• Airtel Uganda became the second listed telecom in Uganda following its debut on the Uganda Securities Exchange (USE) on November 7, 2023 after an 8-week initial public offering.
• On its first trading day, the counter closed at Ugx100 making it the largest local company with a market capitalization of Ugx4.00Tn ($1.05Bn).
• At the close of 2023, the stock’s price stood at a VWAP of Ugx96.73, 6.24% below its offer price of Ugx100.
• In line with its dividend policy of quarterly dividend payments, Airtel Uganda declared and paid a Q32023 interim dividend of Ugx76.00Bn ($20.00Mn) or Ugx1.90 per share on December 21, 2023 to shareholders who participated in the IPO.

Looking Forward (2024):

• Audited Results: Anticipate the release of Airtel Uganda’s audited FY2023 results in Q12024. The FY2023 results will guide our initiation of coverage of Airtel Uganda. This includes a recommendation to BUY/HOLD/SELL and target price.
• At its current share price of Ugx91.92 as of January 22, 2024, Airtel Uganda trades at a multiple of 4.70x the EBITDA projected in the IPO Prospectus, a price to earnings (P/E) of 11.29x and dividend yield of 9.76% based on the FY2022 dividend.