MTN (Buy, TP: ZAR130, +54%) MTN Rwanda – Q2 24 Quick take: Tough quarter, FY24 guidance cut
MTN Rwanda has reported a disappointing set of Q2 numbers. Service revenue and EBITDA trends continued to deteriorate as they continue to be impacted by the MTR cut and higher competition on price. Additionally, EBITDA continued to be impacted by the One Network Area initiative, handset subsidy and the local currency depreciating vs. the USD. As a result, management has cut FY24 guidance.
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