Airtel Africa Plc (AIRTELAFRI) in its Q1'25/26 earnings, recorded a PAT of $156.0 million (vs $31.0 million in Q1'24/25), on the back of 1) the full quarter impact of tariff adjustments in the Nigerian OpCo, 2) relatively improving FX dynamics, 3) recovery in observed market trends in the Francophone region, and 4) sustained CAPEX investment that facilitated data monetisation. In our view, this trend is likely to persist in the remaining part of the fiscal year, and following conversations with management, we raise our TP to N3,906.75, up from our previous estimate of N3,635.78. We maintain our BUY rating on the ticker.
