New Street Research - MTN Nigeria Communications Plc (MTNN) MTN (Buy, TP: ZAR130, +42%) MTN Nigeria – Q1 24 Quick Take: Strong top line, weak EBITDA/bottom line (as expected), cutting capex with negative implication for IHS

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New Street Research

Chris Hoare

EUR 9605.00 For Business Accounts Only

MTN (Buy, TP: ZAR130, +42%) MTN Nigeria – Q1 24 Quick Take: Strong top line, weak EBITDA/bottom line (as expected), cutting capex with negative implication for IHS

MTN Nigeria has reported a mixed set of results. Top line was quite strong, but EBITDA and the bottom line came in under pressure (as expected), driven mainly by the Naira devaluation in Q1. The company is cutting capex for this year.

30/04/2024 1 EN

Underlying

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.

New Street Research is an independent, partner-owned, research firm specialising in equity and debt research. Our equity research embraces the following sectors:

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Pan European Telecom Services and Cable

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Chris Hoare

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MTN (Buy, TP: ZAR130, +42%) MTN Nigeria – Q1 24 Quick Take: Strong top line, weak EBITDA/bottom line (as expected), cutting capex with negative implication for IHS

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

MTN (Buy, TP: ZAR130, +65%) MTN Nigeria – Q2 24 Quick Take: Solid top line, weak EBITDA

OpenAI: o3 is a game changer - a few steps away from AG. After the $1bn-to-train model, the $1m-inference model.

Airtel Africa (Buy, TP: GBp200, +85%) Second share buyback program

Takeaways from our conversation with VerticalScope (FORA-TO, Not rated)

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