ARPU needed to ensure achievable subscriber target which may get returns in the next 5 years. While it is 30 per cent higher than Bharti's, it implies 25 per cent discount to estimated 3G Arpu, said the CLSA note.
The brokerage firm believes that higher usage under 4G will allow Jio to achieve Rs 250 level of Arpu. The stock is already pricing in US$7bn negative equity value for Jio. The start of US$30bn projects in 6-9 months is the key potential stock catalyst.
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