| february 15th | 5.72 | Jump to 19.68 |  |  | 
              
                
                  | companies which have three things in | 2.96 | Jump to 52.079 |  |  | 
              
                
                  | multi-billion dollar market | 2.481 | Jump to 55.039 |  |  | 
              
                
                  | uh nine stocks in the last you know 18 | 4.8 | Jump to 67.04 |  |  | 
              
                
                  | eleven hundred percent and five thousand | 4.319 | Jump to 71.84 | 
                      
                        
                      
                        PERCENT
                      
                      
                        eleven hundred percent
                      
                     |  | 
              
                
                  | is gonna join that great pantheon of 10 | 5.04 | Jump to 79.6 |  |  | 
              
                
                  | clearance as we speak to build 120 | 6.56 | Jump to 128.56 |  |  | 
              
                
                  | there's close to 800 million people | 6.961 | Jump to 182.239 |  |  | 
              
                
                  | just the assumption that 50 percent | 4.881 | Jump to 194.319 |  |  | 
              
                
                  | opportunity there's one billion people | 5.039 | Jump to 205.12 |  |  | 
              
                
                  | network so there's one billion of those | 5.601 | Jump to 217.599 |  |  | 
              
                
                  | still not connected in those two | 3.76 | Jump to 220.64 |  |  | 
              
                
                  | so you have eight hundred thousand | 5.199 | Jump to 224.4 | 
                      
                        
                      
                        CARDINAL
                      
                      
                        eight hundred thousand
                      
                     |  | 
              
                
                  | people uh a thousand million people | 7.041 | Jump to 226.799 | 
                      
                        
                      
                        CARDINAL
                      
                      
                        a thousand million
                      
                     |  | 
              
                
                  | fifty percent of them | 4.479 | Jump to 233.84 |  |  | 
              
                
                  | and then divide them by on average 5 000 | 5.92 | Jump to 238.319 |  |  | 
              
                
                  | is driving 2 000 of revenue per site per | 5.441 | Jump to 247.599 |  |  | 
              
                
                  | just in those two continent of close to | 7.041 | Jump to 258.079 |  |  | 
              
                
                  | 2 billion in revenue potential | 6.959 | Jump to 261.68 |  |  | 
              
                
                  | so it's amazing it's close to 80 000 | 6.321 | Jump to 268.639 |  |  | 
              
                
                  | potentially ten thousand | 5.121 | Jump to 329.759 |  |  | 
              
                
                  | towers or the ten thousand site the ten | 3.52 | Jump to 332.16 |  |  | 
              
                
                  | thousand | 3.44 | Jump to 334.88 |  |  | 
              
                
                  | committed 20 close to 2500 sites okay i | 5.16 | Jump to 340.96 |  |  | 
              
                
                  | 24.92 again i don't want people to | 4.359 | Jump to 346.12 |  |  | 
              
                
                  | 24.92 | 4.0 | Jump to 350.479 |  |  | 
              
                
                  | two thousand | 3.04 | Jump to 358.08 |  |  | 
              
                
                  | accounts for a 25 24 25 percent | 7.2 | Jump to 380.16 |  |  | 
              
                
                  | currently just in cameroon achieving 45 | 4.96 | Jump to 395.28 |  |  | 
              
                
                  | poo for cameron is 2.67 | 8.08 | Jump to 428.72 |  |  | 
              
                
                  | so we are at one dollar now so | 9.199 | Jump to 432.56 |  |  | 
              
                
                  | 45 penetration rate and 2.67 | 7.76 | Jump to 436.8 |  |  | 
              
                
                  | revenue per site up to 4 000 something | 6.4 | Jump to 444.56 |  |  | 
              
                
                  | around two thousand dollar per site per | 3.28 | Jump to 454.24 | 
                      
                        
                      
