New Street: Safaricom (Neutral) 1H FY23 Quick Take: Some slowdown, upgraded Ethiopian guidance offsets downgrade in Kenyan unit
Safaricom reported its 1HFY23 results today. Service revenue growth slowed on slower M-PESA revenue during the Election Year. EBITDA declined YoY on higher M-PESA commissions and handset costs. On balance, the Group’s FY23 EBIT guidance remains intact, with the KShs 8bn downgrade in Kenyan EBIT target being offset by the KShs 8bn upgrade in its Ethiopian unit. Capex guidance remained at KShs 100-108bn. We highlight below the key takeaways from the results and the outlook.
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
Unfortunately, this report is not available for the investor type or country you selected.
Browse all ResearchPool reportsReport is subscription only.
Thank you, your report is ready.
Thank you, your report is ready.