Average Revenue Per User (ARPU) and a robust 33% year-over-year EBITDA growth. These factors were emphasized by Jefferies as the main highlights in Bharti Hexacom’s financial report. The analyst pointed out that the strong ARPU growth, coupled with significant subscriber additions, indicates that the market has well received the company’s tariff strategies.
Bharti Hexacom’s outlook appears favorable with expectations of a stable tariff environment. Additionally, the company’s capital expenditure intensity is projected to moderate, which positions it well for future growth. According to Jefferies, these elements set the stage for Bharti Hexacom to achieve Compound Annual Growth Rates (CAGRs) of 25% in EBITDA and 30% in Free Cash Flow to Equity (FCFE) over the forecast period from the fiscal year 2025 to 2028.
The investment firm’s continued endorsement of a Buy rating is based on the belief that Bharti Hexacom’s financial growth and operational progress will support higher valuations in the market. The revised price target of INR2,020 reflects Jefferies’ confidence in the company’s potential for sustained performance and profitability.
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