New Street Research - Airtel Africa (AAF) Airtel Africa (Buy, TP: 210p, +77%) Q2 24: Solid quarter, positive message on margins

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Chris Hoare

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Airtel Africa (Buy, TP: 210p, +77%) Q2 24: Solid quarter, positive message on margins

Airtel Africa has published a solid set of Q2 results. There was a small slowdown in trends, but they remained strong overall, and profit came in ahead of expectations. Messaging about margins for the full year is positive.

30/10/2023 1 EN

Underlying

Airtel Africa

Airtel Africa PLC Formerly known as Airtel Africa Ltd. Airtel Africa PLC is a United Kingdom-based provider of telecommunications and mobile money services. The Company offers an integrated suite of telecommunications solutions, including mobile voice and data services as well as mobile money services both nationally and internationally. It offers traditional mobile voice services, with a primary focus on data and non-voice services through its third generation (3G) and fourth generation (4G) networks. It also offers mobile money services under its Airtel Money brand to customers in all of the Company's 14 countries of operation in Africa, primarily in East Africa and Central and West Africa. The mobile voice business line comprises pre- and post-paid wireless voice services, international roaming and fixed-line telephone services. The mobile data business line comprises data communications services, including second generation (2G), 3G and, increasingly, 4G data services, and other value added services (VAS).

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GB00BKDRYJ47 London Stock Exchange United Kingdom

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Chris Hoare

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Airtel Africa (Buy, TP: 210p, +77%) Q2 24: Solid quarter, positive message on margins

Airtel Africa (Buy, TP: £2, +82%) Q2 25: Solid operationally, near-term impact on net income from tower contract renewal

EMEA & African Telcos & Towers - High Yield Review – Initiate Coverage on Axian Telecom and Liquid Intelligent Technologies, plus VEON, IHS Towers & Helios

African Telcos - Catch Back: Headwinds easing, many markets to 2 players, recapture of some hard dollar revenue likely - AAF top pick, Vodacom to Buy

Alphabet (GOOGL, Buy, $213 target) Forget Chrome, 3P payments are the heart of the issue

SATS: DBS merger breaks

3Q24 Broadband Trends: FWA capacity limits; FWA demand limits

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