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Chris Hoare
  • Chris Hoare
08/14/25 August 14, 2025 1 EN
Chris Hoare
  • Chris Hoare
EUR 8542.00
MTN MTN

MTN (Buy, TP: ZAR190, +15%) MTN Uganda – Q2 25 Quick Take: Solid EBIT...

MTN Uganda has reported a decent set of Q2 results. Top line trends were roughly similar to Q1, still impacted by the MTR cut on the voice side. However, data growth remained solid and EBITDA margins were good.

08/11/25 August 11, 2025 1 EN
Chris Hoare
  • Chris Hoare
08/01/25 August 1, 2025 1 EN
Chris Hoare
  • Chris Hoare
EUR 8542.00
MTN MTN

MTN (Buy, TP: ZAR190, +23%) MTN Nigeria – Q2 25: Very strong, guidanc...

MTN Nigeria has reported a very strong set of Q2 results, supported by a full quarter of price increase and the company has upgraded its FY25 and medium-term guidance.

07/31/25 July 31, 2025 1 EN
Chris Hoare
  • Chris Hoare
EUR 8542.00
AIRTELAF Airtel Africa P...

Airtel Africa (Buy, TP: £3, +52%) Q1 26: Strong print; second tranche ...

Airtel Africa has reported a strong set of Q1 results with a continued improvement in underlying trends and strong growth improvement in $ terms.

AIRTELAF AIRTEL AFRICA PLC
07/24/25 July 24, 2025 1 EN
Chris Hoare
  • Chris Hoare
EUR 8542.00
MTN MTN
AAF AIRTEL AFRICA

Nigerian Telcos Strong start to the year, full price increase boost y...

Local currency growth accelerated to above 40% in Q1, and is likely to continue to accelerate in Q2 driven by a full quarter impact from the 50% price increase approval, and stabilising macro.

MTN MTN
AAF AIRTEL AFRICA
06/11/25 June 11, 2025 1 EN
Chris Hoare
  • Chris Hoare
EUR 8542.00
KTC KT CORP (ADR)
Z74 Singapore Telec... ... (+10)

GEM Telcos: Consolidation – THE theme driving improved trends for EM T...

Earlier this month we published on how Global EM Telco Capex is falling rapidly, in large part driven by consolidation. On average EM Telco markets have fallen from a peak of 7 players to under 3. We expect many to end up with 2, or even a single network. How much further far might this cut capex?

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
TIMS3 TIM SA (BRAZIL)
IHS.LG IHS PLC
05/27/25 May 27, 2025 1 EN
Chris Hoare
  • Chris Hoare
EUR 8542.00
MTN MTN

MTN (Buy, TP: ZAR190, +59%) Q1 25: Group trends accelerating driven b...

MTN has reported a solid set of Q1 results with service revenue and EBITDA trends accelerating again. Therefore, service revenue continued to trend above the MT guidance.

05/12/25 May 12, 2025 1 EN
Chris Hoare
  • Chris Hoare
EUR 8542.00
AIRTELAF Airtel Africa P...
AAF AIRTEL AFRICA

Airtel Africa (Buy, TP: 300p, +90%) Q4 25: Solid finish; underlying t...

Airtel Africa has reported a solid set of Q4 results with a continued improvement in underlying trends and lower than expected capex. However, shares are down 8% today. We think this is driven by the delay in the IPO of the Mobile Money business to H1 2026 and the lack of commentary around the second tranche of the share buyback as well as some profit taking. Operationally trends are strong and so we remain Buyers with a price target of 300p.

AIRTELAF AIRTEL AFRICA PLC
AAF AIRTEL AFRICA
05/08/25 May 8, 2025 1 EN
Chris Hoare
  • Chris Hoare
EUR 8542.00
MTN MTN

MTN (Buy, TP: ZAR190, +58%) MTN Uganda – Q1 25 Quick Take: Slower top...

MTN Uganda has reported a slower set of Q1 results due to the MTR cut. However, margins were solid and OpFCF growth inflected. The company has reiterated its medium-term guidance.

05/07/25 May 7, 2025 1 EN
Chris Hoare
  • Chris Hoare
EUR 8542.00
MTN MTN

MTN (Buy, TP: ZAR190, +60%) MTN Rwanda – Q1 25: Still mixed but MT gu...

MTN Rwanda has reported a somewhat mixed set of Q1 numbers. On the one hand, service revenue trends slowed, impacted by strong competition. On the other hand, EBITDA growth is back into positive territory and low capex spend this quarter translated into solid OpFCF

05/06/25 May 6, 2025 1 EN
Chris Hoare
  • Chris Hoare
EUR 8542.00
KTC KT CORP (ADR)
Z74 Singapore Telec... ... (+8)

Global EM Telcos & Towers Still rising – NSR GEM Top-10 May ‘25 Updat...

Despite global volatility our EM Top Picks posted positive returns again in April and now up 34% YTD on average. As we have been arguing for some time EM Telco is a much better space than it used to be and this is now being reflected by the market it seems.

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
TIMS3 TIM SA (BRAZIL)
05/01/25 May 1, 2025 1 EN
Chris Hoare
  • Chris Hoare
EUR 8542.00
MTNN MTN Nigeria Com...

MTN (Buy, TP: ZAR190, +54%) MTN Nigeria – Q1 25 Quick Take, and read ...

MTN Nigeria has reported a strong set of Q1 results across all metrics. Price increases were only implemented from March which suggests further sharp improvements going forward. The company maintained FY25 guidance, but in our view is tracking ahead.

MTNN MTN NIGERIA COMMUNICATIONS PLC
04/30/25 April 30, 2025 1 EN
Chris Hoare
  • Chris Hoare
EUR 8542.00
MTNN MTN Nigeria Com...

MTN (Buy, TP: ZAR190, +59%) Q1 25: Good start to the year, MT revenue ...

MTN Ghana has reported a solid set of Q1 results with strong revenue and EBITDA growth this quarter, and the company has upgraded its MT revenue growth guidance.

MTNN MTN NIGERIA COMMUNICATIONS PLC
04/29/25 April 29, 2025 1 EN
Chris Hoare
  • Chris Hoare
EUR 8542.00
TKG TELKOM SA
AIRTELAF Airtel Africa P... ... (+4)

South African Telcos Continuous (modest) improvements; CY24 H2 review

H2 was a better semester for the SA Telcos. Service revenue and KPI trends continued to (modestly) improve and capex intensity continued to reduce.

TKG TELKOM SA
AIRTELAF AIRTEL AFRICA PLC
MTN MTN
AAF AIRTEL AFRICA
04/28/25 April 28, 2025 1 EN
Chris Hoare
  • Chris Hoare
EUR 8542.00
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 8542.00
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 11541.00
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 8542.00
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 8542.00
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
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