Financials Airtel Africa plc

Equities

AAF

GB00BKDRYJ47

Integrated Telecommunications Services

Market Closed - London S.E. 11:35:26 2024-05-03 am EDT 5-day change 1st Jan Change
114 GBX +1.06% Intraday chart for Airtel Africa plc +3.83% -12.44%

Valuation

Fiscal Period: Marzo 2020 2021 2022 2023 2024 2025 2026
Capitalization 1 1,917 4,108 6,885 4,930 5,358 - -
Enterprise Value (EV) 1 5,114 7,563 9,801 8,454 9,146 9,349 9,259
P/E ratio 4.95 x 12.1 x 10.9 x 7.42 x -45.4 x 11.7 x 8.11 x
Yield 11.8% 3.66% 2.73% 4.15% 4.08% 4.13% 4.78%
Capitalization / Revenue 0.56 x 1.05 x 1.46 x 0.94 x 1.08 x 1.04 x 0.94 x
EV / Revenue 1.49 x 1.94 x 2.08 x 1.61 x 1.85 x 1.82 x 1.62 x
EV / EBITDA 3.38 x 4.22 x 4.24 x 3.28 x 3.8 x 4.02 x 3.55 x
EV / FCF 8.88 x 10.1 x 7.57 x 5.92 x 7.61 x 9.68 x 8.41 x
FCF Yield 11.3% 9.93% 13.2% 16.9% 13.1% 10.3% 11.9%
Price to Book 0.57 x 1.2 x 1.97 x 1.36 x 2.02 x 1.79 x 1.62 x
Nbr of stocks (in thousands) 3,758,152 3,758,152 3,754,452 3,753,219 3,745,019 - -
Reference price 2 0.5101 1.093 1.834 1.313 1.431 1.431 1.431
Announcement Date 5/13/20 5/12/21 5/11/22 5/11/23 - - -
1USD in Million2USD
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: March 2019 2020 2021 2022 2023 2024 2025 2026
Net sales 1 3,077 3,422 3,908 4,714 5,255 4,954 5,147 5,708
EBITDA 1 - 1,515 1,792 2,311 2,575 2,405 2,328 2,606
EBIT 1 - 883 1,119 1,535 1,757 1,576 1,577 1,812
Operating Margin - 25.8% 28.63% 32.56% 33.43% 31.81% 30.63% 31.74%
Earnings before Tax (EBT) 1 - 598 697 1,224 1,034 -20.73 1,078 1,296
Net income 1 - 370 339 631 663 -62.13 577.8 721.4
Net margin - 10.81% 8.67% 13.39% 12.62% -1.25% 11.23% 12.64%
EPS 2 - 0.1030 0.0900 0.1680 0.1770 -0.0315 0.1226 0.1765
Free Cash Flow 1 - 576 751 1,294 1,429 1,202 965.5 1,100
FCF margin - 16.83% 19.22% 27.45% 27.19% 24.26% 18.76% 19.28%
FCF Conversion (EBITDA) - 38.02% 41.91% 55.99% 55.5% 49.97% 41.47% 42.22%
FCF Conversion (Net income) - 155.68% 221.53% 205.07% 215.54% - 167.11% 152.55%
Dividend per Share 2 - 0.0600 0.0400 0.0500 0.0545 0.0584 0.0591 0.0684
Announcement Date 4/29/19 5/13/20 5/12/21 5/11/22 5/11/23 - - -
1USD in Million2USD
Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: March 2022 Q2 2022 Q3 2022 Q4 2023 Q1 2023 Q2 2023 Q3 2023 Q4 2024 Q1 2024 Q2 2024 S1 2024 Q3 2024 Q4
Net sales 1 1,163 1,219 1,222 1,257 1,308 1,350 1,341 1,377 1,246 2,623 1,238 1,114
EBITDA 564 605 608 614 641 661 659 - 620 1,302 - -
EBIT 380 414 390 425 446 446 439 - - - - -
Operating Margin 32.67% 33.96% 31.91% 33.81% 34.1% 33.04% 32.74% - - - - -
Earnings before Tax (EBT) - - - - - - - - - - - -
Net income 160 155 190 163 133 172 195 - - - - -
Net margin 13.76% 12.72% 15.55% 12.97% 10.17% 12.74% 14.54% - - - - -
EPS 2 0.0430 0.0410 0.0510 0.0440 0.0350 0.0460 0.0520 -0.0450 0.0310 - -0.002000 -0.0300
Dividend per Share - - - - - - - - - - - -
Announcement Date 10/28/21 2/4/22 5/11/22 7/28/22 10/27/22 2/2/23 5/11/23 7/27/23 10/30/23 10/30/23 2/1/24 -
1USD in Million2USD
Estimates

Balance Sheet Analysis

Fiscal Period: March 2019 2020 2021 2022 2023 2024 2025 2026
Net Debt 1 - 3,197 3,455 2,916 3,524 3,788 3,990 3,900
Net Cash position 1 - - - - - - - -
Leverage (Debt/EBITDA) - 2.11 x 1.928 x 1.262 x 1.369 x 1.575 x 1.714 x 1.496 x
Free Cash Flow 1 - 576 751 1,294 1,429 1,202 966 1,101
ROE (net income / shareholders' equity) - 8.68% 10% 18.3% 18.6% 16.8% 15% 19.4%
ROA (Net income/ Total Assets) - 2.83% 3.5% 6.2% 6.16% 3.3% 5.8% 4.9%
Assets 1 - 13,064 9,686 10,178 10,765 -1,883 9,962 14,723
Book Value Per Share 2 - 0.9000 0.9100 0.9300 0.9700 0.7100 0.8000 0.8800
Cash Flow per Share 2 - 0.3700 0.4400 0.5300 0.5900 0.1400 0.3000 0.3900
Capex 1 - 811 915 717 779 792 844 910
Capex / Sales - 23.7% 23.41% 15.21% 14.82% 15.99% 16.4% 15.95%
Announcement Date 4/29/19 5/13/20 5/12/21 5/11/22 5/11/23 - - -
1USD in Million2USD
Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Trading Rating
Investor Rating
ESG Refinitiv
B
More Ratings
Sell
Consensus
Buy
Mean consensus
OUTPERFORM
Number of Analysts
10
Last Close Price
1.431 USD
Average target price
1.678 USD
Spread / Average Target
+17.30%
Consensus
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