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

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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

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

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MTN Nigeria Communications Plc

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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 Still weathering the (macro) storm

MTNN Plc 2023FY Earnings Note - Foreign Exchange Losses Bite Deep

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VEON (Buy, TP: $40, +55%) Thoughts after the call

Reddit (RDDT, Neutral, $54 target) Data licensing tracking our base case after OpenAI deal

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