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Chris Hoare
  • Chris Hoare
EUR 8824.00
MTNN MTN Nigeria Com...

Nigerian Telcos Zero to Hero, AAF price target to £3, MTN to ZAR 190;...

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.

MTNN MTN NIGERIA COMMUNICATIONS PLC
04/09/25 April 9, 2025 1 EN
Chris Hoare
  • Chris Hoare
EUR 8824.00
KTC KT CORP (ADR)
Z74 Singapore Telec... ... (+10)

Global EM Telcos & Towers – On Fire - NSR GEM Top-10 April 25 Update. ...

Our picks were on fire in March, with our top EM Telcos now up 27% YTD on average. This note also includes key news & other thoughts catalysts, help investors generate alpha within the EM Telco space.

KTC KT CORP (ADR)
Z74 SINGAPORE TELECOMMUNICATIONS LIMITED
TRUE TRUE CORP. PUBLIC CO. LTD.
VODJ VODAFONE GROUP PLC (ADR)
VEON VEON LTD. SPONSORED ADR
MIC MILLICOM
AIRTELAF AIRTEL AFRICA PLC
LILAB LIBERTY GLOBAL PLC LILAC
TIMP3 TIM BRASIL SA
IHS.LG IHS PLC
04/02/25 April 2, 2025 1 EN
Chris Hoare
  • Chris Hoare
EUR 11725.00
MTN MTN

MTN (Buy, TP: ZAR130, +16%) MTN Rwanda – Q4 24 Quick take: Still mixe...

MTN Rwanda has reported a mixed set of Q4 numbers. Service revenue trends continued to inflect, and the company achieved its FY24 guidance for service revenue growth, but EBITDA trends slightly deteriorated.

03/14/25 March 14, 2025 1 EN
Chris Hoare
  • Chris Hoare
EUR 8824.00
MTN MTN

MTN (Buy, TP: ZAR130, +11%) MTN Uganda – Q4 24 Quick Take: Slower but...

MTN Uganda has reported a slower but solid set of Q4 numbers and has reiterated medium-term guidance.

03/06/25 March 6, 2025 1 EN
Chris Hoare
  • Chris Hoare
EUR 8824.00
MTNN MTN Nigeria Com...

MTN (Buy, TP: ZAR130, +10%) Q4 24: Very strong top line; good support ...

MTN Ghana has reported a strong set of Q4 results. Both service revenue and EBITDA trends came in ahead of our expectations and service revenue growth accelerated again despite the macro pressures.

MTNN MTN NIGERIA COMMUNICATIONS PLC
03/04/25 March 4, 2025 1 EN
Chris Hoare
  • Chris Hoare
EUR 8824.00
KTC KT CORP (ADR)
Z74 Singapore Telec... ... (+8)

Global EM Telcos & Towers NSR GEM Top-10 March ‘25 Update: February a...

February was another good month for our top EM Telcos, now up 15% YTD on average. This note also includes key news & other thoughts in order to help investors generate alpha within the EM Telco space. With performance strong so far, we make no changes to our picks.

KTC KT CORP (ADR)
Z74 SINGAPORE TELECOMMUNICATIONS LIMITED
VOD VODAFONE GROUP PLC
VEON VEON LTD. SPONSORED ADR
MIC MILLICOM
AIRTELAF AIRTEL AFRICA PLC
LILAB LIBERTY GLOBAL PLC LILAC
IHS.LG IHS PLC
03/03/25 March 3, 2025 1 EN
Chris Hoare
  • Chris Hoare
EUR 8824.00
MTNN MTN Nigeria Com...

MTN (Buy, TP: ZAR130, +10%) MTN Nigeria – Q4 24 Quick Take: Solid und...

MTN Nigeria has reported a good set of Q4 results. Headline revenue and EBITDA were very strong, helped by a one off in revenue. Underlying trends remained solid and came in above our expectations.

MTNN MTN NIGERIA COMMUNICATIONS PLC
02/28/25 February 28, 2025 1 EN
Chris Hoare
  • Chris Hoare
EUR 8824.00
AIRTELAF Airtel Africa P...

Airtel Africa (Buy, TP: £2, +45%) Bharti Airtel to buy 5% of Airtel A...

Bharti Airtel has announced it intends to acquire 5% of Airtel Africa (which it already owns 57% of) and intends to complete this by March 31st2025. Airtel Africa are also currently in the process of executing a $100m share buyback in 2 tranches with the first $50m to be completed by April 24th 2025. AAF’s last RNS suggested the company has so far bought back $22m of this, leaving $38m still to be executed in the first tranche

AIRTELAF AIRTEL AFRICA PLC
02/21/25 February 21, 2025 1 EN
Chris Hoare
  • Chris Hoare
EUR 8824.00
AIRTELAF Airtel Africa P...

Airtel Africa Q3 25: Strong beat with headline revenue resuming growth...

Airtel Africa shares jumped by 10% today after delivering a strong beat, with reported topline and EBITDA ahead of expectations by 5%. Reported revenue growth inflected to positive territory as East Africa improved whilst both local currency revenue and EBITDA accelerated. Separately, the group has reiterated its full year guidance for continued margin improvement and capex spending between $725m and $750m. AAF is one of our NSR GEM top picks for 2025, and we are Buyers with a GBp 200 price targ...

