Airtel Africa Plc (GB:AAF)
LSE:AAF
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Airtel Africa Plc
(LSE:AAF)
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Rating:69Neutral
Price Target:
386.00 p
â–²(8.49% Upside)
Action:Reiterated
Date:05/11/26
The score is driven primarily by solid underlying profitability and cash generation, supported by a positive technical trend and a strong, upbeat earnings call. Offsetting this are balance-sheet leverage and earnings volatility, alongside a relatively full valuation and near-term margin risk from higher energy costs and elevated planned CapEx.
Positive Factors
Strong free cash flow generation
Robust operating and free cash flow provide durable internal funding for network investment, debt reduction and shareholder returns. High FCF conversion (~74%) means the business can self-fund growth initiatives and deleveraging over multiple years without constant external financing.
Negative Factors
Elevated leverage constrains flexibility
A materially higher debt-to-equity ratio reduces financial flexibility and increases interest/covenant vulnerability across volatile emerging markets. Even with improving ROE, elevated leverage limits the speed of strategic investments or dividend growth if macro shocks or FX swings reverse cash flow trends.
Read all positive and negative factors
Positive Factors
Negative Factors
Strong free cash flow generation
Robust operating and free cash flow provide durable internal funding for network investment, debt reduction and shareholder returns. High FCF conversion (~74%) means the business can self-fund growth initiatives and deleveraging over multiple years without constant external financing.
Read all positive factors
Airtel Africa Plc (AAF) vs. iShares MSCI United Kingdom ETF (EWC)
Market Cap
£12.86B
Dividend Yield1.5%
Average Volume (3M)3.69M
Price to Earnings (P/E)25.6
Beta (1Y)1.08
Revenue Growth23.19%
EPS Growth196.37%
CountryUK
Employees4,189
SectorCommunication Services
Sector Strength97
IndustryTelecommunications Services
Share Statistics
EPS (TTM)0.19
Shares Outstanding3,648,744,400
10 Day Avg. Volume3,430,308
30 Day Avg. Volume3,690,929
Financial Highlights & Ratios
PEG Ratio0.12
Price to Book (P/B)5.28
Price to Sales (P/S)2.63
P/FCF Ratio10.39
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
£410.00Price Target Upside15.23% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering3
EPS Forecast (FY)0.25
Revenue Forecast (FY)£7.54B
Airtel Africa Plc Business Overview & Revenue Model
Company Description
Airtel Africa Plc, together with its subsidiaries, provides telecommunications and mobile money services to customers in Nigeria, East Africa, and Francophone Africa. It offers prepaid and postpaid wireless voice, international roaming, and fixed ...
How the Company Makes Money
AAF primarily earns revenue by selling telecom and mobile money services to consumers and businesses across the African countries where it operates. Key revenue streams include: (1) Mobile services revenue: customer spending on voice calls (airtim...
Airtel Africa Plc Earnings Call Summary
Earnings Call Date:May 08, 2026
(Q4-2026)
| % Change Since: |
Next Earnings Date:Jul 23, 2026
Earnings Call Sentiment Positive
The call presented a strongly positive operational and financial performance: double-digit constant-currency revenue growth (24%), steep EBITDA expansion (margin +280bps to 49.3%), meaningful free cash flow generation (~$803m), customer and mobile-money scale gains, deleveraging and an elevated CapEx program to fund future growth. The primary negatives were macro and operational risks—most notably sharply higher diesel/energy costs (material margin sensitivity), FX/interest cash-flow noise, localized regulatory/service disruptions (Uganda), competition, and elevated ongoing CapEx. Overall, the positive growth, margin expansion, cash generation and balance-sheet improvement materially outweigh the highlighted risks, though the near-term margin and cost outlook is exposed to energy and geopolitical volatility.Positive Updates
Strong Revenue Growth
Group revenue crossed $6.4 billion, up 29.5% in reported currency and 24.0% in constant currency for FY26.
