New Street: Nigerian Telcos Q3 22 review: Support from voice recovery; MTN outperformed on EBITDA
Both MTN and AAF saw improvements in top line growth as more customers are reactivated for outgoing voice calls. AAF was also supported by an accelerating data revenue growth. Similar to last quarter, MTN outperformed on EBITDA as AAF remained impacted by fuel prices. We remain confident in our upgraded guidance and are Buyers of MTN and AAF at ZAR 250 and GBp 305 respectively.
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
- Japan Telecoms
- Asian Internet
- Pan European Healthcare
- Global healthcare thematic research
We provide debt research on:
- Pan European Telecom Services and Cable
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