New Street Research - MTN Nigeria Communications Plc (MTNN) New Street: MTN and Airtel Africa: Implications and thoughts on NCC audit

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New Street Research

Alastair Jones

New Street: MTN and Airtel Africa: Implications and thoughts on NCC audit

The NCC in Nigeria has launched an audit of the registration databases in Nigeria. The news reminds investors of the fine that got levied on MTN in 2015, resulting in a sharp sell—off despite the news on asset disposals yesterday.

10/12/2020 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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Alastair Jones

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New Street: MTN and Airtel Africa: Implications and thoughts on NCC audit

MTN (Buy, TP: ZAR190, +54%) MTN Nigeria – Q1 25 Quick Take, and read across for IHS: Strong with full impact of price increases yet to flow

MTN (Buy, TP: ZAR190, +59%) Q1 25: Good start to the year, MT revenue guidance upgraded

Nigerian Telcos Zero to Hero, AAF price target to £3, MTN to ZAR 190; Q4 24 review

VIPS 2Q25 Preview: Lowering 2Q Topline Estimates

Microsoft vs. OpenAI: Implications for investors?

SATS, Carr, and the Art of the No Deal…Yet

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