New Street Research - MTN Group Limited (10CM) New Street: MTN (Buy, TP: ZAR250, +88%) Further details about the Ghana subscriber registration directive

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New Street Research

Chris Hoare

EUR 9385.00 For Business Accounts Only

New Street: MTN (Buy, TP: ZAR250, +88%) Further details about the Ghana subscriber registration directive

MTN held a call today where it gave more details about the Ghana subscriber registration directive, plans to accelerate registrations and impact to MTN Ghana and MTN group revenue.

02/12/2022 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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New Street Research

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Analysts

Chris Hoare

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VZ (Neutral, TP: $45, Total Return +23%) Model Update

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New Street: MTN (Buy, TP: ZAR250, +88%) Further details about the Ghana subscriber registration directive

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

African Telcos Deep dive on Fintech valuations; stay Bullish on AAF and MTN

5G FWA in EM Poor man’s paradise; income and propensity to spend suggests 5G FWA affordability is high in EM

VZ (Neutral, TP: $45, Total Return +23%) Model Update

Altice France: The bonds are discounting too bearish an outcome

Reliance Industries (Buy, TP: INR 3,270, +11%) Q4 24 Quick Take: Topline accelerated again led by inflection in O2C; balance sheet further strengthened as capex moderates

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