New Street Research - Airtel Africa Plc (AIRTELAF) New Street: Airtel Africa (Buy, TP: 305p, +97%) Q1 23: Decent quarter, good top line but margins a bit weak in Nigeria

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New Street Research

Chris Hoare

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New Street: Airtel Africa (Buy, TP: 305p, +97%) Q1 23: Decent quarter, good top line but margins a bit weak in Nigeria

AAF has published a decent set of Q1 results with underlying trends in line with our forecasts at group level. Underlying top line trends were good in Nigeria but margins came in a bit weak vs. our expectations.

28/07/2022 1 EN

Underlying

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
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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, +97%) Q1 23: Decent quarter, good top line but margins a bit weak in Nigeria

Global EM Telcos & Towers – On Fire - NSR GEM Top-10 April 25 Update. IHS target to $7.7.

Global EM Telcos & Towers NSR GEM Top-10 March ‘25 Update: February another strong month for top EM Telcos

Airtel Africa (Buy, TP: £2, +45%) Bharti Airtel to buy 5% of Airtel Africa in the next 5 weeks. Squeeze incoming?

Alphabet (GOOGL, Buy, $200 target) All engines firing, but some risk to 2Q Search consensus

AI monetization and how the Search market expands

T-Mobile 1Q25 Results Review & Model Update: Adds in-line; EBITDA strong

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