New Street Research - SAFARICOM (SAFCOM) ... New Street: Safaricom (Neutral) 2H22 Quick Take: Decent, but Ethiopian risk remains

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New Street Research

Chris Hoare

EUR 8957.00 For Business Accounts Only

New Street: Safaricom (Neutral) 2H22 Quick Take: Decent, but Ethiopian risk remains

Safaricom has reported a mixed set of results with top line beat but an EBITDA miss. M-Pesa’s growth remained strong, up 10% YoY and increased revenue contribution to 36.5%.

12/05/2022 1 EN

Underlyings

SAFARICOM

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Kenya

Safaricom Ltd

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KE1000001402 Nairobi Securities Exchange Kenya

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New Street Research

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Analysts

Chris Hoare

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New Street: Safaricom (Neutral) 2H22 Quick Take: Decent, but Ethiopian risk remains

Sub-Saharan African Telecoms Solid top line, decent overall performance given the macro environment; Q1 24 review

Safaricom (Neutral, TP: KES17, +7%) H2 FY24: Decent semester; Strong performance in Kenya, Ethiopia still a drag; Encouraging FY25 guidance

Sub-Saharan African Telecoms Decent quarter in a challenging macro environment; Q3 23 review

NSR Policy: It’s the Election, Stupid (or Is It?): Comparing Harris and Trump on Leadership

Altice Pre-3Q24 Model Update

T-Mobile selling 3.45GHz portfolio

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