reports
- Chris Hoare
- Chris Hoare
- Chris Hoare
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.
- Chris Hoare
- Chris Hoare
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%”
- Chris Hoare
- Chris Hoare
- Chris Hoare
- Chris Hoare
- Chris Hoare
- Chris Hoare
- Chris Hoare
- Chris Hoare
- