New Street Research - MTN Group Limited (10CM) MTN (Buy, TP: ZAR130, +62%) Feedback from small group call

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New Street Research

Chris Hoare

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MTN (Buy, TP: ZAR130, +62%) Feedback from small group call

We hosted a small group Zoom call with MTN Group CEO, Ralph Mupita, MTN Group CFO, Tsholofelo Molefe and Head of IR, Thato Motlanthe last week. Tone was overall positive, with a particularly bullish conversation around consolidation across Africa.

27/11/2024 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, +62%) Feedback from small group call

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

Nigerian Telcos Still weathering the (macro) storm

Altice France (SFR) (Most Preferred) Q3 24: Weaker B2C SR trends in France, but KPIs a bit better

Nigerian Telcos Underlying top line stronger than ever, EBITDA inflecting; Q3 24 review

EOLO Q2 25: Evolving churn and ARPU levels

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