New Street Research - MTN Nigeria Communications Plc (MTNN) MTN (Buy, TP: ZAR130, +65%) MTN Nigeria – Q2 24 Quick Take: Solid top line, weak EBITDA

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New Street Research

Chris Hoare

EUR 9475.00 For Business Accounts Only

MTN (Buy, TP: ZAR130, +65%) MTN Nigeria – Q2 24 Quick Take: Solid top line, weak EBITDA

MTN Nigeria has reported a mixed set of results. Top line was strong and came in above our expectations, but EBITDA (and the bottom line) remain under pressure and EBITDA came in below our expectations for this quarter.

31/07/2024 1 EN

Underlying

MTN Nigeria Communications Plc

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New Street Research

Provided by our team of experienced analysts, our work is idea driven, based on independence of thought, sector expertise, and firmly focussed on fundamentals and valuation.

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Chris Hoare

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MTN (Buy, TP: ZAR130, +65%) MTN Nigeria – Q2 24 Quick Take: Solid top line, weak EBITDA

Nigerian Telcos Underlying top line stronger than ever, EBITDA inflecting; Q3 24 review

MTN (Buy, TP: ZAR130, +42%) MTN Nigeria – Q1 24 Quick Take: Strong top line, weak EBITDA/bottom line (as expected), cutting capex with negative implication for IHS

Altice France (SFR) (Most Preferred) Q3 24: Weaker B2C SR trends in France, but KPIs a bit better

Nigerian Telcos Underlying top line stronger than ever, EBITDA inflecting; Q3 24 review

EOLO Q2 25: Evolving churn and ARPU levels

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