Company Valuation: Airtel Africa plc

Data adjusted to current consolidation scope
Fiscal Period: March 2021 2022 2023 2024 2025 2026 2027 2028
Capitalization 1 4,106 6,885 4,945 5,016 7,852 15,943 - -
Change - 67.69% -28.17% 1.44% 56.52% 103.05% - -
Enterprise Value (EV) 1 7,561 9,801 8,469 8,521 13,215 22,152 20,748 20,138
Change - 29.63% -13.59% 0.62% 55.08% 67.63% -1.32% -2.94%
P/E ratio 12.1x 10.9x 7.44x -30.4x 35.7x 24.5x 17.5x 13.8x
PBR 1.2x 1.97x 1.36x 2.32x 3.19x 5.29x 4.77x 3.98x
PEG - 0.1x 1.39x 0x -0x 0x 0.5x 0.5x
Capitalization / Revenue 1.05x 1.46x 0.94x 1.01x 1.58x 2.59x 2.09x 1.83x
EV / Revenue 1.93x 2.08x 1.61x 1.71x 2.67x 3.45x 2.72x 2.31x
EV / EBITDA 4.22x 4.24x 3.29x 3.51x 5.74x 7.01x 5.44x 4.6x
EV / EBIT 6.76x 6.38x 4.82x 5.2x 9.07x 10.5x 7.5x 6.08x
EV / FCF 10.1x 7.57x 5.93x 6.13x 8.64x 9.59x 17.7x 14.5x
FCF Yield 9.93% 13.2% 16.9% 16.3% 11.6% 10.4% 5.66% 6.92%
Dividend per Share 2 0.04 0.05 0.0545 0.0595 0.065 0.071 0.0778 0.0862
Rate of return 3.66% 2.73% 4.14% 4.45% 3.04% 1.56% 1.78% 1.97%
EPS 2 0.09 0.168 0.177 -0.044 0.06 0.186 0.2505 0.3181
Distribution rate 44.4% 29.8% 30.8% -135% 108% 38.2% 31.1% 27.1%
Net sales 1 3,908 4,714 5,255 4,979 4,955 6,415 7,636 8,704
EBITDA 1 1,792 2,311 2,575 2,428 2,304 3,162 3,817 4,376
EBIT 1 1,119 1,535 1,757 1,640 1,457 2,115 2,765 3,310
Net income 1 339 631 663 -165 220 679 897.3 1,175
Net Debt 1 3,455 2,916 3,524 3,505 5,363 5,569 4,805 4,195
Reference price 2 1.092 1.834 1.318 1.337 2.140 4.375 4.375 4.375
Nbr of stocks (in thousands) 3,758,152 3,754,452 3,753,219 3,750,747 3,669,830 3,644,344 - -
Announcement Date 12/05/21 11/05/22 11/05/23 09/05/24 08/05/25 08/05/26 - -
1USD in Million2USD
Estimates

P/E ratio, Detailed evolution

P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
24.12x3.28x6.63x1.61% 15.94B
12.35x1.45x4.49x6.51% 241B
9.58x2.44x6.55x6.09% 194B
13.8x2.15x5.7x4.09% 155B
13.69x0.93x3.5x5.72% 81.64B
12.8x1.99x5.01x2.4% 80.2B
18.35x5.87x21.29x3.92% 61.83B
15.47x2.62x8.17x5.11% 57.41B
17.77x2.01x6.2x4.32% 56.31B
13.72x2.55x5.86x4.93% 44.52B
Average 15.16x 2.53x 7.34x 4.47% 98.78B
Weighted average by Cap. 13.30x 2.21x 6.50x 5.13%

Y-o-Y evolution of P/E

Historical PBR trend

Evolution Enterprise Value / Sales

Change in Enterprise Value/EBITDA

Year-on-year evolution of the Yield

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