Four to buy
Airtel Africa
This London-listed telecoms business provides mobile data, voice and banking services in 14 sub-Saharan African countries. Young populations and a growing middle class provide structural demand for the firm’s services, with the number of customers rising by 10% last year. “British telecoms giants... can only dream of” such growth. Fierce competition, currency fluctuations and “rocky politics” mean that this is “not one to bet your pension on”, but on 8.1 times 2023
