Airtel Africa Plc

9AA.F · Communication Services · Telecom Services · Valued as of 2026-11-05 · Statements 2026-03-31

How Each Value Is Built

The screener's three formulas on the reported figures. Each card reads the same way: the value as a sum of numbered terms, each term's calculation opened under it, from the reported figures to the value. The list ranks companies by their plain average over the market cap.

What it is worth

EPV + Growth

14.08B USD

what the normal year's earnings are worth for ever, plus growth that pays

Profit

3.62B USD

15 years of cash the shareholders can take out, and the equity left at year 15

FCFF

7.04B USD

15 years of cash for shareholders and lenders, less what is owed

Average Intrinsic Value

8.25B USD

The plain average of EPV, Profit and FCFF

Against the price

Market Cap

12.79B USD

the price on the date above times the shares

Intrinsic Value ÷ Market Cap

0.65×

the ratio the screener ranks by

Margin of Safety

-55.0%

1 − Market Cap / Average Intrinsic Value

Projections, not exact values. Intrinsic Values are projected from each company's past reports. They show which stocks look cheap compared with the others, not exactly what a stock is worth.

Earnings power value plus growth: 14.08B USD
What the normal year's operating profit after tax is worth if it lasts for ever, plus what the new investment adds beyond its cost, less the net debt that comes before the shareholders (or plus the net cash).
①EPV (earnings power value)16.39B USD
−②Net Debt Today5.72B USD
+③Growth Value3.41B USD
=Value14.08B USD

EPV of the Operations (NOPAT over WACC)

16.39B USD

Net debt today

-5.72B USD

Growth Value

+3.41B USD

Value

14.08B USD

①EPV (Earnings Power Value)

16.39B USD

②Net Debt Today

5.72B USD

③Growth Value

3.41B USD

Market value

Market Cap12.79B USD

The price on the date above times the shares.

Value vs market

Margin of Safety+9.2%

1 minus the market cap as a share of the value.

Profit value: today's value of the shareholders' equity, from the cash it can pay them (FCFE): 3.62B USD
Fifteen years of free cash flow to equity (FCFE), each brought to today at the cost of equity, plus the equity at year 15 brought to today.

The projection was not made (a profit at or below zero in the latest three years), so the value is the book value today, 3.62B USD, as the screener leaves it.

①Present Value of the 15 Years of FCFE

Not in the value

②Equity at Year 15, Today

Not in the value

Market value

Market Cap12.79B USD

The price on the date above times the shares.

Value vs market

Margin of Safety-253.3%

1 minus the market cap as a share of the value.

FCFF value: today's value of the shareholders' equity, from the cash the firm can pay its shareholders and lenders (FCFF): 7.04B USD
Fifteen years of free cash flow to the firm (FCFF), each brought to today at the WACC, plus the invested capital at year 15 brought to today, less the net debt today (or plus the net cash).
①Present Value of the 15 Years of FCFF9.39B USD
+②Invested Capital at Year 15, Today3.38B USD
−③Net Debt Today5.72B USD
=Value7.04B USD
FCFF: the NOPAT left for the shareholders and the lenders once the business reinvests what next year's growth needsReinvestment: the part of the year's NOPAT put back into the business to grow the next year; below zero, capital the business releasesPresent value of the FCFFColoured bars show the FCFF, grey bars the reinvestment. With a positive reinvestment the two stacked are the year's NOPAT; with a negative one the grey is below zero, capital the business releases, and the NOPAT is the FCFF plus that negative amount. Shaded, years 6 to 10: the growth rising to its long-run rate and the ROIC on new investment falling to the WACC. Axes linear.

①Present Value of the 15 Years of FCFF

9.39B USD

②Invested Capital at Year 15, Today

3.38B USD

③Net Debt Today

5.72B USD

Market value

Market Cap12.79B USD

The price on the date above times the shares.

Value vs market

Margin of Safety-81.5%

1 minus the market cap as a share of the value.

The Rates and the Capital the Values Read

The WACC and the cost of equity each value is discounted at, the book value and the net debt each starts from, and the seven quality metrics, from the same run.

WACC: 7.58%
Cost of Equity =Risk-Free Rate 4.50%+Beta 0.59×Market Risk Premium 6.00%= 8.02%

The yearly return the shareholders require for the risk they carry; it is the rate that brings their future cash to today.

Tax Rate for WACC =Tax Provision 606.61M USDPretax Income 1.42B USD= 42.71%

The tax the interest saves.

Interest Expense =EBIT 2,207.20M USD−Pretax Income 1,420.42M USD= 786.79M USD

The interest the company paid: EBIT is the profit before tax plus the interest.

