Contents
Page No.
Tariff pressures abating despite peak competition ..................................... 4-6
Low EVA of established players to prevent irrational pricing ..................... 7-8
Entry barriers remain high; business case for new entrants
is challenging, consolidation imminent ...................................................... 9-19
Regulatory outlook well balanced ........................................................... 20-28
Growth outlook strong; low rural penetration a key driver..................... 29-35
FCF beckons as coverage capex declines ............................................... 35-36
Valuation premium reflects superior growth outlook .............................. 37-39
Companies .............................................................................................. 40-79
Bharti Airtel .......................................................... 41-56
Reliance Communications ..................................... 57-69
Idea Cellular ......................................................... 70-79
Appendix and abbreviations .................................................................... 80-81