Personally, I’m leaning towards the former. HSBC Holdings and Barclays are topping my shopping list after falling 9% and 12% respectively last week. The biggest FTSE 100 faller was British Airways owner International Consolidated Airlines Group, which slumped 18%. But I already hold that.

Still, I’m also curious about a brace of blue-chips that have taken this week’s troubles on the chin. Could these two thriving concerns prove better opportunities?

Admiral Group shares climb

The first is general insurer Admiral Group (LSE: ADM), whose shares rose 5% over the week, making it the FTSE 100’s single biggest climber.

The stock was boosted by a strong set of full-year results on Thursday (5 March), driven by what the company called an “exceptional” performance from its UK motor division. The shares jumped 7.6% on the day as the board reported a 16% rise in pre-tax profit to a record £957.9m. Customer numbers climbed 7%.

Shareholders were rewarded too. The board increased the dividend per share 7% to 205p and declared a special dividend of 17.2p. Admiral’s already a solid income stock, with a trailing yield of around 5.2%. It doesn’t look expensive either, trading on a price-to-earnings ratio (P/E) of roughly 12.4.

However, the shares have been fairly subdued over longer periods. They’re up just 6% over the last 12 months and only 4% over five years.

Motor insurance is a cyclical and competitive market, and rivals will be gunning for Admiral after these strong results. Still, Admiral looks well worth considering, particularly for income-focused investors.

Airtel Africa also performs

The week’s second-best performer was Africa-focused telecoms group Airtel Africa (LSE: AAF). It didn’t release results last week but the shares still rose 4.7%. The Airtel Africa share price is now up 150% over the last year and an extraordinary 360% over five, making it one of the FTSE 100’s top performers.

I suspect investors see Africa as largely insulated from Middle East tensions. I’ve always viewed Airtel Africa as an aggressive growth play but now its showing its defensive qualities. Everybody wants a mobile phone today, and customers typically pay through fixed monthly contracts. That said, telecoms firms like BT Group and Vodafone have been volatile over the years.

Airtel Africa beats them both with a massive growth. During the nine months to 31 December, it reported a 28% increase in revenue and a 41% rise in operating profit. The company is also partnering with Elon Musk’s SpaceX to expand network coverage, saving it a fortune on building new infrastructure.

The firm has previously been hit by currency volatility in Nigeria, so some of its recent strong performance may be bouncing back from that. It isn’t cheap. The shares trade on a trailing P/E ratio of around 80, although that falls to roughly 21.5 on a forward basis and it may be worth a closer look.

Are these two the best? That depends on an investor’s personal goals. Both Admiral and Airtel Africa carry risks, but show FTSE 100 companies can still thrive in tricky markets. A little diversification can go a long way in days like these.

The post As markets plunge, are these the 2 best FTSE 100 stocks to buy today? appeared first on The Motley Fool UK.

But what’s causing the African telecoms group to buck the trend? Could it be a stock to consider buying during these uncertain times? Let’s see.

On the defensive

Although Africa’s only separated from the Arabian Peninsula by the Red Sea, the continent is sufficiently far away from the epicentre of the trouble to not be a target. Also, most customers in the telecoms sector are under contract and they tend to pay fixed monthly rates. In addition, mobile phones are seen as an essential part of modern life.

Generally speaking, this means revenues and earnings in the industry tend to be reliable and reasonably predictable. That’s why the sector has defensive characteristics that can make it attractive during times of geopolitical uncertainty.

And with its rapidly growing population, I reckon Africa’s the perfect place to sell mobile communications and money services. Indeed, during the nine months ended 31 December 2025, the group reported a 28.3% increase in revenue and a 41.3% rise in operating profit.

And it’s not alone. Vodafone, its FTSE 100 cousin, reported organic service revenue growth of 13.5% on the continent during the three months to the same date. And MTN Group, Africa’s largest telecoms provider, saw its year-on-year service revenue rise by 22.6% during the nine months to 30 September 2025. It looks as though the territory’s a great place to do business at the moment.

Providing access to banking products

Interestingly, all three companies have reported that their financial services divisions are doing particularly well. And this is where I see huge potential for Airtel Africa.

In many parts of the 14 countries in which the group operates, there are no banks. Customers are therefore able to load money on to their phones — and obtain cash — via the group’s network of agents, branches, and kiosks.

In addition, it’s expanding its services to include loans, savings, and international money transfers. The group plans to separately list its mobile money division in the first half of 2026.

