AAF (Buy, TP: 305p, +163%) MTN (Buy, TP ZAR250, +121%) IHS Towers (Buy, TP$20, +147%) Nigerian Telcos – Diesel prices falling? Headwinds turning into tailwinds
According to Airtel Africa’s CEO, the diesel price in Nigeria has fallen 20% since the end of March. Additionally, the Nigerian press is reporting that after years of delays the commissioning of the Dangote Refinery is imminent. As a result, we see headwinds turning into tailwinds for the Nigerian Telcos and Towers and especially AAF, and medium term for IHS. This note runs through the potential for earnings upgrades across the space.
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- Pan European Telecom Services and Cable
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