New Street Research - MTN (MTN) MTN (Buy, TP: ZAR200, +134%) MTN Nigeria and MTN Ghana – Q4 23: Solid top line but tough EBITDA and bottom line for MTN Nigeria; Solid quarter for MTN Ghana

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New Street Research

Chris Hoare

EUR 9341.00 For Business Accounts Only

MTN (Buy, TP: ZAR200, +134%) MTN Nigeria and MTN Ghana – Q4 23: Solid top line but tough EBITDA and bottom line for MTN Nigeria; Solid quarter for MTN Ghana

MTN Nigeria reported Q4 results on Friday and held its earnings call yesterday. For our take on the results, including call feedback please click on the link below. We also provide our take on MTN Ghana which reported Q4s a day before MTN Nigeria.

05/03/2024 1 EN

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MTN

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New Street Research

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Chris Hoare

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MTN (Buy, TP: ZAR200, +134%) MTN Nigeria and MTN Ghana – Q4 23: Solid top line but tough EBITDA and bottom line for MTN Nigeria; Solid quarter for MTN Ghana

Nigerian Telcos Still weathering the (macro) storm

MTN (Buy, TP: ZAR200, +135%) MTN Rwanda – Q4 23 Quick take: Good underlying trends; SR guidance maintained

MTN (Buy, TP: ZAR200, +136%) MTN Uganda – Q4 23 Quick Take: Good quarter, MT Service revenue guidance revised up

LUMN quick hit: big improvement in fiber adds

Protelindo (Buy, TP: IDR 1,900, +136%) Q1 24 Quick Take: Topline beat but margins missed slightly

GOOGL/AMZN/META: How much are they spending on AI Capex (v2.3)?

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