Key Points
- Airtel Africa shares gain 177.53% year-to-date on the Nigerian Exchange
- Cowry Asset Management sets an N8,820 target price
- Airtel Africa plans to list Airtel Money on the London Stock Exchange in 2026
Main Story
Airtel Africa shares have gained 177.53% year-to-date on the Nigerian Exchange, as analysts diverge on the stock’s valuation ahead of the planned Airtel Money IPO, The telecoms company closed at N6,300 per share on Friday, its latest 52-week high, giving Airtel Africa a market capitalisation of N23.676 trillion based on 3.758 billion outstanding shares.
The strong rally has made Airtel Africa the most valuable listed company on the Nigerian Exchange, ahead of Dangote Cement, MTN Nigeria and BUA Foods, according to the source data.
Cowry Asset Management Limited has placed an N8,820 target price on the stock, representing about 40% potential upside from its N6,300 reference price. The firm recommends investors buy the shares and has forecast earnings per share of N101.20, Cowry also identified N7,245 as a potential exit level and advised investors to maintain a stop loss at N5,355 per share.
CardinalStone Securities Limited, however, has taken a more cautious position, placing Airtel Africa on HOLD with a 12 month target price of N6,422.10, up from its previous target of N5,818.43.
The differing recommendations come as Airtel Africa prepares for the proposed listing of its mobile money business, Airtel Money, on the London Stock Exchange in 2026, subject to regulatory approvals and favourable market conditions.
Airtel Africa said the proposed London listing would provide access to a broader international investor base and support the long term value creation potential of Airtel Money.
What’s Being Said
“We believe that the standalone listing of the business could narrow the conglomerate discount value.” CardinalStone Securities Limited.
CardinalStone said the Airtel Money IPO could reduce the conglomerate discount and provide greater funding flexibility for scaling the mobile money business.
The firm also raised its 2026/27 revenue forecast to $7.83 billion from $7.75 billion following Airtel Africa’s first quarter results.
What’s Next
- Airtel Africa plans to pursue the Airtel Money listing on the London Stock Exchange before the end of 2026, subject to regulatory approvals and market conditions
- Investors will monitor whether Airtel Africa’s earnings growth and the proposed separation of Airtel Money support further share-price appreciation
The Bottom Line:
Airtel Africa’s 178% year to date rally has created a clear valuation divide among analysts, with Cowry projecting substantial upside while CardinalStone sees limited near-term appreciation. The proposed Airtel Money IPO remains the key potential catalyst for unlocking additional value from the group’s mobile-money business.