Pros and cons

But there are a couple of areas to keep an eye on. Despite its impressive cash generation, Airtel Africa’s net debt increased during 2025. Although, it’s now lower relative to its EBITDA (earnings before interest, tax, depreciation, and amortisation), its double-digit effective interest rate is a reminder that it’s vulnerable to higher borrowing costs.

Also, many of Africa’s currencies, economies, and governments can be unstable.

However, I think the group’s well positioned to cope with these threats. While I appreciate the defensive properties of Airtel Africa’s stock, I like it more for its growth potential. I reckon it’s operating in the right place at the right time. I believe both of its service offerings – telecoms and mobile money – are likely to become increasingly important to more and more African consumers.

And in December 2025, the group announced a partnership with SpaceX to expand its network coverage without having to invest heavily in telecoms infrastructure.

For these reasons, irrespective of what happens in the Middle East over the coming weeks, I think Airtel Africa’s a stock for long-term investors to consider.

The post Airtel Africa’s shares are up as others on the FTSE 100 plummet. What’s going on? appeared first on The Motley Fool UK.

However, while it’s impossible to predict when the next crash will occur, there’s some evidence to suggest that market valuations are becoming stretched. But what can be done to prepare for the next big drop? Let’s take a closer look.

Getting jittery

We’ve seen in recent weeks a degree of nervousness among investors about the potential impact of artificial intelligence (AI) on software companies, data providers, and wealth managers. The possibility that cheap AI tools will reduce the scope for these businesses to charge premium prices for their services is clearly playing on people’s minds.

Indeed, the Financial Times reported on Wednesday (25 February), that “asset-heavy” stocks are becoming fashionable again. The rationale is that it’s harder to disrupt these types of businesses.

Taking two FTSE 100 companies an as example, both easyJet and Rightmove currently (27 February) have similar market-caps of over £3bn. But their latest balance sheets disclose net assets of £3.5bn and less than £100m respectively.

I can’t see AI disrupting easyJet’s business model that involves flying 355 aircraft on 1,207 routes to 164 different airports in 38 countries. However, Rightmove’s website looks vulnerable to me.

Patience is key

Another lesson of history is that even after the most severe of crashes, the market will eventually recover. It might take a decade or more – as with the Great Depression and the bursting of the dotcom bubble – but taking a long-term view is likely to yield better results than trying to time the market.

What I’m doing

With this in mind, I’ve recently taken a position in Airtel Africa (LSE:AAF). It’s invested heavily in telecoms infrastructure, which should give it some protection against newcomers.

And it’s 100% exposed to a continent that, according to the World Bank, will see its population grow by 1bn by 2050. This can only be a good thing for the group’s telecoms and mobile money services.

But Africa’s currencies can be highly volatile and its significant debt pile will become more expensive to service should interest rates rise.

However, on balance, I think Airtel Africa’s the sort of stock that could emerge relatively unscathed from a stock market crash. It’s the second largest telecoms operator on the continent and it’s active in 14 markets. And since the end of 2020, the group’s increased its customer numbers by 51%. It’s also looking to list its money business separately, which could be worth more than $4bn.

A final thought

Of course, a stock market crash could be bad news for many investors. Some may never recover the losses they suffer, especially those that have invested heavily in some pre-revenue US tech startups.

That’s why it’s important to hold a diversified portfolio with exposure to different sectors. However, a crash also presents opportunities for those with some spare cash. As billionaire investor Warren Buffett wrote in 1986: “Be fearful when others are greedy, and greedy when others are fearful“.

In other words, it could be a chance to buy some great companies at bargain prices.

The post A stock market crash is coming! Here’s what I’m doing appeared first on The Motley Fool UK.

To showcase this variety, here are three Footsie firms that are taking market share from rivals in their respective industries.

Supermarket giant

Let’s start with the largest, which is Tesco (LSE:TSCO). The share price has jumped roughly 85% since early 2023, which is a cracking result when dividends are also factored into the equation.

A key reason behind this has been the company’s incremental market share gains. In its recent Q3 and Christmas trading statement, Tesco said it had a near-29% market share in the UK.

This was its highest share for over a decade.

Supporting this is the powerful Clubcard, which keeps customers loyal, and its successful Aldi Price Match campaign. The latter seems to have neutralised the competitive threat from the German budget chain.

