New Street Research - MTN Nigeria Communications Plc (MTNN) MTN (Buy, TP: ZAR130, +65%) MTN Nigeria – Q2 24 Quick Take: Solid top line, weak EBITDA

Report

New Street Research

Chris Hoare

EUR 9599.00 For Business Accounts Only

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

MTN Nigeria has reported a mixed set of results. Top line was strong and came in above our expectations, but EBITDA (and the bottom line) remain under pressure and EBITDA came in below our expectations for this quarter.

31/07/2024 1 EN

Underlying

MTN Nigeria Communications Plc

See profile

Provider

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:

Pan European Telecom Services and Cable
US Telecoms, Cable, Satellite and Towers
Global Emerging Market Telecoms
Japan Telecoms
Asian Internet
Pan European Healthcare
Global healthcare thematic research

We provide debt research on:

Pan European Telecom Services and Cable

See profile

Analysts

Chris Hoare

Other Reports on these Companies

New Street Research

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.

EUR 9599.00

April 30, 2024 April 30, 2024 1 EN

New Street Research

Nigerian Telcos Still weathering the (macro) storm

Nigerian telcos continue to perform well from a top line and KPIs perspective. Market service revenue growth accelerated in Q4 with both MTN and AAF growing underlying service revenue by 25% YoY.

EUR 9599.00

April 23, 2024 April 23, 2024 1 EN

Alphabet (GOOGL, Buy, $213 target) Forget Chrome, 3P payments are the heart of the issue

Yesterday the DOJ filed its proposed remedies in the Search antitrust case. The recommended divestiture of Chrome drew most of the headlines. And while potentially very negative for GOOGL (as are all proposed remedies), we don’t believe it is the most impactful to the market for general search services.

EUR 9599.00

22h 22h 1 EN

Jonathan Chaplin

Jonathan Chaplin

SATS: DBS merger breaks

According to press reports, TPG will call off the merger today. For the merger to proceed, bondholders needed to agree to a debt exchange. Apparently, they have rejected the exchange. Our quick thoughts in this brief note.

EUR 9599.00

November 22, 2024 November 22, 2024 1 EN

Jonathan Chaplin

Jonathan Chaplin

3Q24 Broadband Trends: FWA capacity limits; FWA demand limits

In this iteration of “Broadband Trends” we update our FWA capacity forecast. We also touch on early signs that demand for FWA may be limited, which could prevent mobile operators from reaching capacity limits (or force them to work harder to get there). This could have a big impact on the pace of Cable subscriber growth. Finally, we reprise our work on the competitive positioning of the various operators based on relative NPS scores.

EUR 9599.00

November 22, 2024 November 22, 2024 1 EN

Sign-up for free to access full reports immediately

Email Address*

Choose Password* ( 6 or more characters )

Due to regulatory restrictions regarding the distribution of financial research, this report is restricted to a specific region or investor type. Get access to exclusive reports by answering the questions below.

Select your country*

Get financial insights straight to your inbox

By clicking "register" you accept the Terms and Conditions & Privacy Policy

Already on ResearchPool?

Almost there...

Are you a professional investor?

Select your country

REGISTER

Create a free ResearchPool account to access full reports, get a personalised dashboard and follow providers or companies

In order to access this report please create an account.

LOGIN

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

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

Alphabet (GOOGL, Buy, $213 target) Forget Chrome, 3P payments are the heart of the issue

SATS: DBS merger breaks

3Q24 Broadband Trends: FWA capacity limits; FWA demand limits

Create a free ResearchPool account to access full reports, get a personalised dashboard and follow providers or companies

Sign-up for free to access full reports immediately

ResearchPool Subscriptions

Get the most out of your insights

Why subscribe?

How to subscribe

ResearchPool Subscriptions

This report is only available to subscribers

Why subscribe?

How to subscribe