                        MONEY
                      
                      
                        two thousand dollar
                      
                     |  | 
              
                
                  | right now if we aim to do the ten | 5.92 | Jump to 460.08 |  |  | 
              
                
                  | thousand site we will be a 250 million | 4.72 | Jump to 462.72 |  |  | 
              
                
                  | uh we will be generating 50 percent | 6.16 | Jump to 474.56 |  |  | 
              
                
                  | ebitda so 125 million dollar | 5.761 | Jump to 477.039 |  |  | 
              
                
                  | eight and 29 times ebitda | 4.801 | Jump to 498.639 |  |  | 
              
                
                  | so we do not think that we will be at 29 | 4.64 | Jump to 503.44 |  |  | 
              
                
                  | which is eight eight times 125 so we're | 6.0 | Jump to 508.08 |  |  | 
              
                
                  | close to a billion dollar valuation once | 4.72 | Jump to 511.52 |  |  | 
              
                
                  | really once you have these ten thousand | 3.841 | Jump to 547.279 |  |  | 
              
                
                  | company's worth of billion dollars | 3.201 | Jump to 552.959 |  |  | 
              
                
                  | 32 million 32 million shares outstanding | 6.16 | Jump to 558.88 |  |  | 
              
                
                  | trading at the dollar 30 something cents | 6.56 | Jump to 561.76 |  |  | 
              
                
                  | we have a market cap of 44 million i | 4.0 | Jump to 568.32 |  |  | 
              
                
                  | few years so let's say you get to 50 | 4.959 | Jump to 576.32 |  |  | 
              
                
                  | million shares at a billion valuation | 5.44 | Jump to 578.399 |  |  | 
              
                
                  | that's 20 bucks a share is is the upside | 4.161 | Jump to 581.279 |  |  | 
              
                
                  | those infrastructure 75 percent plus | 5.2 | Jump to 605.6 |  |  | 
              
                
                  | upside essentially is 20 is 20 bucks a | 4.88 | Jump to 638.399 |  |  | 
              
                
                  | share once you get these 10 000 powers | 4.319 | Jump to 640.64 |  |  | 
              
                
                  | nourish store because that's the 10 000 | 4.641 | Jump to 644.959 |  |  | 
              
                
                  | uh by 20 the next three years four years | 5.68 | Jump to 657.12 | 
                      
                        
                      
