New Street Research - MTN (MTN) MTN (Buy, TP: ZAR130, +50%) MTN Ghana – Q3 24 Quick Take: Faster quarter; MTN Ghana remains a good support for the group

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New Street Research

Chris Hoare

EUR 9281.00 For Business Accounts Only

MTN (Buy, TP: ZAR130, +50%) MTN Ghana – Q3 24 Quick Take: Faster quarter; MTN Ghana remains a good support for the group

MTN Ghana has reported a good set of Q3 results with both service revenue and EBITDA trends accelerating and solid data subscriber net additions.

01/11/2024 1 EN

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MTN

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New Street Research

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Chris Hoare

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This note focuses on changes to the model following 3Q24 results. Earlier today, we published a comprehensive review of results. Our view of the company remains unchanged, whether as a standalone company or as an acquisition target. Intrinsic value is $64 (but they may only get $48.50 in a deal now).

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MTN (Buy, TP: ZAR130, +50%) MTN Ghana – Q3 24 Quick Take: Faster quarter; MTN Ghana remains a good support for the group

MTN (Buy, TP: ZAR130, +52%) MTN Rwanda – Q3 24 Quick take: Mixed quarter

MTN Uganda (Buy, TP: ZAR130, +47%) – Q3 24 Quick Take: Slower but solid quarter; MT SR guidance upgraded

Match Group (MTCH, Buy, $54 target) MTCH First Take: Positioning for a break up?

MELI US (Neutral, TP: $2,000, -5%) MercadoLibre Credit cards drive big NIMAL and group EBIT miss

Frontier Post-3Q24 Model Update

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