New Street Research - MTN (MTN) MTN (Buy, TP: ZAR190, +58%) MTN Uganda – Q1 25 Quick Take: Slower top line but solid margins and MT guidance reiterated

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New Street Research

Chris Hoare

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MTN (Buy, TP: ZAR190, +58%) MTN Uganda – Q1 25 Quick Take: Slower top line but solid margins and MT guidance reiterated

MTN Uganda has reported a slower set of Q1 results due to the MTR cut. However, margins were solid and OpFCF growth inflected. The company has reiterated its medium-term guidance.

07/05/2025 1 EN

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Chris Hoare

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MTN (Buy, TP: ZAR190, +58%) MTN Uganda – Q1 25 Quick Take: Slower top line but solid margins and MT guidance reiterated

MTN (Buy, TP: ZAR190, +60%) MTN Rwanda – Q1 25: Still mixed but MT guidance maintained

South African Telcos Continuous (modest) improvements; CY24 H2 review

Alphabet (GOOGL, Buy, $210 target) AI Max marks next steps in AI search monetization, offers lessons from META’s Advantage+

Alphabet (GOOGL, Buy, $210 target) AAPL AI Search competitor comments not a surprise, but Safari April query declines spook

Telecom Italia (Neutral, €0.36, +0%) Downgrade to Neutral – and Q1 review

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