Airtel Africa

AAF.L

Telecommunications Services · Communication Services

Also trades as: AAFRF

Exchange

London Stock Exchange

Winston Score

Winston is happy

A high-quality business with solid fundamentals.

Data as of Aug 23, 2026 · filings through Jun 30, 2026

How the score breaks down

Quality

Exceptional

Growth

Exceptional

Cash Flow

Exceptional

Stability

Good

Valuation

Strong

Dividends

Good

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Winston Score History

The full picture

Airtel Africa is a mobile phone and internet company that serves customers across 14 countries in Africa. It offers voice calls, mobile data, and a mobile money service called Airtel Money, which lets people send cash, pay bills, and access basic banking from their phones. It is one of the largest telecom operators on the continent by subscribers.

The company earns money through monthly airtime and data usage fees, as well as transaction fees on its Airtel Money platform. It operates across East Africa, Central Africa, and West Africa, with a particularly strong presence in Nigeria and Kenya. Its mobile money business gives it a competitive edge in regions where many people do not have traditional bank accounts. The key growth driver is the continued expansion of mobile data and financial services as smartphone adoption rises across Africa, though currency devaluations in several markets remain a significant ongoing risk to reported earnings.

Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+32.7% YoY

YoY Growth Rate

Revenue accelerating

EPS Growth

+259.2% YoY

YoY Growth Rate

Strong earnings growth

Insider Activity

86.2%ownership

→ Flat

Insider ownership roughly steady over the past year

Cash Position

Cash flow positive

£2.3B cash & investments

Quarterly Free Cash Flow

↓ Burn rate worsening

Company generates more cash than it spends — no dilution risk from fundraising

Revenue accelerating

Airtel Africa grew revenue 33% year-over-year and the growth rate is speeding up. That's the kind of momentum growth investors look for — the question is whether margins can follow.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

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Quality

Profit per sale

Gross Margin

51.8%

Healthy — 51.8% gross margin

Profit after running costs

Operating Margin

34.2%

Excellent — 34.2% operating margin

Return on the money invested

ROCE

40.2%

Exceptional — 40.2% return on capital

ROIC above 25%. Every dollar invested in the business earns more than 25 cents back per year.

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Growth

Sales growth

Sales YoY

+31.2%

Fast-growing sales (+31.2% YoY)

Profit growth

EPS YoY

+112.5%

Earnings growing fast (+112.5% YoY)

Earnings growing 25%+ a year. The compounder zone.

How steady the profit is

EPS Consistency

7/8 quarters

Every recent quarter grew earnings vs last year

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Cash Flow

Profit that turns into cash

Cash Conversion

392%

Turns 392% of profit into real cash

Spare cash per sale

FCF Margin

26.9%

Converts sales into free cash efficiently (26.9%)

Free cash flow margin above 20%. Out of every $100 in sales, more than $20 is real cash they keep.

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Stability

What it owes vs what it owns

Debt / Equity

0.78

Moderate — manageable debt (0.78)

Covers its interest

Interest Cover

2.53x

Tight — interest eats into profit (2.5x)

Interest coverage between 1 and 3. Profits cover interest, but with little room to spare.

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Valuation

Price vs profit

P/E Ratio (TTM)

22.8x

no trend

Growth-priced — P/E 22.8

P/E above the market average. People are paying up for expected growth.

Cheaper or dearer next year

P/E vs Forward

+11.8

GROWING

Earnings expected to grow meaningfully — cheaper on forward P/E (22.8 → 11.0)

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Dividends

Dividend

Dividend Yield

1.63%

no trend

Small dividend — 1.63% yield

Modest yield. The bulk of any return needs to come from price appreciation.

Dividend record

Dividend Growth

+19.7%

no trend

Dividend growing fast (19.7% YoY)

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