New Street Research - MTN Nigeria Communications Plc (MTNN) New Street: MTN (Buy): Quick take - Very strong earnings momentum in H219

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New Street Research

Alastair Jones

EUR 1162.50 For Business Accounts Only

New Street: MTN (Buy): Quick take - Very strong earnings momentum in H219

In terms of listing rules, MTN has pre-announced a range of earnings growth for its FY19 results that will be published on the 11th March. The key takeaway is that earnings growth has accelerated sharply in H219.

11/02/2020 2 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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Analysts

Alastair Jones

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New Street: MTN (Buy): Quick take - Very strong earnings momentum in H219

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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