                        DATE
                      
                      
                        the next three years four years
                      
                     |  | 
              
                
                  | no it's fine it's a five-year plan by | 5.2 | Jump to 660.72 |  |  | 
              
                
                  | 2026 we should be around 10 000 sites | 5.84 | Jump to 662.8 |  |  | 
              
                
                  | 80 000 towers so it will mean that we | 7.519 | Jump to 679.44 |  |  | 
              
                
                  | get uh 15 17 of the total scope let's | 6.639 | Jump to 682.64 |  |  | 
              
                
                  | say we do 30 | 4.88 | Jump to 686.959 |  |  | 
              
                
                  | so we would then be close to 25 000 | 5.441 | Jump to 689.279 |  |  | 
              
                
                  | set an objective of 10 000 but of course | 6.16 | Jump to 694.72 |  |  | 
              
                
                  | vodafone orange airtel the big four in | 7.12 | Jump to 707.92 |  |  | 
              
                
                  | so why is the stock only a dollar or 30 | 4.721 | Jump to 768.079 |  |  | 
              
                
                  | and not you know 10 bucks right now i | 5.041 | Jump to 770.639 |  |  | 
              
                
                  | guess because people are not 100 certain | 4.64 | Jump to 772.8 |  |  | 
              
                
                  | your news in uh the three markets that | 5.281 | Jump to 792.959 |  |  | 
              
                
                  | many kind there's 80 countries in africa | 3.361 | Jump to 810.639 |  |  | 
              
                
                  | i think there's like 80 countries i know | 3.679 | Jump to 812.16 |  |  | 
              
                
                  | i think it's 56 if you're basically | 3.36 | Jump to 814.0 |  |  | 
              
                
                  | it's like a billion population um huge | 5.039 | Jump to 819.6 |  |  | 
              
                
                  | with uh orange is the the 2500 towers | 4.72 | Jump to 830.72 |  |  | 
              
                
                  | away it's uh 57 | 6.641 | Jump to 843.519 |  |  | 
              
                
                  | as nas but we also have seven more uh | 5.68 | Jump to 846.56 |  |  | 
              
                
                  | you know 100 towers this week | 3.839 | Jump to 898.0 |  |  | 
              
                
                  | then this you know uh 2500 towers which | 6.32 | Jump to 903.68 |  |  | 
              
                
                  | around just 5 million | 5.68 | Jump to 913.279 |  |  | 
              
                
                  | uh per month so let's call it 60 million | 4.88 | Jump to 915.68 |  |  | 
              
                
                  | 600 million | 4.08 | Jump to 922.72 |  |  | 
              
                
                  | still it's 20 bucks a share | 6.32 | Jump to 929.04 |  |  | 
              
                
                  | that in those questions first of all | 4.64 | Jump to 964.639 |  |  | 
              
                
                  | three countries we have a a uh uh | 7.44 | Jump to 971.44 |  |  | 
              
                
                  | of the contract so it's 10 years | 3.84 | Jump to 978.88 |  |  | 
              
                
                  | six years | 4.399 | Jump to 1017.68 |  |  | 
              
                
                  | drc five and south sudan will be seven | 6.159 | Jump to 1019.04 |  |  | 
              
                
                  | eight this is how the contract is built | 5.681 | Jump to 1022.079 |  |  | 
              
                
                  | after the 10 years so there are debates | 5.6 | Jump to 1048.24 |  |  | 
              
                
                  | i don't know 200 300 400 site live | 6.8 | Jump to 1065.2 |  |  | 
              
                
                  | 10 years is probably going to be | 3.921 | Jump to 1085.919 |  |  | 
              
                
                  | 3g potentially 4g i doubt that you will | 6.16 | Jump to 1094.16 |  |  | 
              
                
                  | see 5g in those regions but | 6.08 | Jump to 1097.12 |  |  | 
              
                
                  | side to run on 3g and 4g | 5.519 | Jump to 1113.28 |  |  | 
              
                
                  | so we're already planning trials of 3g | 5.76 | Jump to 1129.36 |  |  | 
              
                
                  | and 4g this summer with camelon and | 4.8 | Jump to 1132.96 |  |  | 
              
                
                  | being populated with 3g on top of the | 4.88 | Jump to 1140.72 |  |  | 
              
                
                  | easy because we just launched our 2g 3g | 4.319 | Jump to 1145.6 |  |  | 
              
                
                  | 4g bucks | 5.28 | Jump to 1148.48 |  |  | 
              
                
                  | that allow us to switch remotely from 2g | 6.961 | Jump to 1149.919 |  |  | 
              
                
                  | to 3g to 4g which is fantastically cool | 4.56 | Jump to 1153.76 |  |  | 
              
                
                  | because 2g is not as | 4.641 | Jump to 1172.799 |  |  | 
              
                
                  | 3g is uh the definite 3g and 4g are | 6.721 | Jump to 1183.679 |  |  | 
              
                
                  | definitely enforced in latin america 2g | 5.039 | Jump to 1187.52 |  |  | 
              
                
                  | telephony and so forth so that's why 2g | 5.52 | Jump to 1207.76 |  |  | 
              
                
                  | tower in 10 years or whatever it is like | 3.519 | Jump to 1225.52 |  |  | 
              
                
                  | gonna be the this is 10 years from now i | 3.681 | Jump to 1284.559 |  |  | 
              
                
                  | five years from now the company might | 2.8 | Jump to 1297.84 |  |  | 
              
                
                  | what happens 10 years from now because | 3.12 | Jump to 1317.28 |  |  | 
              
                
                  | three years and francis correct me if | 3.92 | Jump to 1320.4 |  |  | 
              
                
                  | i'm wrong but let's say two three years | 3.2 | Jump to 1322.24 |  |  | 
              
                
                  | so you know in nine years you're gonna | 3.36 | Jump to 1332.0 |  |  | 
              
                
                  | 20 000 sites which have that you know so | 3.92 | Jump to 1335.36 |  |  | 
              
                
