New Street Research - MTN Nigeria Communications Plc (MTNN) New Street: MTN (Buy, TP: ZAR 250, +90%) MTN Nigeria - Q3 22: Improved quarter on voice recovery

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New Street Research

Chris Hoare

EUR 8824.00 For Business Accounts Only

New Street: MTN (Buy, TP: ZAR 250, +90%) MTN Nigeria - Q3 22: Improved quarter on voice recovery

MTN Nigeria reported an improved set of results as service revenue growth rebounded to within the guided “at least 20%" on the back of voice revenue recovery.

31/10/2022 1 EN

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MTN Nigeria Communications Plc

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New Street Research

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Chris Hoare

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New Street: MTN (Buy, TP: ZAR 250, +90%) MTN Nigeria - Q3 22: Improved quarter on voice recovery

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

MTN (Buy, TP: ZAR130, +10%) Q4 24: Very strong top line; good support for the group

MTN (Buy, TP: ZAR130, +10%) MTN Nigeria – Q4 24 Quick Take: Solid underlying trends; Expecting a recovery in margins in the medium term

CHTR 1Q25 Quick Take: Net adds a little soft; EBITDA beat

NSR Policy Implications of Hegseth’s Woes on Key Spectrum Battle

Megacable (Neutral, TP: MXN55, +21%) Q1 25: Slightly slower but solid overall

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