Airtel Africa Future Growth
Future criteria checks 5/6
Airtel Africa is forecast to grow earnings and revenue by 27.3% and 14.3% per annum respectively. EPS is expected to grow by 24.1% per annum. Return on equity is forecast to be 43.9% in 3 years.
Key information
27.3%
Earnings growth rate
24.07%
EPS growth rate
| Wireless Telecom earnings growth | 23.0% |
| Revenue growth rate | 14.3% |
| Future return on equity | 43.89% |
| Analyst coverage | Good |
| Last updated | 02 Jun 2026 |
Recent future growth updates
Recent updates
Narrative Update • Jun 01
AAF: Future Returns Will Rely On P/E Rerating And Cash Generation Delivery
Analysts have edged up the Airtel Africa price target, with recent moves to £4.50 at Deutsche Bank and a further £0.10 increase at Barclays. This supports a slightly higher fair value estimate alongside modest updates to growth and profitability assumptions.Analysis Article • May 16
Solid Earnings Reflect Airtel Africa's (LON:AAF) Strength As A Business
Airtel Africa Plc ( LON:AAF ) recently posted some strong earnings, and the market responded positively. We did some...Narrative Update • May 02
AAF: Future Returns Will Depend On P/E Rerating And Cash Generation
Analysts have revised their Airtel Africa price target to £4.62 from a previous target of £4.62, reflecting updated assumptions around revenue growth, profit margins and future P/E expectations following recent target increases from Barclays and Deutsche Bank. Analyst Commentary Recent research points to a more constructive tone around Airtel Africa, with bullish analysts adjusting their models and price targets to reflect updated assumptions for revenue, margins and future P/E levels.
Narrative Update • Apr 16
AAF: Buybacks And P/E Expectations Will Shape Balanced Forward Returns
Airtel Africa’s analyst price target has been adjusted to £3.69 from £3.75, with analysts citing updated assumptions around revenue growth, profit margins and future P/E expectations following recent target increases reported by Barclays and Deutsche Bank. Analyst Commentary Recent research updates have focused on refining assumptions around revenue growth, profitability and future P/E levels, which has fed directly into the latest price target revisions for Airtel Africa.Narrative Update • Apr 02
AAF: Buybacks And Margin Execution Will Shape Balanced Near Term Returns
Airtel Africa’s analyst price target has been revised to £3.75 from £3.66, with analysts pointing to updated assumptions around future P/E, profit margin and external research that includes a higher target from Deutsche Bank alongside a recent downgrade to Hold from HSBC. Analyst Commentary Recent Street research on Airtel Africa highlights a mix of optimism around valuation support and caution on execution, which helps explain the modest uplift in the consolidated price target.Narrative Update • Mar 19
AAF: Higher Margins And Buybacks Will Shape Balanced Near Term Returns
Analysts have raised their price target on Airtel Africa to £4.00 from £3.60, citing updated assumptions around slightly higher revenue, stronger profit margins and a lower expected future P/E multiple. Analyst Commentary Bullish Takeaways Bullish analysts point to slightly higher revenue assumptions as support for the new £4.00 price target, suggesting the business model can sustain a higher earnings base than previously factored in.Narrative Update • Mar 04
AAF: Fair P/E And Mixed Rating Actions Will Shape Near-Term Returns
The analyst fair value estimate for Airtel Africa has increased from £3.05 to £3.66. Analysts attribute the change to updated P/E assumptions, revised margin expectations, and a mix of recent rating actions.
