Airtel Africa

African Telcos - Catch Back: Headwinds easing, many markets to 2 players, recapture of some hard dollar revenue likely - AAF top pick, Vodacom to Buy

Airtel Africa Q1 25: Slow start to the year, decent top line but margins impacted by energy costs

Sub-Saharan African Telecoms: Solid top line, decent overall performance given the macro environment; Q1 24 review

Nigerian Telcos - Q1 24 review: Strong underlying top line, weak profits driven by FX

At $100bn, downgrade Bharti Airtel to Neutral; play via Singtel or AAF. Upgrade AAF pt to 200GBp