Airtel Africa Plc (AAF) fair value: what the stock is really worth
As of Oct 2, 2026: fair value of Airtel Africa Plc £3.38, price £3.08, upside +9.9%, quality 69 out of 100. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.
69 individual criteria per stock, every one traceableSee the method →
Price vs Fair Value
White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Sep 27, 2026.
How to read this chart
60‑month range £0.7803 – £4.20 · fair‑value band £2.33 – £4.58 · the £3.08 price screens below the £3.38 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Sep 27, 2026.
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Airtel Africa Plc, together with its subsidiaries, provides telecommunications and mobile money services in Nigeria, East Africa, and Francophone Africa.
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Airtel Africa Plc, together with its subsidiaries, provides telecommunications and mobile money services in Nigeria, East Africa, and Francophone Africa. It offers pre and post-paid wireless voice, international roaming, and fixed line telephony services; data services, including 4G and 5G, home broadband, fibre, and data centers; and mobile money services, such as digital wallet payments systems, microloans, merchant, savings, insurance, international, and international money transfers. The company also provides messaging, value added, and tower sharing services, as well as infrastructure sharing, mobile commerce, and support services. The company was incorporated in 2018 and is based in London, the United Kingdom. Airtel Africa Plc is a subsidiary of Airtel Africa Mauritius Limited.
Stock analysis
Airtel Africa Plc (AAF) currently trades at £3.08, while our model-based Fair Value estimate is £3.38, so the stock looks roughly fairly valued today (gap 9.0%).
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Valuation
Bull case: the DCF Models group reads highest at a median of £6.87 per share, and 17 of the 26 models we run sit above the £3.08 price.
Bear case: the Asset-Based group reads lowest at £0.4400, and 9 of the 26 models stay below the price. Evidence for this calculation is high.
Scenario range: £2.33 (bear) to £4.58 (bull), the price of £3.08 sits inside it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.
Quality & growth
The Quality Score stands at 69/100 (solid quality), in the Communication Services sector.
Healthy Growth: Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Airtel Africa Plc reported revenue of $6.4B in FY2026 versus $4.7B in FY2022, a compound +8.0%/yr. Reported net income was $679M in FY2026, compounding +1.8%/yr from FY2022.
Key figures
Market cap 11.3B GBX · P/E ratio 22.0 · P/S ratio 2.33 · EPS (TTM) £0.1400 · Dividend yield 1.6% · Net margin 10.6% · Return on equity 26.4% · Return on assets (EBIT) 14.9%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 50 out of 100 (low confidence).
What moves the price
The share trades about 27% below its 52-week high and 37% above its 52-week low, currently below its 200-day average.
For context, the median of 10 Communication Services peers we cover trades at 36% fair-value upside, at 10%, AAF screens richer than that median.
Fair Value models
Bear £2.33Fair Value £3.38Bull £4.58
Price £3.08 · Upside +9.9%
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above is their evidence-weighted blend, not the output of a single model. Based on fiscal year 2026 figures (about 6 months old). Earnings retained since then (£0.0460 per share) are deliberately not added.Bear ⓘBear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull ⓘBull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. If a model's bull case is above four times its base value, the table shows that limit with a > sign (like the overall Bull above): beyond it no assumption holds.Evidence ⓘEvidence = how well-backed THIS model's estimate is for this stock (0–100): how complete and reliable its input data are, and how well the model fits the company. The final Fair Value is an evidence-weighted blend, so better-evidenced models count more. Green ≥70, amber 50–69, grey below 50.
Growth Quality ⓘGrowth is valuable only when reinvestment earns attractive returns (Aswath Damodaran): sustainable growth depends on return on capital, reinvestment and efficiency. Basis: total company revenue over the periods shown on the cards (3Y/5Y/all years), not per share, so a merger can show up as a growth jump; per-share earnings growth is in the value-creation card.92/100
Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Revenue growth 1 year
+29.5%
Revenue growth 3 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+6.9%
Revenue growth 5 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+10.4%
Start year 2021 (pandemic)
Revenue growth 9 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+9.3%
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What shareholders gained per year (last 5 years) ⓘWhat the business itself delivers per year: earnings growth per share plus the dividend yield. This is what you get IF the market keeps valuing the stock the same way: it contains no assumption about the market changing its mind. Computed per share, so buybacks count and a merger does not pass as growth. For a company that pays no dividend it is pure earnings growth per share. Period: earnings growth per share as CAGR over the last 5 reported fiscal years (annual statements), plus the current dividend yield. The start value is the median of the three years around the start, so a single crisis year (a pandemic or a write-down) does not distort the rate. Basis: EBIT basis.
