New Street Research - Airtel Africa (AAF) ... Nigerian Telcos Q1 24 review: Strong underlying top line, weak profits driven by FX

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New Street Research

Chris Hoare

EUR 9486.00 For Business Accounts Only

Nigerian Telcos Q1 24 review: Strong underlying top line, weak profits driven by FX

Nigerian Telcos continue to perform well from a top line perspective. Market service revenue growth accelerated (again) in Q1 with both MTN Nigeria and Airtel Africa growing underlying service revenue by ~33% YoY. As expected, EBITDA and profit metrics were weaker (especially for MTN) because of the Naira devaluation in Q1

27/06/2024 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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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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Analysts

Chris Hoare

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Nigerian Telcos Q1 24 review: Strong underlying top line, weak profits driven by FX

Airtel Africa (Buy, TP: £2, +82%) Q2 25: Solid operationally, near-term impact on net income from tower contract renewal

EM Telcos Q2 24: Enterprise softer but remains a secular trend

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

BABA FY2Q25 Results: Monetization Starts to Stabilize for Taobao and Tmall

ASML 2024 CMD: What did we learn?

Novo - 2025 Growth Sensitivities (BUY, TP DKK1150, 8pgs)

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