                  | us 58 towers | 5.36 | Jump to 1408.64 |  |  | 
              
                
                  | structure 2000 | 4.48 | Jump to 1427.76 |  |  | 
              
                
                  | you know the towers is just one part of | 4.08 | Jump to 1466.24 |  |  | 
              
                
                  | great companies they start off with one | 4.8 | Jump to 1470.32 |  |  | 
              
                
                  | in one area but then they expand they | 4.559 | Jump to 1472.48 |  |  | 
              
                
                  | uh the first of all for ourselves we're | 5.28 | Jump to 1491.279 |  |  | 
              
                
                  | such service first | 3.599 | Jump to 1508.32 |  |  | 
              
                
                  | second thing you will have team on the | 3.041 | Jump to 1510.159 |  |  | 
              
                
                  | you're first and being first you can | 5.12 | Jump to 1583.36 |  |  | 
              
                
                  | first of all how many other | 2.64 | Jump to 1604.72 |  |  | 
              
                
                  | no roads or almost zero roads and in the | 7.039 | Jump to 1647.52 |  |  | 
              
                
                  | opportunity you know 20 years ago china | 4.24 | Jump to 1704.559 |  |  | 
              
                
                  | the one on the left hand side where it | 5.281 | Jump to 1745.679 |  |  | 
              
                
                  | equipment that goes there to build a 120 | 4.961 | Jump to 1768.559 |  |  | 
              
                
                  | batch one for both countries | 5.759 | Jump to 1773.52 |  |  | 
              
                
                  | cameroon we've been able to deliver 30 | 5.92 | Jump to 1785.44 |  |  | 
              
                
                  | sites 30 site in the last month | 6.08 | Jump to 1788.24 |  |  | 
              
                
                  | so it's me it means that 120 side could | 6.16 | Jump to 1791.36 |  |  | 
              
                
                  | team on the ground we can build a 120 | 5.519 | Jump to 1798.64 |  |  | 
              
                
                  | site within four months | 4.561 | Jump to 1801.679 |  |  | 
              
                
                  | building a tower takes three days | 5.12 | Jump to 1817.36 |  |  | 
              
                
                  | it's not two weeks it takes three days | 5.681 | Jump to 1819.919 |  |  | 
              
                
                  | site one two three four five puck and | 4.321 | Jump to 1831.919 |  |  | 
              
                
                  | we have three subcontractors selected | 7.201 | Jump to 1844.399 |  |  | 
              
                
                  | only one of them have been uh uh have | 6.639 | Jump to 1848.64 |  |  | 
              
                
                  | of 2023 2024 in smaller countries i | 4.56 | Jump to 1994.64 |  |  | 
              
                
                  | let's call it i don't know 200 million | 3.919 | Jump to 2015.12 |  |  | 
              
                
                  | know 100 billion dollar market cap so | 3.84 | Jump to 2100.64 |  |  | 
              
                
                  | bidding on with mtn but the previous one | 6.721 | Jump to 2163.599 |  |  | 
              
                
                  | ihs and american tower the two of them | 5.759 | Jump to 2170.32 |  |  | 
              
                
                  | and one of the reason being that most of | 4.639 | Jump to 2215.2 |  |  | 
              
                
                  | having a market cap around 200 250 then | 5.76 | Jump to 2361.28 |  |  | 
              
                
                  | 3.5 million dollar u.s you're kidding i | 4.88 | Jump to 2381.68 |  |  | 
              
                
                  | first 120 sites | 3.359 | Jump to 2554.96 |  |  | 
              
                
                  | they have the first right of refusal of | 5.44 | Jump to 2564.72 |  |  | 
              
                
                  | where four million dollars as lead | 4.88 | Jump to 2577.28 | 
                      
                        
                      
                        MONEY
                      
                      
                        four million dollars
                      
                     |  | 
              
                
                  | to mwc the biggest telecom show in two | 4.321 | Jump to 2609.359 |  |  | 
              
                
                  | the one that will succeed | 4.4 | Jump to 2636.8 |  |  | 
              
                
                  | two of us if not at a third one or | 4.72 | Jump to 2645.92 |  |  | 
              
                
                  | orbit satellite company while called one | 5.52 | Jump to 2682.0 |  |  | 
              
                
                  | because it's a 10 watt output power the | 4.879 | Jump to 2710.48 |  |  | 
              
                
                  | put those products close to a 20 watt | 4.561 | Jump to 2715.359 |  |  | 
              
                
                  | uh solution but in those places a 10 | 4.72 | Jump to 2740.72 |  |  | 
              
                
                  | the team on a 20 watt version and we do | 6.321 | Jump to 2748.079 |  |  | 
              
                
                  | you know potentially a 20 stock price | 4.639 | Jump to 2784.48 |  |  | 
              
                
                  | you have with orange to get the 2500 | 3.121 | Jump to 2793.119 |  |  | 
              
                
                  | uh which could generate you know five | 4.24 | Jump to 2796.24 |  |  | 
              
                
                  | million a month it's you know 60 million | 4.561 | Jump to 2798.079 |  |  | 
              
                
                  | you know that basically translates to 20 | 3.041 | Jump to 2807.599 |  |  | 
              
                
                  | move closer to you know that 20 stock | 5.36 | Jump to 2822.64 |  |  | 
              
                
                  | for the one that we have served until | 7.76 | Jump to 2842.88 |  |  | 
              
                
                  | but yes the one that we've started | 5.119 | Jump to 2858.48 |  |  | 
              
                
                  | from new rand in the next 30 days what's | 3.599 | Jump to 2900.24 |  |  | 
              
                
                  | world congress as i said from the 28th | 5.76 | Jump to 2962.64 |  |  | 
              
                
                  | pace there and we will get this 10 000 | 5.921 | Jump to 2994.079 |  |  | 
              
                
                  | on the next one | 4.76 | Jump to 3018.559 |  |  |