≈ +11.7%
Earnings growth per share plus dividend.
Earnings per share, growth per year+10.1%
Dividend (yield on the price)1.6%
Profit margin 2021 to 2026 ⓘOperating margin then vs now, from reported annual statements. A falling margin after a boom year is the classic peak-earnings signal: the growth rate then leans on an inflated base.29% → 33%
⚠ Rate on operating basis: 2026 sits 58% above its own trend.
Growth Forecast
Little optimism in the price
The price assumes less growth than the company has delivered so far and less than analysts expect.
What the price assumes ⓘThis turns our valuation around: instead of asking what the share is worth, it asks what growth the current price requires. It uses the cash the company keeps after all spending (free cash flow), the same discount rate as our models, five years of growth, then slowing evenly to 2 % a year by year ten. Compared with the analysts' sales forecasts extended to the same five years (at least three analysts, for context only, it does not enter the Fair Value): within 3 percentage points counts as "in line" (amber), below that little optimism (green), above that a lot of optimism (red).
−7.1%
Yearly growth needed for the next five years to justify today's price.
What forecasts expect ⓘAnalysts publish sales forecasts for the next two fiscal years. For the years after that, growth slows evenly to 2 % a year by year ten (2 % is the long-run rate our models use). Projected years are marked as such.
+14.6%
Yearly sales growth analysts expect, extended to five years.
After inflation (figures in USD, USA: IMF forecast 2.4% a year to 2030, 3.1% from 2016 to 2025) that is about −9.2% a year for the price and +11.9% for the forecasts.
News mood ⓘNews mood, the average tone of recent news (96 articles), rated against how stocks are usually covered. 🚀 Hype = unusually upbeat · 🙂 Positive = above average · 😐 Neutral = typical · 🙁 Negative = below average · 😨 Very negative = unusually downbeat. It reflects the tone of coverage, not our valuation.Positive
Recent news coverage is more positive than average.
Price, fair value, quality and upside side by side.
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Peer GroupⓘHow this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.Telecom Services · 240 stocks
Beats the industry median on 9/13 measures
Overall it ranks above its industry peers.
Valuation
Quality Score69 · Top 25%
Fair Value upside+9.9% · Above median
Profitability
Return on equity (TTM)26.4% · Top 25%
Return on assets10.7% · Top 25%
Net margin (TTM)10.4% · Above median
Operating margin (TTM)33.8% · Top 25%
Growth and dividend
Revenue growth30.5% · Top 25%
Dividend yield (TTM)1.6% · Below median
Balance sheet
Debt / equity0.37× · Above median
Valuation Multiplesvs Telecom Services median · lower = cheaper
P/E (TTM)22.0× · Pricier than median
P/B4.72× · book value is mostly goodwill ⓘGoodwill and other intangible assets are larger than the equity. The book value mainly reflects prices paid for past acquisitions, so we do not rank this P/B against the peer group.
For bloggers, editors and developers: paste this into your site or blog (a “Custom HTML” block in WordPress), it shows the current fair value and links back here. Free, plain HTML, and welcome. Full data streams (CSV/JSON) at /developers.
Cite: Fair Value Calculator (2026). "Airtel Africa Plc Fair Value". https://www.fairvalue-calculator.com/stock/AAF
Frequently asked questions
Is Airtel Africa Plc (AAF) overvalued or undervalued?
As of Sep 27, 2026, our model estimates a fair value of £3.38 versus a price of £3.08, about +10% upside (fairly valued).
What is the fair value of AAF?
Our model-based fair value for Airtel Africa Plc is £3.38 (as of Sep 27, 2026), built from audited fundamentals. The current price: £3.08.
