New Street Research - MTN (MTN) MTN (Buy, TP: ZAR200, +105%) MTN Rwanda – Q3 23 Quick take: Decent quarter; Guidance maintained

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New Street Research

Chris Hoare

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MTN (Buy, TP: ZAR200, +105%) MTN Rwanda – Q3 23 Quick take: Decent quarter; Guidance maintained

MTN Rwanda has reported a decent set of Q3 numbers. Service revenue trends decelerated vs. Q2 but EBITDA growth accelerated. The company expects FY23 guidance to remain intact with mid-teens service growth and healthy EBITDA margins.

06/11/2023 1 EN

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MTN

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Chris Hoare

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MTN (Buy, TP: ZAR200, +105%) MTN Rwanda – Q3 23 Quick take: Decent quarter; Guidance maintained

MTN (Buy, TP: ZAR130, +38%) MTN Uganda – Q1 24 Quick Take: Good start to the year

MTN (Buy, TP: ZAR130, +39%) MTN Rwanda – Q1 24 Quick take: Slow start to the year

MTN (Buy, TP: ZAR130, +42%) MTN Ghana – Q1 24: Good start to the year

EM Telcos EM Enterprise Revenues Continue to Grow Strongly

Alphabet (GOOGL, Buy, $200 target) Previewing Google Marketing Live & read throughs from MSFT Build keynote tomorrow

Chinese AI ramp, Nvidia preview, WFE recovery, Cisco stabilization, Arm XPU initiative, and more. The Tech Weekly Wrap-up

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