New Street Research - MTN (MTN) Sub-Saharan African Telecoms Another good performance; Q2 25 review

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New Street Research

Chris Hoare

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Sub-Saharan African Telecoms Another good performance; Q2 25 review

The Sub-Saharan African (SSA) operators performed well again in Q2 with service revenue trends accelerating further, and stable OpFCF margins. MTN was the outperformer in terms of both local currency and $ top line performance in Q2, Airtel performed well too. Nigeria has contributed meaningfully this quarter, with local currency growth there accelerating to above 60%. The full effect of the price increase in Nigeria has helped and we expect another strong performance

01/10/2025 1 EN

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MTN

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New Street Research

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Chris Hoare

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Sub-Saharan African Telecoms Another good performance; Q2 25 review

South African Telcos Solid H1 but expect prepaid weakness; CY25 H1 review

Nigerian Telcos Q2 25 review: Very strong; Upgrade MTN and AAF price targets

AT&T 3Q25 Quick Take: Volumes ahead, financials in-line, guidance reiterated

AI spending, Auto Cycle, Semicap in 2026, and more, our Weekly wrap-up.

Netflix (NFLX, Neutral, $1,210 target) Programmatic boosts ads, KPop accelerates licensing, and a painful Brazilian tax

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