reports
- Chris Hoare
- Chris Hoare
- Chris Hoare
- Chris Hoare
- Chris Hoare
- Chris Hoare
- Chris Hoare
- Chris Hoare
EMEA & African Telcos & Towers - High Yield Review – Initiate Coverage...
Following similar efforts in Europe and LatAm we are launching coverage on the HY Telcos & Towers in EMEA & Africa. New names under coverage include Helios (also initiated on equity, pt GBp140), Axian Telecom and Liquid Intelligent. We also address IHS Towers (pt cut to US$ 6), VEON and Helios’ bonds.
- Chris Hoare
- Chris Hoare
- Chris Hoare
MTN (Buy, TP: ZAR130, +47%) Q2 24: Better topline trends including im...
Service revenue trends were faster off better Uganda, Nigeria and South Africa as network availability improved. While underlying service revenue improved from Q1, it was still below the mid-teen medium term guidance. However, the Group maintained its guidance, with full year’s capex (Rs28-33bn) expected to be down around 30% from last year off lower spend in Nigeria. HoldCo leverage had also improved to 1.6x this quarter with better upstreaming.
- Chris Hoare
MTN (Buy, TP: ZAR130, +54%) MTN Rwanda – Q2 24 Quick take: Tough quar...
MTN Rwanda has reported a disappointing set of Q2 numbers. Service revenue and EBITDA trends continued to deteriorate as they continue to be impacted by the MTR cut and higher competition on price. Additionally, EBITDA continued to be impacted by the One Network Area initiative, handset subsidy and the local currency depreciating vs. the USD. As a result, management has cut FY24 guidance.
- Chris Hoare
MTN (Buy, TP: ZAR130, +73%) IHS Towers (Buy, TP: $8, +167%) MTN and I...
Both MTN Nigeria and IHS Nigeria have announced the renewal and extension of all their MLAs in Nigeria, including new financial terms. This development is materially positive for both companies in our view. This means all MLAs in Africa between MTN and IHS have now been renewed and extended. Separately, MTN has also announced the exit from Guinea-Bissau.
- Chris Hoare
- Chris Hoare
- Chris Hoare
- Chris Hoare
- Chris Hoare
Sub-Saharan African Telecoms Solid top line, decent overall performan...
Q1 was a solid quarter for the Sub-Saharan African operators, especially from a top line perspective. Airtel Africa continued to outperform peers overall. We continue to think that fundamentals for AAF and MTN are strong and deserve more attention. Valuations are compelling too.
- Chris Hoare
Nigerian Telcos Q1 24 review: Strong underlying top line, weak profit...
Nigerian Telcos continue to perform well from a top line perspective. Market service revenue growth accelerated (again) in Q1 with both MTN Nigeria and Airtel Africa growing underlying service revenue by ~33% YoY. As expected, EBITDA and profit metrics were weaker (especially for MTN) because of the Naira devaluation in Q1
- Chris Hoare
Bharti Airtel, Airtel Africa & Singtel At $100bn, downgrade Bharti Ai...
Bharti crossing $100bn market cap makes us address the question of which parts of the Bharti/Singtel/Airtel Africa capital structure are most attractive. Bharti has the momentum, but the valuation gap is now extreme. Reversion to the mean will likely happen at some point which means sensible investors in Bharti should now be switching into Singtel (for yield) or Airtel Africa (for growth).
Unfortunately, this report is not available for the investor type or country you selected.
Report is subscription only.
Thank you, your report is ready.
Thank you, your report is ready.