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

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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

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:

Pan European Telecom Services and Cable
US Telecoms, Cable, Satellite and Towers
Global Emerging Market Telecoms
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Pan European Telecom Services and Cable

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Analysts

Chris Hoare

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

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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