Narrative Update • Feb 18
AAF: Future Multiple Expansion Will Likely Stall After Recent Rating Downgrade
Airtel Africa's analyst price target has shifted to £3.02 from £1.44, with analysts pointing to updated fair value assumptions, a higher discount rate, and a revised future P/E outlook that reflects recent research, including a higher target from Deutsche Bank and a Hold stance from HSBC. Analyst Commentary Recent Street research on Airtel Africa highlights a mix of views, with some analysts adjusting price targets while others shift to a more neutral stance.Narrative Update • Feb 04
AAF: Future Returns Will Depend On Elevated P/E And Board Decisions
Analysts have lifted their fair value estimate for Airtel Africa from £3.79 to £4.62 per share, citing recent Street research that includes a higher price target from one bank and a Hold rating with a £4.00 target from another as key inputs to their updated assumptions on growth, margins and future P/E. Analyst Commentary Recent Street research on Airtel Africa has been mixed, but the latest fair value uplift reflects the way bullish analysts are leaning into higher price targets while still recognising execution risks.Analysis Article • Feb 02
Market Participants Recognise Airtel Africa Plc's (LON:AAF) Revenues
Airtel Africa Plc's ( LON:AAF ) price-to-sales (or "P/S") ratio of 2.7x may not look like an appealing investment...Narrative Update • Jan 21
AAF: Recent Downgrade And Full P/E Will Curb Near-Term Upside
Analysts have trimmed their price target for Airtel Africa to £4.00 per share, reflecting a more cautious stance after recent research updates while still incorporating updated fair value assumptions and P/E expectations. Analyst Commentary Recent research has shifted to a more neutral stance on Airtel Africa, with the new £4.00 price target aligning closely with the updated 400 GBp target.Narrative Update • Jan 07
AAF: Future Returns Will Depend On Board Decisions And Dividend Delivery
Analysts have trimmed their price target for Airtel Africa to US$3.79 from US$3.88, citing updated assumptions around revenue growth, profit margins and future P/E levels. What's in the News Airtel Africa has scheduled a board meeting for January 29, 2026, to consider a change in the board of directors.Analysis Article • Dec 29
Shareholders Would Enjoy A Repeat Of Airtel Africa's (LON:AAF) Recent Growth In Returns
Did you know there are some financial metrics that can provide clues of a potential multi-bagger? Typically, we'll want...Narrative Update • Dec 21
AAF: Future Profitability And Capital Returns Will Drive Further Upside
Analysts have raised their price target on Airtel Africa from 2.98 dollars to 3.88 dollars, citing higher expected profitability and a modestly richer valuation multiple, despite slightly softer long term revenue growth assumptions and a marginally higher discount rate. What's in the News Airtel Africa has scheduled a board meeting for January 29, 2026 to consider a potential change in its board of directors (company filing).Narrative Update • Dec 07
AAF: Board Changes, Dividend And Buyback Extension Will Shape Balanced Outlook
Analysts have nudged their price target for Airtel Africa slightly higher to reflect modestly stronger expected revenue growth, which is only partially offset by a marginally lower profit margin and a slightly richer future valuation multiple. What's in the News Airtel Africa has scheduled a board meeting for January 29, 2026 to consider a directorate change, signaling potential shifts in senior leadership (company filing).Narrative Update • Nov 23
AAF: Board Actions and Buyback Extension Will Guide Measured Outlook
Analysts have raised their price target for Airtel Africa from $2.77 to $2.86, citing strengthened future earnings expectations and improved valuation multiples. What's in the News The Board of Airtel Africa Plc will meet on January 29, 2026, to consider changes in its directorate (Board Meeting).Narrative Update • Nov 07