Tesco owns an even larger slice of the online grocery market, with its delivery service increasingly popular with consumers. Online sales growth was 11.2% over the 19 weeks to 3 January, including extended Christmas Eve deliveries.

Finally, its Finest range, which grew 13% over this period, continues to gain popularity. More cash-strapped shoppers are dining at home rather than in restaurants to help save money.

High street stalwart

Next is, well, Next (LSE:NXT). The company is defying the gloom among UK retailers with robust growth, which is reflected in a share price surge of 44% over the past year.

In the nine weeks to 27 December, full price sales rose 10.6%, with UK sales up 5.9%. That was both ahead of company expectations and the wider UK retail sector. 

However, international is now a big part of the company’s growth story, with a 38.3% rise in sales over the period. Next plugged into Zalando’s logistics-as-a-service arm (ZEOS) last year. This has improved stock availability across Europe and improved efficiency. 

Heading to Africa

Last but certainly not least is Airtel Africa (LSE:AAF), whose share price has skyrocketed 215% over the last 12 months!

The telecommunications firm operates in 14 sub-Saharan countries, where a young population and accelerating smartphone adoption are supporting super-strong growth.

Next year, earnings are expected to surge 44%.

In the six months to 30 September, Airtel Africa’s total customer base increased 11% to 173.8m. And 78.1m of these are using the internet on their phones, which is important because these customers are also more likely to use the firm’s mobile money service (Airtel Money).

This unit is gaining ground on larger rivals. In Kenya, for example, Airtel Money’s market share has hit 10%, up from less than 3% in 2023.

Which do I prefer?

Naturally, all three stocks carry risks. Tesco has warned that some customers are “counting every penny“, so 2026 could be tough going.

Next is saying something similar, guiding for slower full-year sales growth of approximately 4.5%. Meanwhile, the stock looks quite pricey at 18.3 times forward earnings.

Finally, Airtel Africa faces regulatory risk across its markets, as well as swings in local currencies that can impact earnings.

However, I like Airtel’s potential long term, as it taps into a young and rapidly growing African population, low smartphone penetration and a massive unbanked population. I think this stock is worth digging into.

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I doubt whether it will make the top 10 in 2026, but the group has a recent history of proving sceptics wrong.

Similarly, Barclays and Standard Chartered appear again having been placed fifth and ninth respectively in 2024. They are joined by a third bank, Lloyds Banking Group, whose shares closed 2025 a fraction below the psychologically important — although largely meaningless — 100p barrier.

Another financial institution, Prudential, was the eighth-best performer helped by an improved economic situation in China, and Asia in general. The lesson from April 2025 is that much will depend on President Trump’s US trade policy. These four stocks are particularly sensitive to the fortunes of the economies of the biggest markets in which they operate.    

Given soaring gold (up 63%), silver (42% higher), and copper (a 41% gain) prices in 2025, it’s no surprise that miners Fresnillo, Endeavour Mining and Antofagasta did well. With so much uncertainty surrounding commodity prices, it’s impossible to know how these stocks will perform in 2026. However, the consensus of economists appears to be that metals prices will remain above historical levels.

The shares of Babcock International Group were helped by the UK (and other NATO members) pledging to spend significantly more on defence between now and 2035. The group’s likely to continue to be one of the beneficiaries of the dangerous world in which we live.

And finally…

The last member of the top 10 is Airtel Africa. And it’s one that I think’s worth considering for 2026.

That’s because the biggest problem for most businesses is finding new customers. But the telecoms group operates in 14 countries on a continent that the United Nations says will double its population by 2070.

In particular, the group has a significant presence in Nigeria, which is forecast to become the world’s third most populous country by 2050, and the Democratic Republic of Congo, which has Africa’s highest growth rate.

And what do young people seem to want more than anything else? Yes, a mobile phone.

But Airtel Africa also provides a mobile money service. Using a smartphone is the only way the vast majority of people in sub-Sharan Africa have access to banking services. The group’s expected to spin off this division in the first half of 2026.

However, operating in the region has its challenges. Political instability could affect the regulatory regime in key markets. And economic volatility can lead to wild currency fluctuations. Also, telecoms infrastructure isn’t cheap.

Despite these risks, the group’s expected to continue to grow rapidly. By the year ending 31 March 2028 (FY28), the consensus of analysts is for revenue to grow by 60% compared to FY24. Over the same period, EBITDA (earnings before interest, tax, depreciation, and amortisation), and free cash flow are forecast to be 72% and 85% higher respectively.    

