New Street Research - Airtel Africa Plc (AIRTELAF) ... New Street: Sub-Saharan African Telecoms Q1 22 review: Stable; pathway to growth buoyed by data and fintech revenue

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New Street Research

Chris Hoare

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New Street: Sub-Saharan African Telecoms Q1 22 review: Stable; pathway to growth buoyed by data and fintech revenue

Sub-Saharan Africa (SSA) telcos’ growth remained stable in Q1 CY22, supported by ARPU improvements driven by data as well as fintech revenue. Market service revenue growth has generally been improving in recent quarters.

28/06/2022 1 EN

Underlyings

Airtel Africa Plc

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Orange

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Vodafone Group PLC (ADR)

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US92857W3088 United Kingdom

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Analysts

Chris Hoare

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New Street: Sub-Saharan African Telecoms Q1 22 review: Stable; pathway to growth buoyed by data and fintech revenue

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

Mas Orange (Equal weight) Q3 24: Acceleration in SR and EBITDAaL growth

Orange (Buy, TP: €14.3, +40%) Q3 24: Solid EBITDAaL, encouraging France SR outlook statements

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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