Safaricom PLC

NASE:SCOM Stock Report

Market Cap: KSh1.5t

Safaricom Future Growth

Future criteria checks 3/6

Safaricom is forecast to grow earnings and revenue by 16.4% and 8.9% per annum respectively. EPS is expected to grow by 14.9% per annum. Return on equity is forecast to be 56.6% in 3 years.

Key information

16.4%

Earnings growth rate

14.88%

EPS growth rate

Wireless Telecom earnings growth20.4%
Revenue growth rate8.9%
Future return on equity56.56%
Analyst coverage

Good

Last updated17 Aug 2026

Recent future growth updates

Recent updates

Narrative Update • Aug 07

SCOM: Lower Discount Rate And Higher Future P/E Will Support Earnings Profile

Analysts have lifted the Safaricom fair value estimate to KES 40.22 from KES 38.46, citing an adjusted discount rate and updated assumptions on revenue growth, profit margin and future P/E as the key drivers of the new price target. What’s in the News for Safaricom No recent Safaricom specific news items were available from the provided primary or secondary sources as at 6 Aug 2026.
Narrative Update • Jul 24

SCOM: Higher Margins And Ownership Shift Will Support Balanced Return Outlook

Analysts have lifted their Safaricom price target from KES 24.80 to KES 34.30, citing updated assumptions that combine slightly lower revenue growth expectations with higher projected profit margins and a modestly higher future P/E multiple. What's in the News for Safaricom Vodafone Kenya Limited agreed to acquire an additional 15% stake in Safaricom from the Government of Kenya for cash consideration of KES 204 billion, valuing the 20% economic interest in Safaricom at KES 34 per share.
Narrative Update • Jul 10

SCOM: Increased Vodafone Stake Will Support Stronger Long Term Earnings Power

Analysts have raised their fair value estimate for Safaricom from KES 43.00 to KES 45.00, citing updated assumptions that include slightly lower discount rates, modestly stronger revenue growth, a marginally higher profit margin outlook, and a reduced future P/E multiple. What's in the News for Safaricom Vodafone Kenya Limited agreed to acquire an additional 15% stake in Safaricom from the Government of Kenya for cash consideration of KES 204b, valuing the 20% economic interest in Safaricom at the equivalent of KES 34 per share.
Narrative Update • Jun 26

SCOM: Higher Margin Outlook Will Support Stronger Future Earnings Profile

Analysts have raised their KES fair value estimate for Safaricom to approximately KES 38.46 from about KES 33.31, reflecting updated assumptions that include a slightly lower discount rate, a revised revenue growth outlook, a higher profit margin profile, and a future P/E of roughly 19.80. What's in the News for Safaricom No recent Safaricom specific news items or periodical coverage are available in the provided sources as of 24 Jun 2026.
New Narrative • Feb 14

Safaricom: Why I'm Holding Long

If you're investing in the Nairobi Securities Exchange and don't own Safaricom, you need to seriously rethink your portfolio. This isn't hype — it's the closest thing we have to a blue-chip monopoly on the NSE, and the numbers back it up.

Earnings and Revenue Growth Forecasts

NASE:SCOM - Analysts future estimates and past financials data (KES Millions)
DateRevenueEarningsFree Cash FlowCash from OpAvg. No. Analysts
3/31/2029569,730154,983167,145252,7495
3/31/2028523,278134,020144,087221,4066
3/31/2027474,965109,758122,753194,2646
3/31/2026423,86695,60978,083169,908N/A
12/31/2025411,91590,03555,046147,374N/A
9/30/2025399,96584,46231,979124,812N/A
6/30/2025392,59977,13047,554131,253N/A
3/31/2025385,23369,79963,159137,723N/A
12/31/2024377,97963,37272,910145,632N/A
9/30/2024370,72656,94482,660153,541N/A
6/30/2024358,34559,96846,478130,732N/A
3/31/2024345,96362,99210,295107,924N/A
12/31/2023332,57662,97711,857107,799N/A
9/30/2023319,18962,96113,419107,675N/A
6/30/2023313,75162,61529,048111,913N/A
3/31/2023308,31362,26944,677116,151N/A
12/31/2022304,98764,10944,725105,204N/A
9/30/2022301,66165,94844,77294,258N/A
6/30/2022298,74967,7989,063102,479N/A
3/31/2022295,83869,648-26,646110,701N/A
12/31/2021289,76171,213N/AN/AN/A
9/30/2021283,68572,779N/AN/AN/A
6/30/2021272,81570,727N/AN/AN/A
3/31/2021261,94568,67665,551105,197N/A
12/31/2020259,52770,104N/AN/AN/A
9/30/2020257,10971,532N/AN/AN/A
6/30/2020259,80472,595N/AN/AN/A
3/31/2020262,49973,65874,264110,363N/A
12/31/2019260,01970,087N/AN/AN/A
9/30/2019257,37966,516N/AN/AN/A
6/30/2019253,75164,503N/AN/AN/A
3/31/2019250,12362,491N/A99,812N/A
12/31/2018246,21661,375N/AN/AN/A
9/30/2018242,44960,259N/A97,530N/A
6/30/2018238,32957,774N/A94,745N/A
3/31/2018234,20955,289N/A91,960N/A
12/31/2017230,90453,003N/AN/AN/A
9/30/2017227,60050,714N/AN/AN/A
6/30/2017221,44049,579N/AN/AN/A
3/31/2017215,27848,444N/A79,528N/A
12/31/2016208,01646,198N/AN/AN/A
9/30/2016200,75943,954N/A74,115N/A
6/30/2016198,32541,029N/A69,364N/A
3/31/2016195,89038,104N/A64,603N/A
12/31/2015188,81536,672N/AN/AN/A
9/30/2015181,74035,240N/AN/AN/A

Analyst Future Growth Forecasts

Earnings vs Savings Rate: SCOM's forecast earnings growth (16.4% per year) is above the savings rate (14.3%).

Earnings vs Market: SCOM's earnings (16.4% per year) are forecast to grow faster than the KE market (14.6% per year).

High Growth Earnings: SCOM's earnings are forecast to grow, but not significantly.

Revenue vs Market: SCOM's revenue (8.9% per year) is forecast to grow slower than the KE market (11.7% per year).

High Growth Revenue: SCOM's revenue (8.9% per year) is forecast to grow slower than 20% per year.

Earnings per Share Growth Forecasts

Future Return on Equity

Future ROE: SCOM's Return on Equity is forecast to be very high in 3 years time (56.6%).

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Company Analysis and Financial Data Status

DataLast Updated (UTC time)
Company Analysis2026/08/21 17:16
End of Day Share Price 2026/08/21 00:00
Earnings2026/03/31
Annual Earnings2026/03/31

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.

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 Github.

Analyst Sources

Safaricom PLC is covered by 14 analysts. 6 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
Sarah WangaAIB-AXYS Africa Limited
null nullAIB-AXYS Africa Limited