New Street Research - Airtel Africa (AAF) ... EMEA African Telcos Towers - High Yield Review – Initiate Coverage on Axian Telecom and Liquid Intelligent Technologies, plus VEON, IHS Towers Helios

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New Street Research

Chris Hoare

EUR 9599.00 For Business Accounts Only

EMEA & African Telcos & Towers - High Yield Review – Initiate Coverage on Axian Telecom and Liquid Intelligent Technologies, plus VEON, IHS Towers & Helios

Following similar efforts in Europe and LatAm we are launching coverage on the HY Telcos & Towers in EMEA & Africa. New names under coverage include Helios (also initiated on equity, pt GBp140), Axian Telecom and Liquid Intelligent. We also address IHS Towers (pt cut to US$ 6), VEON and Helios’ bonds.

26/09/2024 1 EN

Underlyings

Airtel Africa

Airtel Africa PLC Formerly known as Airtel Africa Ltd. Airtel Africa PLC is a United Kingdom-based provider of telecommunications and mobile money services. The Company offers an integrated suite of telecommunications solutions, including mobile voice and data services as well as mobile money services both nationally and internationally. It offers traditional mobile voice services, with a primary focus on data and non-voice services through its third generation (3G) and fourth generation (4G) networks. It also offers mobile money services under its Airtel Money brand to customers in all of the Company's 14 countries of operation in Africa, primarily in East Africa and Central and West Africa. The mobile voice business line comprises pre- and post-paid wireless voice services, international roaming and fixed-line telephone services. The mobile data business line comprises data communications services, including second generation (2G), 3G and, increasingly, 4G data services, and other value added services (VAS).

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GB00BKDRYJ47 London Stock Exchange United Kingdom

Airtel Africa Plc

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Helios Towers

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GB00BJVQC708 London Stock Exchange United Kingdom

IHS Plc

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MTN

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Orange

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VEON Ltd. Sponsored ADR

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US91822M1062 NASDAQ Stock Market United States

Vodafone Group PLC (ADR)

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US92857W3088 United Kingdom

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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.

New Street Research is an independent, partner-owned, research firm specialising in equity and debt research. Our equity research embraces the following sectors:

Pan European Telecom Services and Cable
US Telecoms, Cable, Satellite and Towers
Global Emerging Market Telecoms
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Global healthcare thematic research

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Pan European Telecom Services and Cable

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Analysts

Chris Hoare

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EMEA & African Telcos & Towers - High Yield Review – Initiate Coverage on Axian Telecom and Liquid Intelligent Technologies, plus VEON, IHS Towers & Helios

MTN (Buy, TP: ZAR130, +57%) Q3 24: Solid, SR growth back on track with MT guidance

VEON (Buy, TP: $65, +93%) Q3 24 Quick Take: Revenue in-line but EBITDA softer; Guidance cut

IHS Towers (Buy, TP: $6, +140%) Q3 24: Solid quarter, lower capex guide; still waiting for the strategic review – Call feedback included

Alphabet (GOOGL, Buy, $213 target) Forget Chrome, 3P payments are the heart of the issue

SATS: DBS merger breaks

3Q24 Broadband Trends: FWA capacity limits; FWA demand limits

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