AAF: Upgrades and Execution Will Shape Returns Amid Mixed Market Conditions
Narrative Update on Airtel Africa The analyst price target for Airtel Africa has been raised from £2.45 to £2.77 per share. This reflects growing confidence by analysts in the company’s financial outlook, following recent upgrades in investment recommendations.Analysis Article • Oct 29
With Airtel Africa Plc (LON:AAF) It Looks Like You'll Get What You Pay For
When close to half the companies in the Wireless Telecom industry in the United Kingdom have price-to-sales ratios (or...Narrative Update • Oct 24
Upgrades And Market Expansion Will Drive Future Opportunity In African Telecommunications
Analysts have raised their price target for Airtel Africa from £2.40 to £2.80 per share, citing improved growth prospects and stronger profitability forecasts. Analyst Commentary Recent Street research has provided key insights into Airtel Africa’s valuation and strategic outlook.Narrative Update • Oct 10
Rising Smartphone Adoption And Fintech Trends Will Spur Opportunity
Airtel Africa’s analyst price target has increased from £2.37 to £2.45. Analysts cite improved profit margins and sustained buy ratings as key factors behind the upward revision.Analysis Article • Sep 26
We Think Airtel Africa (LON:AAF) Might Have The DNA Of A Multi-Bagger
What are the early trends we should look for to identify a stock that could multiply in value over the long term...Narrative Update • Sep 26
Rising Smartphone Adoption And Fintech Trends Will Spur Opportunity
The consensus analyst price target for Airtel Africa has been modestly raised to £2.37, reflecting slightly higher revenue growth forecasts and a small increase in the expected future P/E multiple. What's in the News Between April 1 and June 30, 2025, Airtel Africa repurchased 12,889,044 shares (0.35%) for $26.16 million.Narrative Update • Sep 11
Rising Smartphone Adoption And Fintech Trends Will Spur Opportunity
Airtel Africa’s consensus price target has been raised to £2.30, as analysts cite stronger revenue growth in data and mobile money, improved margins from cost efficiencies, favorable forex trends, and a more stable regulatory environment. Analyst Commentary Bullish analysts cite stronger revenue growth momentum, especially in data and mobile money segments.Narrative Update • Aug 27
Rising Smartphone Adoption And Fintech Trends Will Spur Opportunity
Airtel Africa's consensus price target has been raised to £2.22 as analysts cite strong subscriber growth, rising ARPU, operational improvements, and successful deleveraging as key drivers of upgraded sentiment and valuation. Analyst Commentary Bullish analysts cited continued robust subscriber growth and increasing ARPU (average revenue per user) as key drivers for upgrades.Analysis Article • Jul 09
Investors Still Waiting For A Pull Back In Airtel Africa Plc (LON:AAF)
When close to half the companies in the Wireless Telecom industry in the United Kingdom have price-to-sales ratios (or...
New Narrative • Apr 30
Expanding Mobile Money And 4G Will Brighten Nigeria Telecom Outlook
Strong revenue growth driven by increased smartphone penetration and mobile money customer base expansion, with strategic investments in 4G and network improvements.Earnings and Revenue Growth Forecasts
| Date | Revenue | Earnings | Free Cash Flow | Cash from Op | Avg. No. Analysts |
|---|---|---|---|---|---|
| 3/31/2029 | 10,137 | 1,829 | 1,159 | N/A | 5 |
| 3/31/2028 | 8,906 | 1,425 | 1,393 | 3,086 | 8 |
| 3/31/2027 | 7,702 | 1,014 | 777 | 2,651 | 8 |
| 3/31/2026 | 6,442 | 679 | 2,320 | 3,195 | N/A |
| 12/31/2025 | 6,012 | 536 | 2,180 | 2,949 | N/A |
| 9/30/2025 | 5,591 | 492 | 1,972 | 2,675 | N/A |
