M1

M1: IIFL initiate with Add Call and $2.64 TP. Note of grim battle for capturing NBN. Upside and grp has an opportunity to diversify and accelerate rev growth, thanks to the levelling of the playing field via the NGNBN, content sharing and NIMS. Project 3yr (2010-2013) CAGR of 6.9% in rev, 6.4% in EBITDA and 8.3% in EPS. Strong data growth expected, but voice rev to shrink, while corporate data is a promising opportunity.