BHIN is currently trading at 11x and 10x FY19/20E EV/e. Sell with a TP of Rs 387 @ 10x Sep-19E EV/e Bharti Infratels (BHIN) 2QFY18 revenue and EBITDA were in-line, led by higher energy margin. But operating performance was weak owing to feeble rental/tenant and the meagre new tenants addition. Street optimism on BHIN is driven by the prospect of better capital allocation via the likely acquisition of Vodafone and Ideas stake in Indus. This may be followed by BHINs parent Bharti diluting in favour of a consortium of investors. We dont see this as a game-changer, except for plugging the DDT leak.