Negative Updates
Rising Energy (Diesel) Costs and Margin Risk
Geopolitical uncertainty has driven higher diesel prices (noted >100% increase in Nigeria over 60–90 days); management estimates a 10% fuel price rise would impact P&L by ~$35–40 million and current fuel levels could subtract roughly 2.5–3.0% from EBITDA margin (before mitigation).
Read all updates
Q4-2026 Updates
Positive
Negative
Strong Revenue Growth
Group revenue crossed $6.4 billion, up 29.5% in reported currency and 24.0% in constant currency for FY26.
Read all positive updates
Company Guidance
The management reiterated an elevated investment and shareholder-return stance: FY‑27 CapEx guidance is $1.1bn (up from FY‑26 cash/total CapEx of ~$884m/$875m), focused on coverage, capacity and new growth engines (home broadband and data centers / fiber expansion), while free cash flow of $803m and a strengthened balance sheet (lease‑adjusted leverage 0.5x, reported leverage 1.8x, 95% of OpCo debt in local currency) underpin this. They warned of near‑term margin pressure from higher diesel/energy costs — a 10% fuel price rise would hit P&L by ~$35–40m and, if current fuel levels persist, management estimates a c.2.5–3.0 percentage‑point drag on EBITDA margin (partly mitigatable by ongoing cost efficiencies). Other guidance/intentions: continue a progressive dividend policy (final dividend $0.0426/sh; FY total $0.071, dividend growth target mid‑ to high single digits), $100m buyback completed (no new tranche approved yet), and an Airtel Money IPO targeted in H2 2026; they also highlighted reduced average cost of debt (12.1% FY, 10.6% at Mar‑end).Airtel Africa Plc Financial Statement Overview
Summary
Income Statement
74
Positive
Balance Sheet
52
Neutral
Cash Flow
70
Positive
| Breakdown | Mar 2026 | Mar 2024 | Mar 2023 | Mar 2022 | Mar 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 6.31B | 4.96B | 5.25B | 4.71B | 3.91B |
| Gross Profit | 3.22B | 3.48B | 3.58B | 3.25B | 2.64B |
| EBITDA | 2.09B | 2.13B | 2.58B | 2.28B | 1.68B |
| Net Income | 668.13M | 220.00M | 663.00M | 631.00M | 339.00M |
Balance Sheet | |||||
| Total Assets | 13.96B | 12.02B | 11.17B | 10.36B | 9.99B |
| Cash, Cash Equivalents and Short-Term Investments | 2.25B | 644.00M | 1.33B | 1.52B | 1.14B |
| Total Debt | 5.24B | 5.98B | 4.22B | 3.93B | 4.62B |
| Total Liabilities | 10.47B | 9.25B | 7.36B | 6.71B | 6.64B |
| Stockholders Equity | 3.15B | 2.49B | 3.63B | 3.50B | 3.40B |
Cash Flow | |||||
| Free Cash Flow | 1.60B | 1.41B | 927.00M | 1.27B | 751.00M |
| Operating Cash Flow | 2.34B | 2.27B | 2.21B | 2.01B | 1.67B |
| Investing Cash Flow | -992.85M | -562.00M | -1.03B | -557.00M | -1.16B |
| Financing Cash Flow | -739.96M | -1.54B | -1.12B | -1.61B | -575.00M |
Airtel Africa Plc Technical Analysis
Positive
355.80
Price Trends
357.86
Negative
353.16
Negative
309.35
Positive
Market Momentum
-5.52
Positive
50.68
Neutral
69.13
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For GB:AAF, the sentiment is Positive. The current price of 355.8 is above the 20-day moving average (MA) of 353.33, below the 50-day MA of 357.86, and above the 200-day MA of 309.35, indicating a neutral trend. The MACD of -5.52 indicates Positive momentum. The RSI at 50.68 is Neutral, neither overbought nor oversold. The STOCH value of 69.13 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for GB:AAF.
