New Street: MBT US (Buy, TP: $10.1, +16%) Q221: Strong results drives revenue guidance upgrades
MTS has reported a good set of Q221 results beating expectations and raising guidance at revenues, but preferring to remain conservative on EBITDA. The performance in mobile was strong, accelerating on the back of weaker comps in Q220, although this was largely expected with the tariff increases at the back end of Q1.Mobile Telesystems is a provider of mobile cellular communications services in the Russian Federation, Ukraine, Uzbekistan and Turkmenistan to consumers and corporate customers, employing technology based primarily on Global System for Mobile Communications (GSM). Co. had a mobile subscriber base of around 102.5 million (77.3 million in Russia, 20.4 million in Ukraine, 2.1 million in Turkmenistan, 1.6 million in Uzbekistan and 1.1 million in Armenia). In addition to standard voice services, Co. provides improved services, including voice mail, short message service, general packet radio service, and various SMS- and GPRS-based information and entertainment services.
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