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Introduction Airtel Africa is a profitable, high growth, yet very cheap telecom business operating in Sub-Saharan Africa. At a market cap of about $5.5b USD, the price-to-earnings ratio is less than 9x. On an EV basis, the company trades at just 6x EBIT. This valuation gives the company no credit for the tremendous historical growth and potential growth runway. Since 2017, revenue has grown by two thirds, from $2.8b to $4.6b, and EBITDA has more than doubled $2.1b.  |