Airtel Africa Plc Peers Comparison
UnderperformOutperform
Sector (60)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
69 Neutral | £12.86B | 25.64 | 23.75% | 1.50% | 23.19% | 196.37% | |
69 Neutral | £20.34B | 69.50 | 2.32% | 4.42% | -3.55% | 1.67% | |
62 Neutral | £2.45B | 57.65 | 115.68% | ― | 4.56% | 17.21% | |
60 Neutral | $48.67B | 4.58 | -11.27% | 4.14% | 2.83% | -41.78% | |
59 Neutral | £25.65B | -72.65 | -0.79% | 3.74% | 11.08% | 87.73% | |
57 Neutral | £4.19B | -44.09 | -35.13% | ― | ― | ― | |
49 Neutral | £2.50B | -30.64 | -1.73% | 0.65% | ― | ― |
* Communication Services Sector Average
GB:AAF
Airtel Africa Plc
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179.01
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Airtel Africa Plc Corporate Events
Business Operations and Strategy
Airtel Africa Updates London Registered Office Address
Neutral
May 22, 2026
Airtel Africa plc has changed its registered office address in London from Grosvenor Street to 15 Davies Street, while keeping all other contact details unchanged. The company has asked stakeholders to update their records to reflect the new addre...
Business Operations and StrategyStock Buyback
Airtel Africa launches up to 1% share buyback to bolster capital returns
Positive
May 22, 2026
Airtel Africa has launched a share buyback programme, authorising the repurchase of up to 1% of its issued share capital as part of its broader capital return strategy. The move signals confidence in the strength of its balance sheet and its capac...
Business Operations and StrategyRegulatory Filings and Compliance
Airtel Africa discloses major pledge release tied to director-linked entity
Neutral
May 20, 2026
Airtel Africa has disclosed a transaction involving Indian Continent Investment Limited, a person closely associated with board director Shravin Bharti Mittal, in line with Market Abuse Regulation requirements. The transaction relates to the relea...
Business Operations and StrategyDividendsFinancial Disclosures
Airtel Africa Delivers Strong FY 2026 Growth on Data and Mobile Money Surge
Positive
May 8, 2026
Airtel Africa reported strong growth for the year to 31 March 2026, driven by rising demand for data and digital financial services across its markets. Its customer base expanded 10.5% to 183.5 million, with data users up 14.8% and Airtel Money cu...
Business Operations and StrategyRegulatory Filings and Compliance
Airtel Africa Updates Market on Voting Rights and Share Capital
Positive
May 5, 2026
Airtel Africa has confirmed its total issued share capital as of 30 April 2026 at 3,654,881,028 ordinary shares of USD 0.50 each, of which 6,136,678 shares are held in treasury and carry no voting rights. As a result, the total number of voting ri...
Business Operations and StrategyFinancial Disclosures
Airtel Africa Sets Date to Publish Full-Year 2026 Results
Neutral
Apr 17, 2026
Airtel Africa announced that it will release its full-year results for the period ended 31 March 2026 on 8 May 2026. The company will hold a same-day presentation and conference call for analysts and investors, underscoring its engagement with the...
Regulatory Filings and Compliance
Airtel Africa Updates Market on Share Capital and Voting Rights
Neutral
Apr 1, 2026
Airtel Africa has disclosed its latest share capital and voting rights position, reporting an issued share capital of 3,654,881,028 ordinary shares of USD 0.50 each as of 31 March 2026. This includes 6,136,678 shares held in treasury, which do not...
Business Operations and StrategyStock BuybackRegulatory Filings and Compliance
Airtel Africa Completes Second Tranche of $100m Share Buy-Back
Positive
Mar 25, 2026
Airtel Africa has executed a further share repurchase under its ongoing buy-back programme, acquiring 2,889 ordinary shares on 24 March 2026 at a volume-weighted average price of 355.73p, with the shares to be held in treasury. Following this tran...
Business Operations and StrategyExecutive/Board Changes
Airtel Africa Unveils Boardroom Shake-Up as Chair Sunil Bharti Mittal Prepares to Step Down
Neutral
Mar 25, 2026
Airtel Africa has announced a planned leadership transition, with long-standing Chair Sunil Bharti Mittal set to retire following the company’s AGM in July 2026 after steering the group from its 2010 acquisition through its 2019 listing and ...
