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.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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