July 28, 2026/InvestmentOne Report
Airtel Africa Plc began the 2027 financial year on a strong footing, recording broad-based growth across its mobile services and mobile money operations. Group revenue increased by 31.00% YoY to USD 1.80bn. The performance was driven by sustained customer acquisition, higher data consumption, improving average revenue per user (ARPU), and currency appreciation across several of the Group s markets.
Data Revenue Remains the Major Growth Driver, with mobile services revenue increasing by 28.20% YoY to USD 1.53bn in reported currency and by 19.10% YoY in constant currency. Voice revenue rose by 20.10% YoY to USD 640.00mn, while data revenue increased by 36.50% YoY to USD 750.00mn. The strong data performance was supported by an increase in smartphone penetration to 51.00%, compared with 45.80% in the corresponding period. Average monthly data usage per customer also increased to 10.60GB from 7.80GB, contributing to a 56.30% YoY increase in total data traffic across the Group s network.
We maintain a positive outlook on Airtel Africa Plc but revise our recommendation from STRONG BUY to OVERWEIGHT, reflecting the more moderate upside from our valuation. Our blended valuation based on FCFF, FCFE, economic profit, dividend discount and relative P/E methods produce a fair value of approximately NGN6,673.27 per share, representing about 15.03% upside from the reference market price of NGN5,801.40. This supports further upside but provides a narrower margin of safety.
Please click here to download the full report.