November 3, 2026/InvestmentOne Report
Airtel Africa Plc sustained its growth momentum in H1 2027, with group revenue increasing by 28.20% YoY to USD 3.82bn and by 20.80% YoY in constant currency. The constant-currency performance reflects a balanced organic mix, as the total customer base grew by 11.60% YoY to 193.90 million while ARPU rose by 8.40%, implying that volume and pricing contributed almost equally to growth.
Data remains the major growth driver, with data revenue rising by 35.30% YoY to USD 1.57bn driven by a 15.00% increase in data customers and 10.70% growth in data ARPU; consequently, data now accounts for half of mobile services revenue.
We maintain our OVERWEIGHT recommendation on Airtel Africa Plc. Our blended valuation based on FCFF, FCFE, economic profit, dividend discount and relative P/E methods produce a target price of NGN6,999.80 per share, implying an 11.11% upside from the current price of NGN6,300.00. The upward revision from our previous fair value of NGN6,6737 largely reflects stronger organic earnings and positive returns on invested CAPEX.
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