New Street: TKG SJ (Neutral, TP: ZAR56, +13%) Telkom Q222: Sharp deceleration in trends. Downgrade to Neutral
Telkom SA has reported a disappointing set of Q2 results with both revenue and EBITDA trends under significant pressure with revenues declining 4.5% from the +3.5% growth in Q1. The primary culprit is mobile with revenue growth of +1% - down from +13% in Q1, and growing at a slower rate than what MTN saw late last week. The result was negative EFCF generation making it very unlikely management will meet its FY targets.
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