reports
- Chris Hoare
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.
- Chris Hoare
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.
- Chris Hoare
- Chris Hoare
- Chris Hoare
MTN (Buy, TP: ZAR130, +13%) Q4 24: Solid quarter, FY24 dividend up
MTN has reported a solid set of Q4 results with service revenue and EBITDA trends accelerating and service revenue growth growing a touch above the MT guidance this quarter. The company announced a dividend of 345cts for FY24 (previous guide was for 330cts) and the Board anticipates paying a minimum ordinary DPS of 370cts after the FY25 results.
- Chris Hoare
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.
- Chris Hoare
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
- Chris Hoare
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 $750m. AAF is one of our NSR GEM top picks for 2025, and we are Buyers with a GBp 200 price targ...
- Chris Hoare
- Chris Hoare
- Chris Hoare
- Chris Hoare
MTN (Buy, TP: ZAR130, +62%) Feedback from small group call
We hosted a small group Zoom call with MTN Group CEO, Ralph Mupita, MTN Group CFO, Tsholofelo Molefe and Head of IR, Thato Motlanthe last week. Tone was overall positive, with a particularly bullish conversation around consolidation across Africa.
- Chris Hoare
- Chris Hoare
- Chris Hoare
EMEA & African Telcos & Towers - High Yield Review – Initiate Coverage...
Following similar efforts in Europe and LatAm we are launching coverage on the HY Telcos & Towers in EMEA & Africa. New names under coverage include Helios (also initiated on equity, pt GBp140), Axian Telecom and Liquid Intelligent. We also address IHS Towers (pt cut to US$ 6), VEON and Helios’ bonds.
- Chris Hoare
- Chris Hoare
- Chris Hoare
- 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
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