
Rohit Kumar
Global Financials/Thematics

2 February 2021
Published by
Tellimer Research
Airtel Africa: Stake sale could unlock Airtel Money’s value; re-rating possible

Rohit Kumar
Global Financials/Thematics @
Tellimer Research

Rahul Shah
Head of Financials Equity Research
@
Tellimer Research
2 February 2021
- Airtel Africa plans to sell a minority stake in its fast-growing digital payments business, Airtel Money
- This could unlock value by giving investors access to a structural African growth story
- Airtel Money is growing at over 30% pa. Based on peer multiples, it could be worth cUS$3bn
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