New Street Research - MTN Nigeria Communications Plc (MTNN) New Street: MTN (Buy, TP: ZAR250, +74%) MTN Nigeria - Q2 22: Decent quarter

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New Street Research

Chris Hoare

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New Street: MTN (Buy, TP: ZAR250, +74%) MTN Nigeria - Q2 22: Decent quarter

MTN Nigeria reported a decent set of Q2 22 results on Friday after the close. Trends slowed in Q2 vs. Q1, but they remain decent.

01/08/2022 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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Nigerian Telcos Zero to Hero, AAF price target to £3, MTN to ZAR 190; Q4 24 review

Local currency growth was in the mid-30s again in Q4 and likely to accelerate driven by the 50% price increase approval, and stabilising macro. We have updated our MTN and AAF models for the Naira, diesel and mobile tariffs; our target prices go to ZAR190 and £3 from ZAR130 and £2 respectively and we maintain our Buy recommendations.

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

MTN Ghana has reported a strong set of Q4 results. Both service revenue and EBITDA trends came in ahead of our expectations and service revenue growth accelerated again despite the macro pressures.

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New Street Research

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

MTN Nigeria has reported a good set of Q4 results. Headline revenue and EBITDA were very strong, helped by a one off in revenue. Underlying trends remained solid and came in above our expectations.

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New Street: MTN (Buy, TP: ZAR250, +74%) MTN Nigeria - Q2 22: Decent quarter

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

Alphabet (GOOGL, Buy, $200 target) All engines firing, but some risk to 2Q Search consensus

AI monetization and how the Search market expands

T-Mobile 1Q25 Results Review & Model Update: Adds in-line; EBITDA strong

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