Deutsche Bank
May 19, 2026
Daily Fibre: Airtel Africa Price Target Update and Vodafone CEO Feedback
Daily UpdateEquitiesMacro Economic IndicatorsCommunication Services
Deutsche Bank's daily sector update covers price target increases for Airtel Africa and positive management feedback for Vodafone. It also details regulatory delays in Kenya for Safaricom and buyback progress for Cellnex.
Key Takeaways
- 1.Airtel Africa price target is raised to 450p from 430p following FY26 results, despite higher capex guidance, driven by rolling forward DCF valuations.
- 2.Vodafone management remains confident in German market stabilization and cost-saving targets of €1bn net by FY30, supported by AI and UK synergies.
- 3.The Kenyan government's 15% Safaricom stake sale to Vodacom has been temporarily halted by a court order, though the FCF impact to Vodafone is deemed small.
Table of Contents
- KEY EVENTS THIS WEEK
- AIRTEL AFRICA
- VODAFONE
- FRENCH TELCOS / ORANGE
- TELEFONICA / GERMAN TELCOS
- UK TEL
- CELLNEX
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Authors
Robert Grindle, Ph.D.John KaridisKeval Khiroya, CFARoshan Ranjit, CFA
Securities
Airtel AfricaVODCLNXBT/ASafaricom
Themes
Cost Efficiency & AI IntegrationStrategic M&A & Carve-outs
Regions
EuropeAfricaUnited KingdomGermanyKenya