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Chris Hoare
  • Chris Hoare
EUR 8720.00
MTN MTN

MTN (Buy, TP: ZAR280, +54%) MTN Uganda – Q4 25: Decent quarter; MT gu...

MTN Uganda reported a decent set of Q4 results today. Trends slightly decelerated vs. Q3 but remained good.

03/13/26 March 13, 2026 1 EN
Chris Hoare
  • Chris Hoare
EUR 8720.00
MTN MTN

MTN (Buy, TP: ZAR280, +52%) MTN Rwanda – Q4 25: Decent quarter; Focus...

MTN Rwanda has reported a decent set of Q4 results. Top line trends remained robust, but EBITDA trends slowed. The company has maintained its medium-term guidance for service revenue growth and EBITDA margins but has cut its capex guide and although net income is back into positive territory this year, the BoD has recommended no dividends for 2025.

03/12/26 March 12, 2026 1 EN
Russell Waller
  • Russell Waller
EUR 8720.00
TELIA Telia Company A...
ORA ORANGE ... (+4)

Orange/Telia/Tele2 and whole sector: Downgrade to Neutral Downgrading...

After some strong share price moves, and now with limited upside to our target prices, we downgrade Orange, Tele2 and Telia to Neutral from Buy. This is a valuation call with no change to thesis.

TELIA TELIA COMPANY AB
ORA ORANGE
TEL2A TELE2 A
TEL2B TELE2 B
03/12/26 March 12, 2026 1 EN
Chris Hoare
  • Chris Hoare
03/02/26 March 2, 2026 1 EN
Chris Hoare
  • Chris Hoare
EUR 8720.00
MTN MTN

MTN (Buy, TP: ZAR280, +33%) MTN Nigeria – Q4 25: Strong quarter and s...

MTN Nigeria has reported another strong set of results. The company has maintained its MT guidance for service revenue growth (“at least the low 20%”) and upgraded its MT guidance for EBITDA margins, from “53-55%” to “mid to high 50%”

02/27/26 February 27, 2026 1 EN
Russell Waller
  • Russell Waller
EUR 8720.00
ORA ORANGE

Orange (Buy, TP: €18.9, +7%) New EFCF guide justifies a Buy – more to...

Orange presented its vision for the next 3 years in Paris today. We attended, and give our initial thoughts in this short piece. In summary, we are Buyers of Orange, and heard enough to stay long-term positive on the name (even ex M&A). The cash story we wrote about at the time of the MasOrange (MO) buy-in (HERE) is coming through.

02/19/26 February 19, 2026 1 EN
Russell Waller
  • Russell Waller
EUR 8720.00
ORA ORANGE

Orange (Buy, TP: €18.9, +12%) Q4 25: Set-up nicely ahead of tomorrow’s...

Orange has reported a solid set of results, with Telco EBITDA c+0.7% ahead of consensus. French KPIs are solid, and French retail SR y/y growth is a little better sequentially.

02/18/26 February 18, 2026 1 EN
Chris Hoare
  • Chris Hoare
EUR 8720.00
MTN MTN
IHS IHS HLDG LTD

MTN (Buy: ZAR280, +43%) IHS Towers (Neutral, TP: $8.50, +5%) was Buy (...

Double announcement from IHS today: 1) the sale of its LatAm business to Macquarie (excluding i-Systems which is being sold to TIM Brasil) and 2) the proposed sale to MTN for $6.2bn ($8.50 per share).

MTN MTN
IHS IHS HLDG LTD
02/17/26 February 17, 2026 1 EN
Chris Hoare
  • Chris Hoare
EUR 8720.00
MTN MTN
IHS IHS HLDG LTD

MTN (Buy, TP: ZAR280, +58%) IHS Towers (Buy, TP: $10, +26%) MTN / IHS...

MTN announced today that it is at an advanced stage of discussions with IHS to acquire the 75% shares in IHS it does not already own.