Cost of Debt =Interest Expense 786.79M USDTotal Debt 6.69B USD×(1 − Tax Rate for WACC 42.71%)= 6.74%

What the lenders are paid a year after the tax the interest saves.

Debt Weight =Total Debt 6.69B USDMarket Cap + Total Debt 12.79B USD + 6.69B USD= 34.33%

The part of the capital the lenders put in, at market value.

WACC =Equity Weight 65.67%×Cost of Equity 8.02%+Debt Weight 34.33%×Cost of Debt 6.74%= 7.58%

Weighted average cost of capital: the yearly return the shareholders and the lenders together require, weighted by what each puts in; the rate that brings the firm's future cash to today.

Book value and net debt today
Both from the balance sheet of the newest quarter, 2026-09-30.

Total Assets 14.67B USD − Total Liabilities 11.05B USD = Book Value Today 3.62B USD

Total Debt 6.69B USD − Cash and Short-Term Investments 963.96M USD = Net Debt Today 5.72B USD

The book value is what Profit starts from and what stands when a projection is not made; the book value plus the net debt is what FCFF starts from; the net debt comes off Greenwald's and FCFF's values before the shareholders.

Quality metrics
Read beside the value, never a condition for it: every company is valued, and a filter in the list is the reader's choice.
MetricFrom
Share dilutionShares Today ÷ Shares Two Years Back − 1-3.2%at most 5%passes3,624,229,288 / 3,743,673,161
Accrual quality(Operating Cash Flow − Net Income) ÷ Total Assets17.2%at least -10.0%passes(3.20B USD − 679.68M USD) ÷ 14.67B USD
Price to bookMarket Cap ÷ Book Value Today3.53×at most 3×does not pass12.79B USD ÷ 3.62B USD
Operating marginOperating Income ÷ Revenue33.1%above 10.0%passes2.13B USD ÷ 6.42B USD
Revenue growthRevenue ÷ Revenue a Year Before − 129.5%above 10.0%passes6.42B USD / 4.96B USD
Net cash(Cash − Total Debt) ÷ Market Cap-46.7%above -30%does not pass(717.72M USD − 6.69B USD) ÷ 12.79B USD
Operating efficiencyOperating Income ÷ Gross Profit45.4%above 25.0%passes2.13B USD ÷ 4.68B USD

Market Data

The provider's ratios and the analysts' consensus beside the argument; none of them enters a value.

Share price

3.14 EUR

Enterprise value

17.70B EUR

the provider's own figure

EV / EBITDA

5.60×

Price / book

3.91×

the provider's book

Price / earnings

17.43×

Return on equity

26.5%

the provider's figure, not this page's

Profit margin

10.3%

Revenue growth

25.2%

Analyst target, mean

—

Analysts

—

opinions in the consensus

Financial Statements

The annual lines the screener holds, year by year, in USD at each period's rate; the figures this valuation read are in its calculation above.

Income statement (USD)2023202420252026

Revenue

5.26B4.98B4.96B6.42B

Gross profit

3.58B3.50B3.49B4.68B

Operating income

1.77B1.65B1.47B2.13B

EBITDA

operating income before depreciation and amortisation

2.22B1.16B2.13B3.26B

Pretax income

1.04B-63.06M661.66M1.42B

Net income

663.66M-165.16M220.22M679.68M

Normalized income

net income without one-off items, as the data provider prints it; Profit's line when printed

919.47M-1.50M340.34M579.83M

R&D

————
Balance sheet, year end (USD)2023202420252026

Total assets

11.18B9.87B12.04B13.98B

Total liabilities

7.37B7.57B9.26B10.49B

Shareholders' equity

the equity the parent's shareholders own, as printed, without minority interest; the book value the values read is total assets less total liabilities, in Book Value and Net Debt above

3.64B2.16B2.49B3.15B

Total debt

4.23B4.47B5.99B6.42B

Cash and equivalents

586.59M620.62M552.55M646.65M

Net PP&E

fixed assets after depreciation

4.01B3.54B5.31B6.27B

Working capital

current assets less current liabilities

-1.68B-1.76B-2.08B-2.09B
Cash flow (USD)2023202420252026

Operating cash flow

2.23B2.26B2.27B3.20B

Capital expenditure

paid out, so below zero

-1.28B-1.03B-859.86M-875.87M

Depreciation and amortisation

818.82M788.79M831.83M1.05B

Free cash flow

operating cash flow plus capital expenditure

948.95M1.23B1.41B2.32B