New Street Research - MTN Group Limited (10CM) MTN (Buy, TP: ZAR130, +44%) Q4 23: Slower quarter but decent given the context; MT guidance maintained

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New Street Research

Chris Hoare

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MTN (Buy, TP: ZAR130, +44%) Q4 23: Slower quarter but decent given the context; MT guidance maintained

MTN has reported a slower set of Q4 results but performance remains decent given the macro challenges the company has been facing. MT guidance has been reiterated which is encouraging.

25/03/2024 1 EN

Underlying

MTN Group Limited

MTN Group is a holding company engaged in the investment in the telecommunications industry offering voice services via 2G and 3G networks, including prepaid and postpaid airtime, please-call-me message service, international roaming, electronic voucher distribution services and community payphones, mobile and fixed data products, including short message service (SMS), multimedia message services, internet access, MTN MobileMoney, content portal MTN Play, Google SMS information services, USSD services and corporate data services. Co.'s operations are divided into the following three regions: South and East Africa, West and Central Africa, and the Middle East and North Africa.

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ZAE000042164 Johannesburg Stock Exchange South Africa

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Analysts

Chris Hoare

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MTN (Buy, TP: ZAR130, +44%) Q4 23: Slower quarter but decent given the context; MT guidance maintained

MTN (Buy, TP: ZAR130, +45%) Q1 24: Slow start to the year; decent top line in SA

Nigerian Telcos Still weathering the (macro) storm

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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