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Reports For Safaricom Plc

Kestrel Company Reports

Date Title Action
November 2024 SAFARICOM PLC Valuation Update and 1H25 Results Expectations: Stuck in the middle View
September 2024 SAFARICOM ETHIOPIA CURRENCY DEVALUATION UPDATE: Management and shareholders resolve put to the test View
April 2024 SAFARICOM PLC FY24 Results Expectations: Ethiopia remains the wild-card as performance from Kenya improves View
February 2024 SAFARICOM PLC FY24 INVESTOR DAY TAKEAWAYS: STE ready to scale, in a challenging operating environment View
November 2023 SAFARICOM Valuation Update and 1H24 Results Expectations: Quality of management and strategy execution put to the test View
June 2023 IFC Equity Investment: Purchase premium validates STE’s business case View
May 2023 SAFARICOM FY23 Results Expectation: Weak earnings amidst increased loss in Ethiopia and a slowdown in Kenya revenue View
November 2022 SAFARICOM 1H23 Results Expectation: Defensive play amidst reducing consumer purchasing power, but low equity market liquidity to dampen share price gain View
May 2022 Safaricom FY22 Results Expectations: Strong service revenue growth, but initial OpEx in Ethiopia to dilute margins View
May 2021 Safaricom entry into Ethiopia: – Sizeable market, but stiff competition expected given 76% of the adult population is already on Ethiotel’s network View
May-2021 SAFARICOM: HOLD – Despite a rich valuation, we maintain our rating on account of a potential Ethiopian expansion View
Nov-2020 Safaricom: HOLD - Resilient top-line and operational efficiencies to support stable margins and ROIC View
Nov 2018 Safaricom-Initiation of Coverage View
Nov 2018 Safaricom-Initiation of Coverage View
Mar 2017 Safaricom Update: Dominance Ruling and PesaLink Impact View
Oct 2016 Safaricom Recommendation: Accumulate View
May 2016 Safaricom Ltd, Recommendation: HOLD View
Sep 2014 Recommendation: ACCUMULATE View
Aug 2015 Recommendation: ACCUMULATE View
Mar 2014 Recommendation: ACCUMULATE View
Aug 2013 Recommendation: ACCUMULATE View
Jan 2013 Recommendation: ACCUMULATE View
Feb 2012 Recommendation: LIGHTEN View
Jun 2010 Recommendation: BUY View
Apr 2010 Recommendation: BUY View
Oct 2009 Investment report: Safaricom Medium Term Note View
Feb 2009 Recommendation: LONG TERM BUY View
Apr 2008 IPO Research - The Best Option View

Kestrel Special Reports

Date Title Action
Mar-2019 National Assembly report on the competition within the telecoms sub-sector in Kenya [SAFARICOM] View
Feb 2019 Airtel - Telkom Merger (Impact Analysis) View
Feb 2018 Safaricom-Update on Dominance Study View

Full Year Results Notes

Date Title Action
May 2022 Safaricom FY22 EPS +1.8% y/y - Below Expectations View
May-2021 Safaricom FY21 Results - Below Expectations. Reported EPS - KES 1.71 (-6.8% y/y) View
May 2018 Safaricom FY18 Results - In line with expectation View
May 2017 FY17 Results Note View
May 2015 FY15 Results Note-Above expectations View

Half Year Results Notes

Date Title Action
November 2021 Safaricom 1H22 Results: EPS +12.1% y/y to KES 0.92 - In line with Expectations View
October 2021 Safaricom 1H22 Results Expectations View
Nov-2020 Safaricom 1H21 Results: EPS KES 0.83, -5.7% y/y - below expectations View
Nov 2015 Safaricom 1H16 Results ... and potential Helios / Telkom impact View
Nov 2011 1H12 Earnings Note View

Earnings Estimates

Date Title Action
Oct-2019 Safaricom 1H20 Results Expectations - Positive EPS growth expectations, with concerns of slowing growth FY21f onward View
Nov 2017 Safaricom 1H18 Earnings Expectation View
Apr 2015 FY15 Earnings Estimates View

