New Street Research - Airtel Africa Plc (AIRTELAF) Airtel Africa (Buy, TP: 305p, +168%) Q1 24: Strong underlying performance

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New Street Research

Chris Hoare

EUR 9212.00 For Business Accounts Only

Airtel Africa (Buy, TP: 305p, +168%) Q1 24: Strong underlying performance

Airtel Africa has published a strong set of Q1 results. Headline numbers were impacted by the Naira devaluation that occurred around mid-June, but on an underlying basis this was a strong start to the year.

27/07/2023 1 EN

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Airtel Africa Plc

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New Street Research

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Chris Hoare

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Airtel Africa (Buy, TP: 305p, +168%) Q1 24: Strong underlying performance

Airtel Africa (Buy, TP: GBP1.5, +42%) Q4 24: Decent, Solid top line but slower EBITDA; positive message on HoldCo cash

5G FWA in EM Rapidly falling CPE prices likely to accelerate adoption in EM

African Telcos Deep dive on Fintech valuations; stay Bullish on AAF and MTN

Bible 1Q24 – Foundries: leading-edge strong; Trailing-edge correction playing out.

VEON (Buy, TP: $40, +55%) Thoughts after the call

Reddit (RDDT, Neutral, $54 target) Data licensing tracking our base case after OpenAI deal

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