Airtel Africa Plc

DB:9AA Stock Report

Market Cap: €5.0b

Airtel Africa Valuation

Is 9AA undervalued compared to its fair value, analyst forecasts and its price relative to the market?

Valuation Score

4/6

Valuation Score 4/6

  • Below Fair Value

  • Significantly Below Fair Value

  • Price-To-Sales vs Peers

  • Price-To-Sales vs Industry

  • Price-To-Sales vs Fair Ratio

  • Analyst Forecast

Share Price vs Fair Value

What is the Fair Price of 9AA when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Discounted Cash Flow
Simply Wall St
€5.88
Fair Value
76.5% undervalued intrinsic discount
9
Number of Analysts

Below Fair Value: 9AA (€1.38) is trading below our estimate of fair value (€5.88)

Significantly Below Fair Value: 9AA is trading below fair value by more than 20%.

Key Valuation Metric

Which metric is best to use when looking at relative valuation for 9AA?

Key metric: As 9AA is unprofitable we use its Price-To-Sales Ratio for relative valuation analysis.

The above table shows the Price to Sales ratio for 9AA. This is calculated by dividing 9AA's market cap by their current revenue.
What is 9AA's PS Ratio?
PS Ratio1.1x
SalesUS$4.74b
Market CapUS$5.16b

Price to Sales Ratio vs Peers

How does 9AA's PS Ratio compare to its peers?

The above table shows the PS ratio for 9AA vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyForward PSEstimated GrowthMarket Cap
Peer Average0.7x
FNTN freenet
1.2x0.8%€3.3b
1U1 1&1
0.5x2.0%€2.1b
O2D Telefónica Deutschland Holding
0.7x-0.9%€6.2b
UTDI United Internet
0.4x3.8%€2.6b
9AA Airtel Africa
1.1x12.6%€4.2b

Price-To-Sales vs Peers: 9AA is expensive based on its Price-To-Sales Ratio (1.1x) compared to the peer average (0.7x).

Price to Sales Ratio vs Industry

How does 9AA's PS Ratio compare vs other companies in the Global Wireless Telecom Industry?

9 CompaniesPrice / SalesEstimated GrowthMarket Cap
9AA 1.1xIndustry Avg. 1.3xNo. of Companies12PS00.81.62.43.24+
9 CompaniesEstimated GrowthMarket Cap
No more companies

Price-To-Sales vs Industry: 9AA is good value based on its Price-To-Sales Ratio (1.1x) compared to the Global Wireless Telecom industry average (1.3x).

Price to Sales Ratio vs Fair Ratio

What is 9AA's PS Ratio compared to its Fair PS Ratio? This is the expected PS Ratio taking into account the company's forecast earnings growth, profit margins and other risk factors.

9AA PS Ratio vs Fair Ratio.
Fair Ratio
Current PS Ratio1.1x
Fair PS Ratio1.7x

Price-To-Sales vs Fair Ratio: 9AA is good value based on its Price-To-Sales Ratio (1.1x) compared to the estimated Fair Price-To-Sales Ratio (1.7x).

Analyst Price Targets

What is the analyst 12-month forecast and do we have any statistical confidence in the consensus price target?

The above table shows the analyst 9AA forecast and predictions for the stock price in 12 month’s time.
DateShare PriceAverage 1Y Price TargetDispersionHighLow1Y Actual priceAnalysts
Current€1.38
€1.65
+19.8%
19.0%€2.39€1.29n/a9
Jan ’26€1.39
€1.64
+18.2%
19.5%€2.41€1.28n/a9
Dec ’25€1.28
€1.62
+26.3%
20.1%€2.40€1.26n/a9
Nov ’25€1.22
€1.65
+34.8%
17.9%€2.40€1.43n/a9
Oct ’25€1.36
€1.63
+19.5%
17.5%€2.35€1.41n/a9
Sep ’25€1.38
€1.61
+16.8%
16.9%€2.34€1.40n/a9
Aug ’25€1.33
€1.69
+27.1%
15.7%€2.39€1.44n/a10
Jul ’25€1.35
€1.64
+21.2%
18.3%€2.36€1.23n/a10
Jun ’25€1.38
€1.55
+12.5%
11.7%€1.86€1.21n/a10
May ’25€1.28
€1.56
+22.2%
14.7%€1.89€1.10n/a10
Apr ’25€1.21
€1.54
+27.1%
15.1%€1.86€1.08n/a10
Mar ’25€1.12
€1.65
+47.3%
21.6%€2.47€1.09n/a10
Feb ’25€1.29
€1.79
+38.5%
16.2%€2.45€1.48n/a10
Jan ’25€1.47
€1.83
+24.7%
17.1%€2.46€1.49€1.398
Dec ’24€1.28
€1.80
+40.3%
16.5%€2.44€1.48€1.288
Nov ’24€1.34
€1.82
+35.9%
15.5%€2.41€1.52€1.228
Oct ’24€1.42
€1.87
+31.6%
15.6%€2.44€1.52€1.368
Sep ’24€1.32
€1.92
+45.6%
37.6%€3.61€0.88€1.388
Aug ’24€1.33
€1.85
+39.4%
38.9%€3.56€0.87€1.338
Jul ’24€1.26
€1.86
+47.8%
36.3%€3.52€0.88€1.359
Jun ’24€1.40
€1.91
+36.5%
35.7%€3.55€0.84€1.389
May ’24€1.37
€1.88
+37.5%
34.7%€3.44€0.83€1.289
Apr ’24€1.21
€1.90
+57.0%
34.8%€3.48€0.83€1.219
Mar ’24€1.36
€1.95
+43.5%
33.0%€3.47€0.85€1.129
Feb ’24€1.32
€1.88
+42.1%
34.6%€3.42€0.78€1.299
Jan ’24€1.24
€1.91
+53.7%
34.8%€3.51€0.81€1.479
Analyst Price Target
Consensus Narrative from 9 Analysts
€1.66
Fair Value
16.9% undervalued intrinsic discount
9
Number of Analysts

Analyst Forecast: Target price is more than 20% higher than the current share price, but analysts are not within a statistically confident range of agreement.

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Company Analysis and Financial Data Status

DataLast Updated (UTC time)
Company Analysis2025/01/10 02:40
End of Day Share Price 2025/01/10 00:00
Earnings2024/09/30
Annual Earnings2024/03/31

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.

PackageDataTimeframeExample US Source *
Company Financials10 years
  • Income statement
  • Cash flow statement
  • Balance sheet
Analyst Consensus Estimates+3 years
  • Forecast financials
  • Analyst price targets
Market Prices30 years
  • Stock prices
  • Dividends, Splits and Actions
Ownership10 years
  • Top shareholders
  • Insider trading
Management10 years
  • Leadership team
  • Board of directors
Key Developments10 years
  • Company announcements

* 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 here.

Analysis Model and Snowflake

Details of the analysis model used to generate this report is available on our Github page, we also have guides on how to use our reports and tutorials on Youtube.

Learn about the world class team who designed and built the Simply Wall St analysis model.

Industry and Sector Metrics

Our industry and section metrics are calculated every 6 hours by Simply Wall St, details of our process are available on .

Analyst Sources

Airtel Africa Plc is covered by 17 analysts. 11 of those analysts submitted the estimates of revenue or earnings used as inputs to our report. Analysts submissions are updated throughout the day.

AnalystInstitution
Linet MuriungiAbsa Bank Limited
Maurice PatrickBarclays
Cesar TironBofA Global Research