BUY with TP of Rs 321 @ 25x Sep-20E EPS (for merged entity). Exit penalty from Voda-Idea would be additional upside (~Rs 8/sh) or Rs 15bn. Bharti Infratels (BHIN) 2QFY19 results were marginally better. BHIN rental revenue/EBITDA/PAT was -6%/-8%/-6% YoY. As expected, operating performance was weak. BHIN witnessed churn of ~28k tenancies (55k including 100% of Indus) owing to Voda-Idea merger.