New Street Research - Airtel Africa Plc (AIRTELAF) New Street: Airtel Africa (Buy, TP: 305p, +155%) Q2 23: Solid underlying trends but net income impacted by FX/derivatives

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New Street Research

Chris Hoare

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New Street: Airtel Africa (Buy, TP: 305p, +155%) Q2 23: Solid underlying trends but net income impacted by FX/derivatives

AAF has published a solid set of Q2 results with underlying trends accelerating vs. Q1. Group revenues came in in line with our forecasts while EBITDA came in 3% ahead. Higher finance costs this quarter (driven by FX and derivative losses) have impacted net income which looks weak compared to expectations; and we think this is the reason why the shares are down today, but in our view the market should focus on the strong operational performance.

27/10/2022 1 EN

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Airtel Africa Plc

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New Street Research

Provided by our team of experienced analysts, our work is idea driven, based on independence of thought, sector expertise, and firmly focussed on fundamentals and valuation.

New Street Research is an independent, partner-owned, research firm specialising in equity and debt research. Our equity research embraces the following sectors:

Pan European Telecom Services and Cable
US Telecoms, Cable, Satellite and Towers
Global Emerging Market Telecoms
Japan Telecoms
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Pan European Telecom Services and Cable

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Analysts

Chris Hoare

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New Street: Airtel Africa (Buy, TP: 305p, +155%) Q2 23: Solid underlying trends but net income impacted by FX/derivatives

GEM Telcos: Consolidation – THE theme driving improved trends for EM Telcos – how far can it go?

Airtel Africa (Buy, TP: 300p, +90%) Q4 25: Solid finish; underlying trends accelerating again; Mo-Mo IPO delayed

Global EM Telcos & Towers Still rising – NSR GEM Top-10 May ‘25 Update

SATS, Carr, and the Art of the No Deal…Yet

Supreme Court Upholds USF Framework but Reform Still Ahead

CMCSA quick hit: Comcast continues to make the right pricing moves

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