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

Airtel Africa has published a decent set of Q4 results. Top line performance remained strong, service revenue growth in local currency came in above consensus expectations and above our expectations. EBITDA trends slowed (but remained decent given the macro context in Q1) and margins came in 1pp below consensus and us.

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

This is the 4th in a series of notes looking at FWA (see HERE, HERE and HERE). Recent sharp declines in 5G FWA CPE prices and the launch of 5G RedCap makes us more optimistic on timing of widespread adoption in EM.

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

We deep dive on African Telco’s Fintech valuations in this note which is a follow up of our higher-level note Show me the (Mobile) Money. African Telcos are becoming more active about unlocking value from Mobile Money (MoMo) with MTN’s recent deal with Mastercard and now rumours that AAF is looking to IPO its MoMo business. Global Fintech/Payments multiples have derated over the past couple of years, but we continue to see great value in the African Telco’s MoMo assets which remain one the key non-core drivers for growth.

DT vs. BT: 160% total return over 10 years. Which one? DT (Buy, €32, +45%), BT (Buy, £1.95, +47%)

It’s been a busy day and we have now wrapped on the BT full-year results meeting and the DT earnings call and share our key takeaways from the day on the similarities and differences between the two.

Grab 1Q24: Good momentum in mobility. Unit economics improve further. Buy, $5.3

Cisco: Stabilization in the core. Slow recovery ahead