What is the quality score of AAF?
Airtel Africa Plc has a Quality Score of 69/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the price target for Airtel Africa Plc (AAF)?
Our model-based price target is the fair value of £3.38 (as of Sep 27, 2026) from 26 valuation models. Cautious scenario £2.33, optimistic scenario £4.58. It is a calculation from audited fundamentals, not an analyst target.
What is the Airtel Africa Plc stock forecast for 2026?
Our models put fair value at £3.38, about +10% upside versus a price of £3.08 (fairly valued). Cautious scenario £2.33, optimistic scenario £4.58. The calculation is refreshed regularly with new filings.
What is the revenue of Airtel Africa Plc (AAF)?
Airtel Africa Plc reported trailing-twelve-month revenue of about $6.9B (latest available figure, as of Sep 27, 2026).
Does Airtel Africa Plc pay a dividend?
Airtel Africa Plc currently shows a dividend yield of about 1.65% relative to its recent price (as of Sep 27, 2026).
What growth is priced into Airtel Africa Plc (AAF)?
For today's price to be fair in a discounted-cash-flow model, Airtel Africa Plc would have to grow free cash flow by -7.1 % per year for five years (discount rate 8.6 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +10.4 % per year. As of Sep 27, 2026.
What discount rate (WACC) does the fair value of AAF use?
Our models discount Airtel Africa Plc at 8.6 %: a base by market capitalisation (large), damped by beta 0.47, country premium for United Kingdom. The same rate applies in all 26 models.
What is a reverse DCF?
A reverse DCF turns the usual calculation around. Instead of deriving a value from assumptions, it takes today's price as given and asks: what free-cash-flow growth would a company have to deliver for exactly this price to be fair? The result is not a forecast but the expectation already priced in. For Airtel Africa Plc that is -7.1 % per year a year over ten years, using the same discount rate (8.6 %) and the same formula as our fair value.
How much growth has Airtel Africa Plc (AAF) delivered so far?
Over the past 5 years revenue at Airtel Africa Plc grew +10.4 % a year. The price currently implies -7.1 % per year free-cash-flow growth a year. Comparing the two shows how much confidence is in the price: if it demands more than has been delivered, the business has to accelerate for the maths to work.
How fast is the sector of Airtel Africa Plc (AAF) growing?
The median revenue growth in the sector is +3.3 % a year. That is the yardstick for the growth priced into Airtel Africa Plc (-7.1 % per year a year): it shows whether the expectation is within the usual range or beyond it.
What is the free cash flow yield of Airtel Africa Plc (AAF)?
The free-cash-flow yield on the price is 10.77 %: that much free cash flow Airtel Africa Plc produces per unit of market value. When it exceeds the discount rate of our models (8.6 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of Airtel Africa Plc (AAF)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Airtel Africa Plc it is £3.38 per share (as of Sep 27, 2026), against a price of £3.08. It is the blended result of 26 valuation models (cash flow, earnings, asset, dividend).
Is Airtel Africa Plc stock overvalued or undervalued in 2026?
As of Sep 27, 2026, AAF trades below its calculated fair value: price £3.08, fair value £3.38, a gap of about +10% (fairly valued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of AAF?
No. The price is what the market pays today (£3.08); the fair value is what the company's own numbers justify (£3.38). For Airtel Africa Plc the two are £0.3040 per share apart. That gap is exactly why we show both numbers side by side.
How much is Airtel Africa Plc worth?
The market values Airtel Africa Plc at about 11.3B GBX (market capitalisation, as of Sep 27, 2026). Per share that is £3.08; our models calculate a fair value of £3.38 per share.
What do the bullish and bearish scenarios say about AAF?
Our models span a range for Airtel Africa Plc: cautious scenario £2.33, base £3.38, optimistic £4.58 per share (as of Sep 27, 2026, price £3.08). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of AAF?
Airtel Africa Plc trades at a price-to-earnings ratio of 22.0 (as of Sep 27, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of £3.38 is built from several models across several years. Other multiples: P/B 4.7, P/S 2.2, EV/EBITDA 4.7.
