Pace of subscriber erosion settles

Research evidence excerpt

Pace of subscriber erosion settles

le to select stocks in Asia/Australia/NZ

12-month target – Expected share price *equivalent fully paid ordinary weighted average number of

in 12 months Note: expected return is reflective of a Medium Volatility shares

Valuation – The company's estimated stock and should be assumed to adjust proportionately

All Reported numbers for Australian/NZ listed stocks are fair value share price based on the disclosed with volatility risk

modelled under IFRS (International Financial Reporting valuation methodology

Standards). Note: Quant recommendations may differ

from Fundamental Analyst recommendations

Recommendation proportions for quarter ending 31 Mar 2026

AU/NZ Asia USA

Outperform 66.90% 69.32% 67.14% (for global coverage by Macquarie, 1.93% of stocks followed are investment banking clients)

Neutral 27.18% 17.21% 32.86% (for global coverage by Macquarie, 0.40% of stocks followed are investment banking clients)

Underperform 5.92% 13.47% 0.00% (for global coverage by Macquarie, 0.00% of stocks followed are investment banking clients)

Company-Specific Disclosures

Company Name Disclosure

Vodafone Idea (IDEA IN) None

Underperform

12-month target: INR9.00 - EV/EBITDA

Valuation: INR 9.00 - EV/EBITDA

Price: INR12.96

Bharti Airtel (BHARTI IN) None

Outperform

12-month target:INR2,220.00 - Sum of

Parts

Valuation: INR 2,220.00 - Sum of Parts

Price:INR1,905

Tata Communications (TCOM IN) None

12-month target:INR2,200.00 - Residual

Income

Valuation: INR 2,200.00 - DCF

Price:INR1,681

Target Price Risk Disclosures

Company Name Risk Disclosure

Bharti Airtel (BHARTI IN) Key upside risks include a higher multiple for India mobile into Jio listing. Conversely, key downside risk

includes ROCE dilutive capex in the Enterprise segment.