AIRTELAF AIRTEL AFRICA PLC
01/30/25 January 30, 2025 1 EN
Chris Hoare
  • Chris Hoare
EUR 8824.00
AIRTELAF Airtel Africa P...
MTNN MTN Nigeria Com... ... (+3)

Nigerian Telcos 50% price increase to be approved

The NCC has announced it will grant approval for a maximum 50% price increase. This is a very positive development for the Nigerian Telcos in our view

AIRTELAF AIRTEL AFRICA PLC
MTNN MTN NIGERIA COMMUNICATIONS PLC
AAF AIRTEL AFRICA
01/21/25 January 21, 2025 1 EN
Chris Hoare
  • Chris Hoare
EUR 8824.00
MTN MTN
AAF AIRTEL AFRICA

Nigerian Telcos Nigerian Telcos – Price increase is finally coming, i...

A price increase is coming soon according to the Nigerian press. The magnitude is not yet known but this is positive news (potentially very positive) for the Nigerian Telcos, Airtel Africa and MTN.

MTN MTN
AAF AIRTEL AFRICA
01/10/25 January 10, 2025 1 EN
Chris Hoare
  • Chris Hoare
EUR 8824.00
AIRTELAF Airtel Africa P...
AAF AIRTEL AFRICA

Airtel Africa (Buy, TP: GBp200, +85%) Second share buyback program

Airtel Africa has announced a second share buyback program of up to $100m, with the first $50m tranche starting today until the 24th of April 2025. This is positive news and as we wrote HERE reflects the strength of execution of AAF

AIRTELAF AIRTEL AFRICA PLC
AAF AIRTEL AFRICA
12/23/24 December 23, 2024 1 EN
Chris Hoare
  • Chris Hoare
EUR 8824.00
AIRTELAF Airtel Africa P...
AAF AIRTEL AFRICA

Airtel Africa (Buy, TP: GBp200, +88%) Strength of execution

Airtel Africa is the outperformer among African portfolio telcos. Investors may be surprised at the extent of this outperformance which we highlight in this note.

AIRTELAF AIRTEL AFRICA PLC
AAF AIRTEL AFRICA
12/13/24 December 13, 2024 1 EN
Chris Hoare
  • Chris Hoare
EUR 8824.00
MTNN MTN Nigeria Com...

Nigerian Telcos Underlying top line stronger than ever, EBITDA inflec...

Nigerian Telcos continued to perform very well from a top line perspective despite the absence of price increases and the macro pressures. This suggests as we wrote HERE, that devaluations tend to spur ARPU increases in local currency, and a “catch back” of lost hard $ revenue.

MTNN MTN NIGERIA COMMUNICATIONS PLC
11/27/24 November 27, 2024 1 EN
Chris Hoare
  • Chris Hoare
EUR 8824.00
MTN MTN

MTN (Buy, TP: ZAR130, +57%) Q3 24: Solid, SR growth back on track wit...

MTN has reported a solid set of Q3 results with service revenue and EBITDA trends accelerating and service revenue trending back in line with the MT guidance.

11/14/24 November 14, 2024 1 EN
Chris Hoare
  • Chris Hoare
EUR 8824.00
MTN MTN

MTN (Buy, TP: ZAR130, +52%) MTN Rwanda – Q3 24 Quick take: Mixed quar...

MTN Rwanda has reported a mixed set of Q3 numbers. Service revenue trends inflected and are back into positive territory while EBITDA trends eased but remained under pressure.

11/06/24 November 6, 2024 1 EN
Chris Hoare
  • Chris Hoare
EUR 8824.00
MTN MTN

MTN Uganda (Buy, TP: ZAR130, +47%) – Q3 24 Quick Take: Slower but soli...

MTN Uganda has reported a slower but solid set of Q3 numbers and has upgraded medium-term guidance for service revenue growth.

11/04/24 November 4, 2024 1 EN
Chris Hoare
  • Chris Hoare
EUR 8824.00
MTN MTN

MTN (Buy, TP: ZAR130, +50%) MTN Ghana – Q3 24 Quick Take: Faster quart...

MTN Ghana has reported a good set of Q3 results with both service revenue and EBITDA trends accelerating and solid data subscriber net additions.

11/01/24 November 1, 2024 1 EN
Chris Hoare
  • Chris Hoare
EUR 8824.00
MTN MTN

MTN (Buy, TP: ZAR130, +48%) MTN Nigeria Q3 24 Quick Take: A much bette...

MTN Nigeria has reported a much better set of results. Top line growth accelerated again, and EBITDA growth is back into positive territory, helped by the tower lease renegotiations.

10/31/24 October 31, 2024 1 EN
Chris Hoare
  • Chris Hoare
EUR 8824.00
AIRTELAF Airtel Africa P...
AAF AIRTEL AFRICA

Airtel Africa (Buy, TP: £2, +82%) Q2 25: Solid operationally, near-te...

Airtel Africa has reported a better set of Q2 results with both Group revenue and EBITDA trends inflecting this quarter.

AIRTELAF AIRTEL AFRICA PLC
AAF AIRTEL AFRICA
10/25/24 October 25, 2024 1 EN
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