Business Operations and StrategyStock BuybackRegulatory Filings and Compliance
Airtel Africa Adds to $100m Buy-back With New Treasury Share Purchase
Positive
Mar 24, 2026
Airtel Africa has repurchased 125,000 ordinary shares on 23 March 2026 under its ongoing $100 million share buy-back programme, paying between 340p and 361p per share at a volume-weighted average price of 353.39p. The shares, acquired across multi...
Business Operations and StrategyStock Buyback
Airtel Africa Continues $100m Buy-Back With New Treasury Share Purchase
Positive
Mar 23, 2026
Airtel Africa has repurchased 125,000 ordinary shares at prices between 348.60p and 364.40p under its ongoing share buy-back programme, with a volume-weighted average price of 355.15p. The shares will be held in treasury, reflecting continued capi...
Business Operations and StrategyStock BuybackFinancial DisclosuresRegulatory Filings and Compliance
Airtel Africa Continues $100m Buy-Back With New Treasury Share Purchase
Positive
Mar 20, 2026
Airtel Africa has repurchased 30,000 ordinary shares at a volume-weighted average price of 362.64p as part of its ongoing share buy-back programme, with the shares to be held in treasury. Following this latest transaction, the company has 3,654,88...
Stock BuybackRegulatory Filings and Compliance
Airtel Africa Tightens Share Base With Further Buy-Back Tranche
Positive
Mar 19, 2026
Airtel Africa has executed another tranche of its ongoing share buy-back programme, repurchasing 30,000 ordinary shares on 18 March 2026 at a volume-weighted average price of 377.02p. The shares, acquired across multiple venues including the Londo...
Stock BuybackRegulatory Filings and Compliance
Airtel Africa Buys More Shares in Ongoing $100m Buy-Back Programme
Positive
Mar 18, 2026
Airtel Africa has continued execution of its share buy-back programme, repurchasing 30,000 ordinary shares on 17 March 2026 at prices between 362.60p and 374.80p, with a volume-weighted average of 368.73p. The shares, acquired via Barclays Capital...
Business Operations and StrategyStock Buyback
Airtel Africa Advances $100m Buy-Back With New Treasury Share Purchase
Positive
Mar 16, 2026
Airtel Africa plc continued executing its share buy-back programme, repurchasing 80,000 ordinary shares on 13 March 2026 at prices between 339p and 355p, with a volume-weighted average price of 349.13p. The shares will be held in treasury, leaving...
Business Operations and StrategyStock Buyback
Airtel Africa Adds 80,000 Shares to Treasury in Ongoing $100m Buy-back
Positive
Mar 13, 2026
Airtel Africa has repurchased 80,000 ordinary shares at a volume-weighted average price of 344.8 pence as part of its ongoing share buy-back programme, with the shares to be held in treasury. Following this latest transaction, the company has 3,65...
Business Operations and StrategyStock BuybackRegulatory Filings and Compliance
Airtel Africa Expands Share Buy-Back, Lifts Treasury Holdings
Positive
Mar 12, 2026
Airtel Africa has continued its ongoing share buy-back programme, repurchasing 95,299 ordinary shares on 11 March 2026 at prices between 332.00p and 342.00p, with a volume-weighted average price of 337.61p. The shares will be held in treasury, lea...
Business Operations and StrategyStock Buyback
Airtel Africa Continues $100m Buy-Back With New Treasury Share Purchase
Positive
Mar 11, 2026
Airtel Africa has executed another tranche of its ongoing share buy-back programme, repurchasing 80,000 ordinary shares on 10 March 2026 at prices between 342.40p and 349.40p, with a volume-weighted average of 346.63p. The shares will be held in t...
Business Operations and StrategyRegulatory Filings and Compliance
Airtel Africa to Switch External Auditor to EY from 2028
Positive
Mar 10, 2026
Airtel Africa has concluded a formal tender for its external audit mandate and intends to appoint Ernst Young LLP as its external auditor for the financial year ending 31 March 2028 and beyond, subject to shareholder approval at the 2027 annual g...