Although I doubt Airtel Africa’s share price will do as well in 2026 as it did in 2025, I think it will outperform the wider FTSE 100. On this basis, I reckon it’s worth considering.

The post Will the FTSE 100’s top 10 performers in 2025 continue their success in 2026? appeared first on The Motley Fool UK.

Growth of around 19% so far this year for the FTSE 100 also looks impressive and I think it is. However, it pales by comparison to the individual performance of some of its members.

For example, Airtel Africa (LSE: AAF) has gone up by 184% since the start of the year.

Why has the share almost tripled in a little under 12 months – and could its strong positive momentum perhaps carry over into the new year?

A business riding growing trends

Part of why this FTSE 100 share has shone this year is its focus on markets that have large growth opportunity and the firm’s proven ability to tap into that.

Specifically, Airtel Africa has a large business in several key African markets where demographics are on its side due to population growth and increasing mobile phone usage. Selling voice and data has been a good business. Building on that, getting into digital currency is both a logical step and a potentially lucrative one.

This year I think the wider stock market woke up to just how powerful this story could be. In the first half, revenues jumped 26% year-on-year. Profit before tax jumped no less than 375%.

The biggest revenue growth rate came from data, at 37%. For the first time it surpassed voice as a revenue generator. But mobile money also grew strongly, with revenues up 30% year-on-year.

By building a strong presence in multiple large African markets, Airtel Africa has laid the groundwork to ride demographic trends that play to its advantage as well as ramping up its mobile money offering.

Could 2026 be a good one for Airtel Africa?

Following the strong run this year, the FTSE 100 share now sells for 34 times earnings. That may seem expensive. But bear in mind the strong earnings growth the business reported in the first half of this year. If Airtel Africa can keep improving its performance strongly, the prospective price-to-earnings ratio may be markedly lower than 34.

However, there are also risks here. Airtel Africa’s net debt has been growing, standing at $5.5bn at the end of the first half. That is higher than I would like and I expect that, over time, it could get higher still. Building and maintaining mobile telephony infrastructure is a costly business.

Operating in Africa can also bring substantial operational risks. We have already seen how swings in the Nigerian currency can make business very challenging for Airtel Africa over the past several years. The company managed to take that in its stride, but as I see it the risk remains noteworthy.

Such risks could hurt the share price. However, if earnings continue to grow at a very strong rate I can imagine the Airtel Africa share price moving up over time. From a long-term perspective, I see it as a share for investors to consider.

The post Up 184% this year, what might this FTSE 100 share do in 2026? appeared first on The Motley Fool UK.

The shares were languishing at a three-year low in November last year, not long after I decided to take a chance on the beaten-down company. Now trading at 326p each, they’ve more than tripled in value.

But while I’m grateful for the returns, I’m not planning to buy anymore of the shares this Christmas. That’s because the spectacular rally has pushed the company’s valuation to sky-high levels. Further growth from here would be hard to achieve.

Instead, I’m hoping to lock in some gains from another FTSE stock that looks significantly undervalued.

3i Group

After a shocking dip in recent months, 3i Group (LSE: III) now looks like a compelling recovery candidate for 2026. The shares plunged 30% in the two weeks following its H1 results to 30 September 2025, triggered by weakened guidance on its largest holding, Action.

The discount retail chain makes up two-thirds of 3i’s portfolio. This year, it’s faced softer consumer confidence despite strong like-for-like trading and record store openings in Switzerland and Romania.

However, recent weeks have seen insiders signal confidence, buying nearly £5m in shares. CEO Simon Borrows alone invested £1m (30,000 shares at £33.67), with Senior Partner Peter Wirtz spending £854k and Non-Executive Director Peter McKellar, £862k. These purchases, made above recent lows around £29.57, suggest executives view the market’s reaction as overdone.

Recovery potential

Based on the above and backed by a solid set of fundamentals, I think 3i’s recovery potential is strong. Its latest results saw total return on opening net asset value (NAV) hit 13% (£3.29bn), surpassing targets. Meanwhile, liquidity reached £1.64bn and net debt reduced to £772m – not to mention a 20% dividend hike. Action’s valuation held steady at 18.5 times earnings, supported by a refinancing boost and £944m capital return to 3i (partially reinvested for a 62.3% stake).