Conference Calls

Date Title Action
May-2020 Safaricom FY20 Earnings Call Transcript View
Mar-2020 Safaricom FY20 Pre-Closed Period Investor Call View
Nov-2019 Safaricom 1H20 Conference Call Transcript View
Nov 2018 Safaricom 1H19 Conference Call Transcript View
May 2018 Safaricom FY18 Conference Call Transcript View
May 2018 Safaricom - FY18 Annual Results Conference Call View
Nov 2017 Safaricom 1H18 Conference Call Transcript View

Sector reports

Date Title Action
Jul 2009 ICT Sector Review Recommendation: BUY View

Financial Results

Date Title Action
November 2024 Safaricom 1H25 Results Booklet View
May 2024 Safaricom Attributable income up 1% y/y - Above Estimates View
November 2023 Safaricom 1H24 Results Booklet View
May 2023 SAFARICOM FY23 Results Review: Current share price is attractive for a business with a strong management team, above industry margins & ROIC and substantially below industry gearing View
November 2022 Safaricom 1H23 Financial results View
November 2022 Safaricom 1H23 Results – User affordability clearly a big challenge View
Apr-2020 Safaricom FY20 Results - Marginally above expectations View
Nov 2019 Safaricom 1H20 EPS up 14.6% y/y - marginally below expectations View
May 2019 Safaricom FY19 Results View
Nov 2018 Safaricom 1H19 Financial Results View
Mar 2018 Safaricom Audited Results for the year ended 31st March 2018 View
Sep 2017 Safaricom Unaudited Results for the six month period ended 30th September 2017 View
Mar 2017 Safaricom Audited Results for the year ended 31st March 2017 View
Sep 2016 Safaricom Unaudited Results for the six month period ended 30th September 2016 View
Mar 2016 Safaricom Audited Results for the year ended 31st March 2016 (Condensed) View
Sep 2015 Safaricom Unaudited financial statements for the six month period ended 30th September 2015 (Condensed) View
Mar 2015 Safaricom Audited Results for the year ended 31st March 2015 (Condensed) View
Sep 2014 Safaricom Unaudited Results for the six month period ended 30th September 2014 View
Mar 2014 Safaricom Audited Results for the year ended 31st March 2014 (Condensed) View
Sep 2013 Safaricom Unaudited Results for the six month period ended 30th September 2013 View
Mar 2013 Safaricom Audited Results for the year ended 31st March 2013 View
Sep 2012 Safaricom Unaudited Results for the six month period ended 30th September 2012 (Condensed) View
Mar 2012 Safaricom Audited Results for the year ended 31st March 2012 (Condensed) View
Sep 2011 Safaricom Unaudited financial statements for the six months ended 30th September 2011 (Condensed) View
Mar 2011 Safaricom Audited Results for the year ended 31st March 2011 View
Sep 2010 Safaricom Unaudited financial statements for the six month period ended 30th September 2010 (Condensed) View
Mar 2010 Safaricom Audited Results for the year ended 31st March 2010 View
Sep 2009 Safaricom Unaudited Results for the six month period ended 30th September 2009 View
Mar 2009 Safaricom Audited Results for the year ended 31st March 2009 View
Sep 2008 Safaricom Unaudited Results for the six month period ended 30th September 2008 View
Mar 2008 Safaricom Audited Results for the twelve months to 31st March 2008 View

Investor presentations

Date Title Action
November 2024 Safaricom 1H25 Investor Presentation View
November 2023 Safaricom 1H24 Investor Presentation View
July 2023 Safaricom Ethiopia Telecommunication Q1FY24 Update View
May 2023 Safaricom FY23 Investor Presentation View
November 2022 Safaricom 1H23 Investor Presentation View
May 2022 Safaricom FY22 Investor Presentation View
May-2021 Safaricom FY21 - Investor Presentation View
Apr-2020 Safaricom FY20 Investor Presentation View
May 2019 Safaricom FY19 Results Presentation View
May 2018 Safaricom FY18 Results Investor Presentation View
Feb 2018 Safaricom - Kestrel Mini Conf Presentation View
May 2017 Safaricom FY17 Results Investor Presentation View
May 2016 Safaricom FY16 Results Investor Presentation View
Nov 2015 Safaricom 1H16 Results Investor Presentation View
May 2015 Safaricom FY15 Results Investor Presentation View
Nov 2014 Safaricom 1H15 Results Investor Presentation View
May 2014 Safaricom FY14 Results Investor Presentation View
Nov 2013 Safaricom 1H14 Results Investor Presentation View
May 2013 Safaricom FY13 Results Investor Presentation View
Nov 2012 Safaricom 1H13 Results Investor Presentation View
May 2012 Safaricom FY12 Results Investor Presentation View
Nov 2011 Safaricom 1H12 Results Investor Presentation View
May 2011 Safaricom FY11 Results Investor Presentation View
Nov 2010 Safaricom 1H11 Results Investor Presentation View
May 2010 Safaricom FY10 Results Investor Presentation View
May 2010 MKESHO View
Nov 2009 Safaricom 1H10 Results Investor Presentation View
Oct 2009 Safaricom Up to KShs 12,000,000,000 Domestic Medium Term Note Programme View
May 2009 Safaricom FY09 Results Investor Presentation View
Nov 2008 Safaricom 1H09 Results Investor Presentation View
May 2008 Safaricom FY08 Results Investor Presentation View