MTN MTN
IHS IHS HLDG LTD
02/05/26 February 5, 2026 1 EN
Chris Hoare
  • Chris Hoare
EUR 8720.00
AIRTELAF Airtel Africa P...

Airtel Africa (Buy, TP: £4.60, +46%) Q3 26: Another strong quarter

Airtel Africa has reported a strong set of Q3 results with improving underlying trends and good growth improvement in $ terms.

AIRTELAF AIRTEL AFRICA PLC
01/30/26 January 30, 2026 1 EN
Russell Waller
  • Russell Waller
EUR 8720.00
EN BOUYGUES SA
ORA ORANGE

Altice France bonds (Equal Weight) Altice France equity (Neutral, TP: ...

After a quiet few weeks, press releases from the consortium this morning confirm that talks are still ongoing, and that due diligence is happening. The French press are reporting on a March deadline. We look at the implications of the release and reports in this short note.

EN BOUYGUES SA
ORA ORANGE
01/22/26 January 22, 2026 1 EN
Chris Hoare
  • Chris Hoare
EUR 8720.00
VOD Vodafone Group ...
AIRTELAF Airtel Africa P... ... (+3)

Sub-Saharan African Telecoms Another great quarter, upgrade AAF, MTN,...

Q3 was another great quarter for the Sub-Saharan African (SSA) operators with YoY service revenue growth in USD reaching >30% and rising EBITDA margins.

VOD VODAFONE GROUP PLC
AIRTELAF AIRTEL AFRICA PLC
MTN MTN
01/21/26 January 21, 2026 1 EN
Chris Hoare
  • Chris Hoare
EUR 8720.00
MTN MTN
AAF AIRTEL AFRICA

Nigerian Telcos Q3 25 review: Real revenue growth remains 40%

Q3 was another very strong quarter for the Nigerian Telco market with EBITDA more than doubling in local and real revenue growth stable at 40%.

MTN MTN
AAF AIRTEL AFRICA
01/14/26 January 14, 2026 1 EN
James Ratzer
  • James Ratzer
EUR 8720.00
DTE Deutsche Teleko...
TELIA Telia Company A... ... (+4)

European Telecoms for 2026 Industry action required for further outpe...

Over the past 3 years, the EU telecoms sector has had a great run – up >50%, despite modest underlying revenue/ EBITDA growth. This has almost entirely come from a deserved upwards re-rating in the multiple as the risk profile across the sector diminishes – which has been a key theme of ours in the past few years given improved regulation. So, we feel this has now largely played out.

DTE DEUTSCHE TELEKOM AG
TELIA TELIA COMPANY AB
ORA ORANGE
VOD LN VODAFONE GROUP
12/17/25 December 17, 2025 1 EN
Chris Hoare
  • Chris Hoare
11/17/25 November 17, 2025 1 EN
Chris Hoare
  • Chris Hoare
11/07/25 November 7, 2025 1 EN
Chris Hoare
  • Chris Hoare
11/04/25 November 4, 2025 1 EN
Russell Waller
  • Russell Waller
EUR 8720.00
ORA ORANGE

Orange (Buy, TP: €17, +24%) Spain buy-in, target increases to €17, +24...

Late on Friday evening Orange announced that it had agreed to buy out the 50% share in MasOrange (MO) it didn’t own for €4.25bn.

11/03/25 November 3, 2025 1 EN
Chris Hoare
  • Chris Hoare
EUR 8720.00
MTN MTN

MTN (Buy, TP: ZAR245, +42%) MTN Nigeria – Q3 25: Another very strong ...

MTN Nigeria has reported a very strong set of Q3 results, supported by the price increase still.

10/31/25 October 31, 2025 1 EN
Chris Hoare
  • Chris Hoare
EUR 8720.00
MTN MTN

MTN (Buy, TP: ZAR220, +31%) MTN Ghana – Q3 25: Slower but still solid

MTN Ghana has reported a slower but still solid set of Q3 results.

10/29/25 October 29, 2025 1 EN
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