New Street Research - MTN (MTN) MTN (Buy, TP: ZAR200, +119%) MTN Ghana – Q3 23: A solid quarter

Report

New Street Research

Chris Hoare

EUR 9209.00 For Business Accounts Only

MTN (Buy, TP: ZAR200, +119%) MTN Ghana – Q3 23: A solid quarter

MTN Ghana has reported a solid set of Q3 results. Service revenue trends accelerated again after a strong performance in Q2, and are (just) back above high local inflation. EBITDA growth slightly slowed but remained strong.

01/11/2023 1 EN

Underlying

MTN

See profile

Provider

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
Japan Telecoms
Asian Internet
Pan European Healthcare
Global healthcare thematic research

We provide debt research on:

Pan European Telecom Services and Cable

See profile

Analysts

Chris Hoare

Other Reports on these Companies

New Street Research

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

MTN Uganda has reported a good set of Q1 numbers with both service revenue and EBITDA trends accelerating vs. Q3. The company has maintained its medium-term guidance.

EUR 9209.00

May 9, 2024 May 9, 2024 1 EN

New Street Research

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

MTN Rwanda has reported a slower set of Q1 numbers. Revenue and EBITDA continue to be impacted by the MTR cut and margins were also impacted by the One Network Area initiative and to a lesser extent by the depreciating RWF vs. the USD.

EUR 9209.00

May 8, 2024 May 8, 2024 1 EN

New Street Research

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

MTN Ghana has reported a good set of Q1 results. Service revenue growth accelerated and continued to grow well above inflation. EBITDA trends slowed but remain solid. Capex intensity was down vs. Q1 last year. Medium guidance for Service Revenue growth (“high twenties %”) has been reiterated. The macro is expected to remain challenging in 2024. However, there has been an encouraging slow down in inflation over Q1.

EUR 9209.00

May 2, 2024 May 2, 2024 1 EN

EM Telcos EM Enterprise Revenues Continue to Grow Strongly

In this note we revisit and update our thesis that Enterprise in EM is following an S-Curve, using 2023 reported figures. Enterprise customer growth continues to exhibit an S-Curve, and absolute Enterprise revenues added remains very strong in many EMs despite a slowdown in growth rates. We remain bullish on this space.

EUR 9209.00

2h / 24m 2h / 24m 1 EN

Dan Salmon

Dan Salmon

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

Tomorrow is both Google Marketing Live (aka GML, GOOGL’s annual event for performance/direct response ads) and the opening keynote for MSFT’s multi-day Build conference. After GOOGL announced the broader rollout of AI Overviews (fka Search Generative Experience) at Google I/O, we expect to hear about wider tests of advertising in AI Overviews at Google Marketing Live.

EUR 9209.00

10h / 49m 10h / 49m 1 EN

Pierre FerraguÊ

Pierre FerraguÊ

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

As always, during earnings season, we start the week with a wrap-up of what happened in the previous week.

22h / 48m 22h / 48m 1 EN

Sign-up for free to access full reports immediately

Email Address*

Choose Password* ( 6 or more characters )

Due to regulatory restrictions regarding the distribution of financial research, this report is restricted to a specific region or investor type. Get access to exclusive reports by answering the questions below.

Select your country*

Get financial insights straight to your inbox

By clicking "register" you accept the Terms and Conditions & Privacy Policy

Already on ResearchPool?

Almost there...

Are you a professional investor?

Select your country

REGISTER

Create a free ResearchPool account to access full reports, get a personalised dashboard and follow providers or companies

In order to access this report please create an account.

LOGIN

MTN (Buy, TP: ZAR200, +119%) MTN Ghana – Q3 23: A solid quarter

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

Create a free ResearchPool account to access full reports, get a personalised dashboard and follow providers or companies

Sign-up for free to access full reports immediately

ResearchPool Subscriptions

Get the most out of your insights

Why subscribe?

How to subscribe

ResearchPool Subscriptions

This report is only available to subscribers

Why subscribe?

How to subscribe