General consensus seems to point to a market overreaction due to Action concentration risks. Yet executives clearly agree it’s a buying opportunity, even though the recent weak performance remains a key risk given inflation and rivals.

Still, with strong compounding platforms and prudent funding, I think it’s well-positioned for a strong rebound – if consumer trends stabilise. It’s already climbed 10% since its November low, so that rebound may have already begun.

Final thoughts

At the Fool, we typically aim to promote long-term investing with a 10- to 20-year outlook. This approach helps investors avoid losses from trading too frequently or panic-selling during market downturns. As such, not too much focus should be put on rapid, short-term gains.

However, every now and then, an undervalued growth opportunity comes along that’s hard to ignore. Investing in undervalued growth stocks can be a great way to lock in short-term gains when (if) a recovery kicks in. But if doing so, always ask the question: “would I comfortably hold this stock for 10 years?”

If not, it may be better to look at other options. In this instance, I think 3i Group is a great stock to consider for long-term investors – and it currently looks to be trading at an attractive price point.

The post Every pound I invested in this FTSE 100 growth stock last year is now worth £3 appeared first on The Motley Fool UK.

To put that into perspective, a £5,000 investment 12 months’ ago is now worth close to £6,060. By comparison, the usual stock market average is closer to 8%, or £5,400.

But even with a double-digit return that could make billionaire investor Warren Buffett blush, it still pales in comparison to the investment gains some stock-pickers have enjoyed. Particularly those who bought shares in Airtel Africa (LSE:AAF).

Turning £5,000 into £13,950

Most investors have been so focused on popular stocks like Lloyds and Rolls-Royce, they’ve overlooked this African telecoms and mobile money services enterprise.

Airtel Africa had been struggling in recent years as the collapse of the Nigerian naira slashed its reported earnings in its 2024 fiscal year (ended March). But since then, the currency has stabilised and even started to recover.

As such, in its fiscal 2026 half-year results, the group enjoyed a massive $90m gain entirely from foreign exchange rates boosting profits. At the same time, management successfully restructured its debts to use local currencies, preventing future exchange rate volatility from compromising company solvency.

To top it all off, smartphone penetration in its African markets has now reached 46.8%, translating into snowballing demand for mobile data packages. So much so that data revenues for the first time are now greater than mobile calling revenues.

Combined, revenues across the six months leading to September jumped 25.8%, operating profits surged 35.9%, and, thanks to favourable currency exchange rates, after-tax profits skyrocketed 375.3%. Throw in the added bonus of leverage risk reduction, and it’s no wonder the stock’s delivered a 179% total return since January.

Too late to buy?

Despite all of its recent momentum, Airtel Africa could be just getting started. Institutional analysts tracking this business have identified that its fintech Mobile Money division could be worth billions by itself. And with a spin-off IPO approaching in 2026, investors could soon wake up to this suspected hidden value.

Even with its core telecommunications business, Africa remains one of the few regions in the world with a rapidly growing youth population, all rushing to get smartphones.

That means over the next few years, the company could see an influx of millions of new customers. And with the expensive infrastructure already in place, this wave of new recurring revenue could come paired with higher margins.

Of course, while this all sounds promising, that doesn’t mean success is guaranteed. The naira could decide to take another nosedive. And while the impact is mitigated by management’s localisation of debt, it can nonetheless disrupt profits and capital spending plans.

It’s also important to remember that, as a telecoms business, Airtel has to comply with strict regulations to renew its spectrum licenses and operating permits. And management has previous had to pay hefty fines to keep regulators happy.

Nevertheless, underestimating Airtel Africa has proven to be a costly mistake. And with supportive long-term tailwinds, it seems worthwhile to investigate this business further. But there are also other UK shares on my radar today.

The post £5,000 invested in UK shares at the start of 2025 is now worth… appeared first on The Motley Fool UK.

But should I now bail out and buy another stock in the same sector?

Of course, it’s easy to look back and say I should have bought something else. For example, since December 2022, the share price of Airtel Africa (LSE:AAF), the FTSE 100 mobile telecommunications provider, has risen 164%.

This suggests I backed the wrong horse. But savvy investors know it’s never too late to invest in a quality company.

Right place, right time

Airtel Africa has 166.1m customers in 14 markets across a continent with a rapidly growing population. With a median age of 19.3, the region also has a very young demographic. It’s estimated that 60% of its population is aged under 25. And the one thing young people appear to want is a mobile phone.

