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.
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
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