COMPANIES .........................................................................................................................2
Investment argument.......................................................................................................3
Mobile subscriber growth – Running out of steam..........................................................3
Rural India – Small part of a large number is still large ..................................................7
New entrants – Short-term disruption, long-term consolidation....................................13
ARPUs to continue to wane in short term.....................................................................17
Tower sharing – Shaky foundation ...............................................................................20
Valuations – Shift from macro to micro.......................................................................26
Key risks to recommendations.....................................................................................33
Annexure 1: Subscriber & penetration estimates ......................................................34
Annexure 2: Regulation – Pending issues ..................................................................37
Annexure 3: Global examples of towers sharing .......................................................41
Annexure 4: VAS issues & concerns overweigh drivers, at least for now ..............42
Annexure 5: Index of Tables and Charts .....................................................................43
COMPANIES
Bharti Airtel.....................................................................................................................45
Reliance Communications............................................................................................76
Idea Cellular..................................................................................................................108