Sometimes a FTSE100 share of growth pushes all the right buttons without ever attracting investors’ attention. I would say this is the case with a telecom operator Airtel Africa (LSE:AAF). The company’s stock has been on a phenomenal run lately, up 163% over the past year and 327% over five years.

However, among investors, it still doesn’t seem like a name that will grow. I cannot preach. I didn’t pay much attention to it myself. Is it too delayed to jump on board?

Airtel Africa shares are rising

The rollercoaster continues to roll, with Airtel Africa’s share price up 18% in the last week alone, marking the fastest gain in the blue-chip index. It has a huge market to target as smartphone penetration is still only around 45%. With any luck it should grow with connectivity.

First-quarter 2025 results, released on July 25, showed the group’s quarterly revenue increased 22.4% to $1.4 billion. Data revenues grew by 38.1%, while mobile money grew by 30.3%, reflecting the growing popularity of smartphones and increased financial inclusion.

Profit after tax increased from USD 31 million to USD 156 million, supported by the escalate in the Central African franc exchange rate. Airtel Africa also rewards shareholders with a share buyback, earning a return of $16.9 million.

A customer base of 75.6 million data users and 46 million mobile payment customers shows the scale of the possibilities. Investments in 4G/5G networks, fiber and digital platforms could make it more than just a telecommunications operator, potentially transforming it into a broader service provider.

Risky FTSE 100 stocks

However, the share price fluctuates at times and currency risk remains a concern. The Nigerian naira has had a delicate decade, with revenues falling when converted to sterling. Recently, however, there have been signs of recovery. Another concern is debt, which has almost doubled in just over a year to $6.19 billion as the group invests heavily in digital networks and services. This is the problem with telecom stocks, just look BT Group AND Vodafon.

I believe that Airtel Africa is a company that should be approached with extreme caution today, despite the opportunity. The price-to-earnings ratio is 60, which is even more exorbitant than the biggest hits of the FTSE 100 stock exchange, Rolls-Royce. Any drop in profits or currency fluctuations could spook the market

Too delayed to jump in?

Analyst consensus forecasts put the one-year share price target at just under 225p, about 18% below today’s level. Most of these forecasts will not reflect recent rapid growth. But they also highlight the danger when stock prices exceed expectations.

Of the 12 analysts covering Airtel Africa, eight have rated the stock as a Strong Buy, one is a Buy and three are a Hold. Nobody recommends selling. That’s a pretty solid endorsement.

I think it’s worth considering for investors willing to take the risk. However, as I said, they should be careful. When a stock gets this sizzling, there’s a real chance of a pullout. Maybe it’s worth considering giving money through droplets? Expect volatility, be patient, balance this growth opportunity with less volatile assets. Airtel Africa has had a great run, but modern investors are delayed to the share price party.