New Street Research - SAFARICOM (SAFCOM) ... Safaricom (Neutral, TP: UR) 1H FY24 Quick Take: A solid quarter, Kenyan EBIT guidance upgraded

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New Street Research

Chris Hoare

EUR 9337.00 For Business Accounts Only

Safaricom (Neutral, TP: UR) 1H FY24 Quick Take: A solid quarter, Kenyan EBIT guidance upgraded

Safaricom reported a solid set of 1HFY24 results today. Service revenue growth accelerated driven by a solid performance from M-PESA and mobile data. EBITDA growth slowed but remained robust. The Group has lifted its EBIT guidance for Kenya this year (+KHsh 12bn), it also lifted capex expectations given the KES depreciation but by a smaller degree (+KHsh 3bn). FY24 guidance for Ethiopia is unchanged, so was mid-term guidance for capex and EBITDA.

09/11/2023 1 EN

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SAFARICOM

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Kenya

Safaricom Ltd

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KE1000001402 Nairobi Securities Exchange Kenya

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Chris Hoare

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Safaricom (Neutral, TP: UR) 1H FY24 Quick Take: A solid quarter, Kenyan EBIT guidance upgraded

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

Microsoft: what’s the real value of AI? Part I: Extending the revenue growth opportunity

Verizon Model Update

Altice Model Update

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