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Chris Hoare
  • Chris Hoare
EUR 9599.00
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 9599.00
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 9599.00
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 9599.00
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 9599.00
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 9599.00
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
Russell Waller
  • Russell Waller
EUR 9599.00
ORA ORANGE

Mas Orange (Equal weight) Q3 24: Acceleration in SR and EBITDAaL grow...

MasOrange (MA) has reported a good set of numbers, subs continue to grow nicely, and SR and EBITDA growth has accelerated (77% of FY24 synergies have been delivered already).

10/24/24 October 24, 2024 1 EN
Russell Waller
  • Russell Waller
EUR 9599.00
ORA ORANGE

Orange (Buy, TP: €14.3, +40%) Q3 24: Solid EBITDAaL, encouraging Fran...

Orange has reported a very solid set of results, with Telco EBITDA c+0.3% ahead of consensus.

10/24/24 October 24, 2024 1 EN
Chris Hoare
  • Chris Hoare
EUR 9599.00
Z74 Singapore Telec...
TRUE True Corp. Publ... ... (+3)

EM Telcos Q2 24: Enterprise softer but remains a secular trend

Following our work on the structural growth of EM Enterprise revenues, we highlight Q2 enterprise numbers to see how the story is trending.

Z74 SINGAPORE TELECOMMUNICATIONS LIMITED
TRUE TRUE CORP. PUBLIC CO. LTD.
AIRTELAF AIRTEL AFRICA PLC
10/17/24 October 17, 2024 1 EN
Ben Rickett ... (+3)
  • Ben Rickett
  • James Ratzer
  • Russell Waller
EUR 9599.00
PROX Proximus SA de ...
KPN ROYAL KPN NV ... (+15)

EU TELECOMS REFRESH: Can the outperformance continue?

When was the last time we could write that the EU Telecoms sector has been the second best performing sector in the market YTD? As a result, this raises the question of whether the outperformance can continue. We believe regulation will ultimately determine the answer to this question.

PROX PROXIMUS SA DE DROIT PUBLIC
KPN ROYAL KPN NV
TEL TELENOR ASA
SCMN SWISSCOM AG
ATC ALTICE EUROPE NV CLASS A
DTE DEUTSCHE TELEKOM AG
TIT TELECOM ITALIA S.P.A.
OBEL ORANGE BELGIUM SA
TEF TELEFONICA SA
ELISA ELISA
ORA ORANGE
OTE OTE
TELIA TELIA COMPANY
BT BRITISH TELECOM
TNET TELENET
09/26/24 September 26, 2024 1 EN
Chris Hoare
  • Chris Hoare
EUR 9599.00
VODJ Vodafone Group ...
VEON VEON Ltd. Spons... ... (+8)

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.

VODJ VODAFONE GROUP PLC (ADR)
VEON VEON LTD. SPONSORED ADR
ORA ORANGE
AIRTELAF AIRTEL AFRICA PLC
MTN MTN
AAF AIRTEL AFRICA
HTWS HELIOS TOWERS
IHS.LG IHS PLC
09/26/24 September 26, 2024 1 EN
Chris Hoare
  • Chris Hoare
EUR 9599.00
VOD Vodafone Group ...
ORA ORANGE ... (+5)

African Telcos - Catch Back: Headwinds easing, many markets to 2 playe...

We see signs that the macro pressure of the last 2 years is leading to easing competition, as has happened in the past.

VOD VODAFONE GROUP PLC
ORA ORANGE
AIRTELAF AIRTEL AFRICA PLC
MTN MTN
AAF AIRTEL AFRICA
08/21/24 August 21, 2024 1 EN
Chris Hoare
  • Chris Hoare
EUR 9599.00
VOD Vodafone Group ...
TKG TELKOM SA ... (+3)

South African Telcos - Upgrade as the long cycle turns. Vodacom to Buy...

As the long cycle of competition turns, we upgrade price targets for both MTN and Vodacom.

VOD VODAFONE GROUP PLC
TKG TELKOM SA
MTN MTN
08/21/24 August 21, 2024 1 EN
Chris Hoare
  • Chris Hoare
EUR 9599.00
MTN MTN

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.

08/19/24 August 19, 2024 1 EN
Chris Hoare
  • Chris Hoare
EUR 9599.00
MTN MTN

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.

08/14/24 August 14, 2024 1 EN
Chris Hoare
  • Chris Hoare
EUR 9599.00
MTN MTN
IHS.LG IHS PLC

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.

08/08/24 August 8, 2024 1 EN
Chris Hoare
  • Chris Hoare
EUR 9599.00
MTN MTN

MTN (Buy, TP: ZAR130, +75%) MTN Uganda – Q2 24 Quick Take: Strong qua...

MTN Uganda has reported a strong set of Q2 numbers with both service revenue and EBITDA trends accelerating again.

08/05/24 August 5, 2024 1 EN
Chris Hoare
  • Chris Hoare
EUR 9599.00
MTN MTN

MTN (Buy, TP: ZAR130, +65%) MTN Ghana – Q2 24 Quick Take: Another sol...

MTN Ghana has reported a solid set of Q2 results. Both service revenue and EBITDA trends came in above our expectations this quarter. We think this performance remains a good support for the group.

08/01/24 August 1, 2024 1 EN
Chris Hoare
  • Chris Hoare
EUR 9599.00
AIRTELAF Airtel Africa P...
AAF AIRTEL AFRICA

Airtel Africa (Buy, TP: 200p, +90%) Q1 25: Slow start to the year, de...

Airtel Africa has published a slower set of Q1 results. Top line performance remained decent but EBITDA was impacted by higher energy costs and macro pressure.

AIRTELAF AIRTEL AFRICA PLC
AAF AIRTEL AFRICA
07/25/24 July 25, 2024 1 EN
Russell Waller
  • Russell Waller
EUR 9599.00
ORA ORANGE
LORCAT MASMOVIL

MasOra Q2 24: Fibre JV - potential source of delevering and value upli...

MasOrange has announced its maiden set of results, and also announced that it has agreed heads of terms with Zegona about forming a new fibre JV.

07/24/24 July 24, 2024 1 EN
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