Business Operations and StrategyStock Buyback
Airtel Africa Adds 100,000 Shares to Treasury in Ongoing Buy-Back
Positive
Mar 10, 2026
Airtel Africa has repurchased 100,000 ordinary shares at a volume-weighted average price of 332.08 pence as part of its ongoing $100 million share buy-back programme arranged with Barclays Capital Securities. The shares, acquired across several Eu...
Business Operations and StrategyStock Buyback
Airtel Africa Continues $100m Share Buy-Back With New 100,000-Share Purchase
Positive
Mar 10, 2026
Airtel Africa has repurchased 100,000 ordinary shares on 9 March 2026 under its ongoing share buy-back programme, at prices between 325.80p and 335.20p and a volume-weighted average price of 332.08p. The shares will be held in treasury, leaving 3,...
Business Operations and StrategyStock BuybackRegulatory Filings and Compliance
Airtel Africa Buys Back 100,000 Shares in Ongoing $100m Programme
Positive
Mar 10, 2026
Airtel Africa has repurchased 100,000 ordinary shares on 9 March 2026 under its ongoing $100m share buy-back programme, paying a volume-weighted average price of 332.08 pence, with prices ranging between 325.80 pence and 335.20 pence across severa...
Business Operations and StrategyStock BuybackRegulatory Filings and Compliance
Airtel Africa Continues $100m Share Buy-Back With New 80,000-Share Purchase
Positive
Mar 9, 2026
Airtel Africa has continued its share buy-back programme, repurchasing 80,000 ordinary shares on 6 March 2026 at prices between 339.80p and 357.40p, with a volume-weighted average price of 345.59p. The purchased shares will be held in treasury, le...
Business Operations and StrategyStock Buyback
Airtel Africa Expands Treasury Stock with Ongoing $100m Share Buy-back
Positive
Mar 6, 2026
Airtel Africa has continued its share buy-back programme, repurchasing 30,000 ordinary shares on 5 March 2026 at prices ranging between 355.20p and 367.40p, with a volume-weighted average price of 361.65p. The shares, acquired via Barclays Capital...
Business Operations and StrategyStock Buyback
Airtel Africa Buys Back More Shares, Lifts Treasury Holdings
Positive
Mar 5, 2026
Airtel Africa has repurchased 60,000 of its own ordinary shares at prices between 348p and 364p, at a volume-weighted average of 359.26p, under its ongoing share buy-back programme arranged with Barclays Capital Securities. The shares will be held...
Business Operations and StrategyStock BuybackRegulatory Filings and Compliance
Airtel Africa Expands Share Buy-Back, Updates Voting Rights Count
Positive
Mar 4, 2026
Airtel Africa has repurchased 80,000 ordinary shares on 3 March 2026 under its ongoing share buy-back programme, paying between 339.80p and 351.40p per share at a volume-weighted average price of 346.50p. The shares, acquired across multiple Europ...
Business Operations and StrategyStock Buyback
Airtel Africa Continues $100m Buy-Back With New Treasury Share Purchases
Positive
Mar 3, 2026
Airtel Africa has repurchased 60,000 of its own ordinary shares on 2 March 2026 under its ongoing share buy-back programme, at prices ranging between 342.40p and 359.20p and a volume-weighted average price of 353.57p. The shares will be held in tr...
Stock BuybackRegulatory Filings and Compliance
Airtel Africa Updates Share Capital and Voting Rights Amid Ongoing Buyback
Neutral
Mar 2, 2026
Airtel Africa has reported its total issued share capital as of 28 February 2026 at 3,654,881,028 ordinary shares of USD 0.50 each, including 9,238,490 shares held in treasury that carry no voting rights. For the purposes of regulatory disclosures...
Business Operations and StrategyStock Buyback
Airtel Africa Continues $100m Buy-Back With New Treasury Share Purchases
Positive
Mar 2, 2026
Airtel Africa has continued its share buy-back programme, repurchasing 60,000 ordinary shares on 27 February 2026 at a volume-weighted average price of 351.87p, with prices ranging between 347.80p and 354.80p. The shares will be held in treasury, ...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.