New Street Research - Airtel Africa (AAF) ... Vodacom (Neutral, TP: ZAR140, +46%) Q3 24 Quick Take: Decent quarter

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New Street Research

Chris Hoare

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Vodacom (Neutral, TP: ZAR140, +46%) Q3 24 Quick Take: Decent quarter

Vodacom reported a decent set of Q3 results. Numbers (revenue only this quarter) slightly missed consensus expectations, but pro forma service revenue growth continued to grow towards the high end of the medium-term guidance.

02/02/2024 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

MTN

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Vodafone Group PLC (ADR)

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US92857W3088 United Kingdom

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New Street Research

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Chris Hoare

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Vodacom (Neutral, TP: ZAR140, +46%) Q3 24 Quick Take: Decent quarter

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

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

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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