New Street Research - MTN Group Limited (10CM) MTN (Buy, TP: ZAR130, +45%) Q1 24: Slow start to the year; decent top line in SA

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

MTN has reported a slightly slower set of Q1 results with both service revenue and EBITDA trends slightly decelerating (again) vs. Q4. We note that excluding Sudan, service revenue would have slightly improved.

14/05/2024 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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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:

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

Nigerian Telcos Still weathering the (macro) storm

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

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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