New Street Research - MTN Nigeria Communications Plc (MTNN) Nigerian Telcos Our thoughts on the recent macro developments in Nigeria

Report

New Street Research

Chris Hoare

EUR 9016.00 For Business Accounts Only

Nigerian Telcos Our thoughts on the recent macro developments in Nigeria

Amongst the reforms announced by Nigeria’s president Bola Tinubu in its inaugural speech at the end of May, two could be key for the Nigerian Telcos in our view. The first one is the removal of the fuel subsidy, the second one is the change in the FX policy. The USD:NGN has been volatile in the last few days, as the currency controls that were in place to prop up the Naira against the USD are being removed.

16/06/2023 1 EN

Underlying

MTN Nigeria Communications Plc

See profile

Provider

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.

New Street Research is an independent, partner-owned, research firm specialising in equity and debt research. Our equity research embraces the following sectors:

Pan European Telecom Services and Cable
US Telecoms, Cable, Satellite and Towers
Global Emerging Market Telecoms
Japan Telecoms
Asian Internet
Pan European Healthcare
Global healthcare thematic research

We provide debt research on:

Pan European Telecom Services and Cable

See profile

Analysts

Chris Hoare

Other Reports on these Companies

New Street Research

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.

EUR 9016.00

March 4, 2025 March 4, 2025 1 EN

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.

EUR 9016.00

February 28, 2025 February 28, 2025 1 EN

New Street Research

Nigerian Telcos 50% price increase to be approved

The NCC has announced it will grant approval for a maximum 50% price increase. This is a very positive development for the Nigerian Telcos in our view

EUR 9016.00

January 21, 2025 January 21, 2025 1 EN

Tariffs. Figuring the right baseline to assess implications

Evaluating the consequences of tariffs is challenging. We chose to help layout a simple and strong analytical baseline to understand the first-order impact of tariffs on our coverage. In a few slides we have summarised the groundwork and look forward to continuing the work and help our readers make sense of implications in weeks to come.

7h / 8m 7h / 8m 1 EN

Blair Levin

Blair Levin

NAB Preview: Policy to Drive Media Reshuffle

We acknowledge that most investors today are either searching for the playbook for the trade war end game (there isn’t one) or taking Buffet’s advice and reading Kipling’s “If.” But there will continue to be other events that will affect stocks. As we have discussed many times, while all sectors are impacted by Trump’s policies, the sector we follow most likely to be materially affected by non-tariff, tax, and immigration policies will be broadcast television. Further, those policies will have collateral consequences for others, including cable and telco multi-channel video program distrib...

EUR 9016.00

10h / 36m 10h / 36m 1 EN

Jonathan Chaplin

Jonathan Chaplin

Charter Pre-1Q25 Model Update

This report covers changes to our model to incorporate recent management commentary at investor conferences. Our broadband losses for 1Q25 remain unchanged but we lowered wireless net adds for the year. Changes to financial estimates are minor. No change to thesis. We believe repurchases resumed post Liberty Broadband vote with $4BN of repurchases this year. Our near-term price target is $426 (+15%). With broadband revaluation and M&A, stock could get to $740 (+100%).

EUR 9016.00

10h / 52m 10h / 52m 1 EN

Sign-up for free to access full reports immediately

Email Address*

Choose Password* ( 6 or more characters )

Due to regulatory restrictions regarding the distribution of financial research, this report is restricted to a specific region or investor type. Get access to exclusive reports by answering the questions below.

Select your country*

Get financial insights straight to your inbox

By clicking "register" you accept the Terms and Conditions & Privacy Policy

Already on ResearchPool?

Almost there...

Are you a professional investor?

Select your country

REGISTER

Create a free ResearchPool account to access full reports, get a personalised dashboard and follow providers or companies

In order to access this report please create an account.

LOGIN

Nigerian Telcos Our thoughts on the recent macro developments in Nigeria

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

Nigerian Telcos 50% price increase to be approved

Tariffs. Figuring the right baseline to assess implications

NAB Preview: Policy to Drive Media Reshuffle

Charter Pre-1Q25 Model Update

Create a free ResearchPool account to access full reports, get a personalised dashboard and follow providers or companies

Sign-up for free to access full reports immediately

ResearchPool Subscriptions

Get the most out of your insights

Why subscribe?

How to subscribe

ResearchPool Subscriptions

This report is only available to subscribers

Why subscribe?

How to subscribe