New Street Research - MTN Nigeria Communications Plc (MTNN) MTN (Buy, TP: ZAR200, +110%) Our key takeaways from the MTN Nigeria CMD

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New Street Research

Chris Hoare

EUR 9179.00 For Business Accounts Only

MTN (Buy, TP: ZAR200, +110%) Our key takeaways from the MTN Nigeria CMD

MTN Nigeria held a CMD over the past two days, with Day 1 focused on the Nigerian macro story and Day 2 focused on the group’ Ambition 2025. Tone was overall positive.

16/11/2023 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.

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Chris Hoare

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Strong Revenue Growth Offset by Higher Costs In its recently released 2023 full year (FY) financial result, MTN Nigeria Communications Plc (MTNN) observed higher revenue figures on a Year- on-Year (YoY) basis, recording a 22.69% YoY growth to NGN2.47trn in 2023FY. Topline growth was underpinned by a robust growth in Data Revenue (+39.90% YoY to NGN1.07trn), followed by an increase in Other Revenue (+16.01% YoY to NGN445.14bn) which consists of ancillary income streams such as rental income, digital revenue, etc. Voice revenue grew at a slightly faster pace by 10.45% YoY to NGN954.99bn (vs. +6...

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MTN (Buy, TP: ZAR200, +110%) Our key takeaways from the MTN Nigeria CMD

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

Bible 1Q24 – Foundries: leading-edge strong; Trailing-edge correction playing out.

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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