Annual reports

Date Title Action
July 2022 Safaricom 2022 Annual Report View
July 2021 Safaricom 2021 Annual Report View
Jul-2020 Safaricom FY20 Annual Report View
August 2018 Safaricom FY18 Annual Report View
Mar 2016 Safaricom Sustainability Report 2016 View
Mar 2016 Safaricom Annual Report & Accounts 2016 View
Mar 2015 Safaricom Annual Report & Accounts 2015 View
Mar 2014 Safaricom Annual Report & Accounts 2014 View
Mar 2013 Safaricom Annual Report & Accounts 2013 View
Mar 2012 Safaricom Annual Report & Accounts 2012 View
Mar 2011 Safaricom Annual Report & Accounts 2011 View
Mar 2010 Safaricom Annual Report & Accounts 2010 View
Mar 2009 Safaricom Annual Report & Accounts 2009 View
Mar 2007 Safaricom Annual Report & Accounts 2007 View
Mar 2006 Safaricom Annual Report & Accounts 2006 View
Mar 2005 Safaricom Annual Report & Accounts 2005 View

Circulars/Press Releases

Date Title Action
January 2025 Safaricom PLC - Ethiopia Quarterly Update Newsletter - Q3' 25 View
Oct 2019 SAFARICOM PLC - APPOINTMENT OF CHIEF EXECUTIVE OFFICER AND EXECUTIVE DIRECTOR View
July 2019 Public Notice - Appointment of Interim CEO View
Feb 2019 Safaricom PLC - Change in the Board View
Aug 2018 Safaricom - Notice of AGM View
May 2018 Safaricom - Changes to the Board View
Feb 2018 Safaricom - Change of Name View
Feb 2018 CA proposes price regulation in telco sector View
Jan 2018 Pilot test on mobile money interoperability to commence next week View
Sep 2017 Safaricom - AGM Resolutions View
Sep 2017 Safaricom Ltd. Changes to the Board View
Aug 2017 Safaricom Notice of AGM View
May 2017 Proposed Acquisition of Indirect 'Effective Control' of Safaricom Ltd View
May 2017 Safaricom Resignation of a Director View
May 2017 Safaricom FY17 Press Commentary View
Nov 2016 Safaricom conference call transcript for 1H17 financial results View
Mar 2016 Safaricom Limited announces audited results for the year ended 31st March 2016 View
Sep 2015 Safaricom Limited announces unaudited results for the six month period ended 30th September 2015 View
Mar 2015 Safaricom Limited announces audited results for the year ended 31st March 2015 View
Sep 2014 Safaricom Limited announces unaudited results for the six month period ended 30th September 2014 View
Aug 2014 Proposed Purchase of Certain Assets of Essar Telecom Kenya Limited View
Mar 2014 Safaricom Limited announces audited results for the year ended 31st March 2014 View
Sep 2013 Safaricom Limited announces unaudited results for the six month period ended 30th September 2013 View
Mar 2013 Safaricom Limited announces Strong operational and financial performance View
Sep 2012 Safaricom Limited announces unaudited results for the six month period ended 30th September 2012 View
Mar 2012 Safaricom Limited announces strong operational and financial performance for the financial year ended 31st March 2012 View
Sep 2011 Safaricom Limited announces unaudited results for the first half ended 30th September 2011 View
Mar 2011 Safaricom Limited announces audited results for the year ended 31st March 2011 View
Mar 2010 Safaricom Limited announces audited results for the period ended 31st March 2010 View