Airtel Africa (AIRTELAFRI) released its Q1 23 unaudited results before the market opened today, 28 July (note: March year-end). The group reported EPS of US$0.04 (+30.4% y/y) in Q1 22, underpinned by strong revenue growth and decreased tax charges.

The achieved EPS, when annualised, was in line with our estimate (-2.1% variance) for FY 23 but was 3.6% lower than consensus estimates. The market's reaction was neutral as the stock was flat today on the NGX Exchange. Year-to-date, the stock is up by 99.5%. However, on the London Stock Exchange today the parallel-listed Airtel Africa stock fell by 8.0% in reaction to the results as analysts were disappointed by the earnings miss and erosion of EBTIDA margins in Nigeria.

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