What we think about Airtel Africa (BHARTIARTL)

Airtel Africa operates in 14 markets in sub-Saharan Africa, offering three core products:

Voice: pre- and post-paid wireless voice services, international roaming, and fixed-line telephony services (135 million customers).

Data: data communications services, including 2G, 3G, and 4G (48.6 million customers). Airtel Money: mobile money services including mobile wallet deposits and withdrawals, merchant payments, enterprise disbursements, international money transfers, and loans and savings (29.7 million customers).

Airtel Africa has spectrum capacity in every country it operates in with an overall spectrum utilisation of circa 40%. The company owns or leases 28,000+ network towers and 64,500+ km of fibre and has a data capacity of nearly 17,000 terabytes per day. 88.9% of sites are now on 4G.

Airtel Africa also has a substantial retail distribution network, with more than 79,000 exclusive retail touchpoints (including mini-shops, kiosks and Airtel Money branches) and more than 271,000 activating outlets.

Strategic collaborations with regional and international partners, including Mastercard (NYSE: MA) and the leading remittance providers Moneygram International (NASDAQ: MGI) and Western Union (NYSE: WU) allows the company to offer a robust suite of financial and money transfer services in the majority of the markets in which it operates, and Airtel Money is currently the fastest growing revenue segment for the company.

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