How solid is the balance sheet of Airtel Africa Plc (AAF)?
Balance-sheet figures for Airtel Africa Plc (as of Sep 27, 2026): return on equity 26.4%, debt of 0.37 per unit of equity. They feed the Quality Score of 69/100, which measures business quality independently of the share price.
How far is AAF from its 52-week high?
Airtel Africa Plc trades at £3.08, about 27% below its 52-week high of £4.20 and 37% above the low of £2.24 (as of Oct 2, 2026). Distance from the high says nothing about value: that is what the fair value of £3.38 is for.
Which stocks are comparable to Airtel Africa Plc?
From the same area (Communication Services) we also value China Mobile Limited, Verizon Communications Inc, T-Mobile US, Inc, AT&T Inc, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.
Is Airtel Africa Plc stock attractive at the current price?
The data as of Sep 27, 2026: price £3.08, calculated fair value £3.38 (+10%), Quality Score 69/100, from 26 models. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
How is the fair value of AAF calculated?
We run Airtel Africa Plc through 26 models from four families: discounted cash flow, earnings models, asset and balance-sheet models, and dividend models. Every model gets the same audited fundamentals; the result is the weighted average of £3.38, with the spread shown as a cautious and an optimistic scenario.
Is it still worth investing in stocks now?
The global stock market currently sits 15.0 % above its aggregate fair value. Airtel Africa Plc currently trades 9 % below its own fair value, and the market average says nothing about that. An expensive market is no reason to stay out and no reason to buy everything at once: keep a broad savings plan running, buy single stocks only with money you can do without, and hold part of your money liquid while the market is high. The full picture including sectors is on is it worth investing now.
What is the share price of Airtel Africa Plc (AAF)?
The closing price on Oct 2, 2026 was £3.08. Our model-based fair value is £3.38, about +10% upside (fairly valued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Airtel Africa Plc right now?
The price sits close to our fair value, market and models broadly agree here, little valuation tension. A fairly wide model range (£2.33 to £4.58) leaves room in how you read the outcome.
Key figures of Airtel Africa Plc
How large is the market capitalisation of Airtel Africa Plc (AAF)?
The market capitalisation of Airtel Africa Plc is 11.3B GBX. The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What is the P/S ratio of Airtel Africa Plc (AAF)?
The price-to-sales ratio of Airtel Africa Plc is 2.33 (P/E × margin). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of Airtel Africa Plc (AAF)?
Earnings per share at Airtel Africa Plc are £0.1400 (price ÷ EPS = P/E 22.0). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Airtel Africa Plc (AAF)?
The dividend yield of Airtel Africa Plc is 1.6% (payout 36.2%). Yearly dividend relative to the share price. 3% pays 3 per 100 invested. Below: how much of profit is used for it.
What is the net margin of Airtel Africa Plc (AAF)?
The net margin of Airtel Africa Plc is 10.6% (fiscal year 2026). How much of every unit of revenue ends up as profit. 10% means 10 cents of profit per dollar of sales.
What is the return on equity of Airtel Africa Plc (AAF)?
The return on equity (ROE) of Airtel Africa Plc is 26.4% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.
What is the EBIT return on assets of Airtel Africa Plc (AAF)?
On an EBIT basis the return on assets of Airtel Africa Plc is 14.9% (avg 5y). Operating profit (EBIT) relative to everything the company owns, as a multi-year average. It describes the business model rather than one good or bad year.
What is the operating margin of Airtel Africa Plc (AAF)?
The operating margin of Airtel Africa Plc is 33.8% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Airtel Africa Plc (AAF)?
Revenue at Airtel Africa Plc is growing +30.5% versus a year earlier (3y avg +6.9%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How fast are earnings growing at Airtel Africa Plc (AAF)?
Earnings per share at Airtel Africa Plc are growing +27.5% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net debt does Airtel Africa Plc (AAF) carry?
The net debt of Airtel Africa Plc is $3.0B (fiscal year 2026, ≈ 1.9 yrs of FCF). Debt minus cash on hand. The note shows how many years of free cash flow could in theory pay it off.
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