Airtel Africa (Buy, TP: GBP1.5, +42%) Q4 24: Decent, Solid top line but slower EBITDA; positive message on HoldCo cash

Airtel Africa has published a decent set of Q4 results. Top line performance remained strong, service revenue growth in local currency came in above consensus expectations and above our expectations. EBITDA trends slowed (but remained decent given the macro context in Q1) and margins came in 1pp below consensus and us.

MTN (Buy, TP: ZAR130, +42%) MTN Nigeria – Q1 24 Quick Take: Strong top line, weak EBITDA/bottom line (as expected), cutting capex with negative implication for IHS

MTN Nigeria has reported a mixed set of results. Top line was quite strong, but EBITDA and the bottom line came in under pressure (as expected), driven mainly by the Naira devaluation in Q1. The company is cutting capex for this year.

Nigerian Telcos Still weathering the (macro) storm

Nigerian telcos continue to perform well from a top line and KPIs perspective. Market service revenue growth accelerated in Q4 with both MTN and AAF growing underlying service revenue by 25% YoY.

DT vs. BT: 160% total return over 10 years. Which one? DT (Buy, €32, +45%), BT (Buy, £1.95, +47%)

It’s been a busy day and we have now wrapped on the BT full-year results meeting and the DT earnings call and share our key takeaways from the day on the similarities and differences between the two.

Grab 1Q24: Good momentum in mobility. Unit economics improve further. Buy, $5.3

Cisco: Stabilization in the core. Slow recovery ahead