| 6/30/2025 | 5,234 | 339 | 1,645 | 2,420 | N/A |
| 3/31/2025 | 4,977 | 220 | 1,407 | 2,266 | N/A |
| 12/31/2024 | 4,776 | 60 | 1,189 | 2,116 | N/A |
| 9/30/2024 | 4,743 | -79 | 1,100 | 2,117 | N/A |
| 6/30/2024 | 4,780 | 12 | 1,162 | 2,093 | N/A |
| 3/31/2024 | 5,000 | -165 | 1,230 | 2,259 | N/A |
| 12/31/2023 | 5,224 | 134 | 1,251 | 2,284 | N/A |
| 9/30/2023 | 5,336 | 312 | 1,015 | 2,339 | N/A |
| 6/30/2023 | 5,393 | 330 | 1,073 | 2,420 | N/A |
| 3/31/2023 | 5,268 | 663 | 948 | 2,229 | N/A |
| 12/31/2022 | 5,146 | 659 | 951 | 2,223 | N/A |
| 9/30/2022 | 5,015 | 642 | 1,195 | 2,100 | N/A |
| 6/30/2022 | 4,868 | 669 | 1,090 | 1,953 | N/A |
| 3/31/2022 | 4,724 | 631 | 1,272 | 2,011 | N/A |
| 12/31/2021 | 4,570 | 573 | 1,098 | 1,948 | N/A |
| 9/30/2021 | 4,383 | 513 | 981 | 1,844 | N/A |
| 6/30/2021 | 4,180 | 422 | 956 | 1,805 | N/A |
| 3/31/2021 | 3,919 | 339 | 751 | 1,666 | N/A |
| 12/31/2020 | 3,752 | 271 | 759 | 1,548 | N/A |
| 9/30/2020 | 3,604 | 266 | 714 | 1,508 | N/A |
| 6/30/2020 | 3,493 | 287 | 599 | 1,414 | N/A |
| 3/31/2020 | 3,439 | 370 | 576 | 1,387 | N/A |
| 12/31/2019 | 3,322 | 331 | N/A | 1,416 | N/A |
| 9/30/2019 | 3,224 | 374 | N/A | 1,267 | N/A |
| 6/30/2019 | 3,148 | 394 | N/A | 1,078 | N/A |
| 3/31/2019 | 3,103 | 388 | N/A | 1,071 | N/A |
| 3/31/2018 | 2,927 | -138 | N/A | 831 | N/A |
| 3/31/2017 | 2,891 | -630 | N/A | 421 | N/A |
Analyst Future Growth Forecasts
Earnings vs Savings Rate: AAF's forecast earnings growth (27.3% per year) is above the savings rate (3.4%).
Earnings vs Market: AAF's earnings (27.3% per year) are forecast to grow faster than the UK market (11.5% per year).
High Growth Earnings: AAF's earnings are expected to grow significantly over the next 3 years.
Revenue vs Market: AAF's revenue (14.3% per year) is forecast to grow faster than the UK market (4.5% per year).
High Growth Revenue: AAF's revenue (14.3% per year) is forecast to grow slower than 20% per year.
Earnings per Share Growth Forecasts
Future Return on Equity
Future ROE: AAF's Return on Equity is forecast to be very high in 3 years time (43.9%).
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Company Analysis and Financial Data Status
| Data | Last Updated (UTC time) |
|---|---|
| Company Analysis | 2026/06/11 03:52 |
| End of Day Share Price | 2026/06/11 00:00 |
| Earnings | 2026/03/31 |
| Annual Earnings | 2026/03/31 |
Data Sources
The data used in our company analysis is from S&P Global Market Intelligence LLC. The following data is used in our analysis model to generate this report. Data is normalised which can introduce a delay from the source being available.
| Package | Data | Timeframe | Example US Source * |
|---|---|---|---|
| Company Financials | 10 years |
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| Analyst Consensus Estimates | +3 years |
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| Market Prices | 30 years |
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| Ownership | 10 years |
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| Management | 10 years |
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| Key Developments | 10 years |
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* Example for US securities, for non-US equivalent regulatory forms and sources are used.
Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more.
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Industry and Sector Metrics
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Analyst Sources
Airtel Africa Plc is covered by 14 analysts. 8 of those analysts submitted the estimates of revenue or earnings used as inputs to our report. Analysts submissions are updated throughout the day.
| Analyst | Institution |
|---|---|
| Linet Muriungi | Absa Bank Limited |
| Ganesha Nagesha | Barclays |
| Cesar Tiron | BofA Global Research |