The group’s clearly operating in a growing market. And this is showing in its financial performance – its revenue’s grown by an average of 19.3% a year over the past five years.

But the group’s shares are more expensive than Vodafone’s. During the 12 months to 30 September, Airtel Africa reported $2.05bn (£1.55bn) of adjusted EBITDAaL (earnings before interest, tax, depreciation and amortisation, after leases). This means its valued at 7.5 times its trailing 12-months earnings. Its larger rival’s multiple is only 2.3.

But Vodafone also has a thriving business in Africa where it has 93.7m customers. During the six months ended 30 September, the division contributed 20% of group revenue and 23.5% of adjusted EBITDAaL.

Another approach

However, in common with most in the industry, both groups have a significant debt pile. And borrowings are an important factor when considering company valuations.

Using each group’s enterprise value (EV) relative to earnings, the valuation gap between the two closes but Airtel Africa’s still more expensive. By comparison, PricewaterhouseCoopers says a typical EV/EBITDA ratio (I’ve used EBITDAaL) in the sector is 7-10.

But each group has its own specific challenges. Airtel Africa’s exposed to some volatile currencies. And it operates in a politically unstable part of the world.

As for Vodafone, a law change concerning the bundling of TV contracts means it’s losing customers in Germany, its biggest market. Its large debt also makes it vulnerable in a higher interest rate environment.

My verdict

I have long thought – and still do – that investors are undervaluing Vodafone. And the recent recovery in its share price suggests more are starting to share my view. Although my three years as a shareholder have been frustrating, I’m a long-term investor so I have no plans to sell.

As for Airtel Africa, I think it’s operating exclusively in a part of the world that’s going to see significant growth — both in terms of population and income — over the coming decades. And I see no reason why it can’t replicate its successful business model in other countries on the continent and elsewhere.

The future looks bright for these two telecoms shares. That’s why I think both are worth considering.

The post 3 years ago, I bought Vodafone shares. Should I ditch them and buy this other FTSE 100 stock instead? appeared first on The Motley Fool UK.

Investers have been dazzled by mighty US tech names such as chip maker Nvidia. Its shares are up a mind-boggling 1,238% over five years, but the pace has slowed as it’s now a $4.4trn giant with a toppy-looking price-to-earnings (P/E) ratio of 45.

Airtel Africa flies under the radar

I hold Nvidia but I’m in no rush to buy more at today’s level, so I’ve been looking across the market for fresher opportunities. That led me to Airtel Africa (LSE: AAF), a stock that’s soared 205% in the last year, almost seven times faster than Nvidia’s 30%.

Over five years it can’t match the US tech rocket, but a gain of 278% is still eye-catching. It’s a vital reminder that exciting growth stories can be found on the FTSE 100 and FTSE 250, not just in Silicon Valley. I could just as easily be highlitghting FTSE 100-listed gold miner Fresnillo, which is up 321% in the last year, Endeavour Mining (up 125%), and Babcock International Group (up 120%). The index has more life in it than many assume.

Currency risk

Airtel Africa is often overlooked, partly because its shares had been volatile. The 15-year slide in the Nigerian naira squeezed revenues when converted back into sterling. That seems to have steadied recently.

Latest results, published on 24 July, showed strong momentum. Revenue for the quarter to 30 June jumped 24.9% in constant currency to $1.42bn, driven by demand for data and mobile money services. Profit after tax quintupled from $31m to $156m, helped by a $22m gain from the appreciation of the Central African franc. Currency swings can work both ways, although that’s a risk I would rather do without.

Airtel Africa now serves around 170m customers, which shows the scale of the opportunity.

More expensive than Nvidia!

Telecoms is a costly business though and this one’s no different. Airtel Africa expects to spend between $725m and $750m on capex this year. Net debt had climbed to $5.27bn when I looked at the stock in February, but has since fallen back to $3.73bn by 30 June. The board has even found room for modest share buybacks. There are dividends too. The trailing 1.54% yield is modest but that reflects the soaring share price more than anything else.

This is an exciting growth story, but I’m cautious after such a rapid climb. Airtel Africa is now trading on a P/E of about 70, making it even pricier than Nvidia. At that level I’m holding fire. Any investor considering buying today must keep that valuation firmly in mind.

What it has done is remind me that despite the gloom enveloping the UK, the FTSE 100 and FTSE 250 are packed with potential. I’m hunting for the next big growth monster rather than the last one. I can see plenty of opportunities out there.

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