New Street Research - MTN Nigeria Communications Plc (MTNN) MTN (Buy, TP: ZAR130, +10%) MTN Nigeria – Q4 24 Quick Take: Solid underlying trends; Expecting a recovery in margins in the medium term

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New Street Research

Chris Hoare

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MTN (Buy, TP: ZAR130, +10%) MTN Nigeria – Q4 24 Quick Take: Solid underlying trends; Expecting a recovery in margins in the medium term

MTN Nigeria has reported a good set of Q4 results. Headline revenue and EBITDA were very strong, helped by a one off in revenue. Underlying trends remained solid and came in above our expectations.

28/02/2025 1 EN

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MTN Nigeria Communications Plc

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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.

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Chris Hoare

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MTN (Buy, TP: ZAR130, +10%) MTN Nigeria – Q4 24 Quick Take: Solid underlying trends; Expecting a recovery in margins in the medium term

Nigerian Telcos 50% price increase to be approved

Nigerian Telcos Underlying top line stronger than ever, EBITDA inflecting; Q3 24 review

Digi (Least Preferred) Q4 24: 50% fibre coverage by year end in Portugal

NSR Policy: Verizon Now Faces Trump Transaction Tax

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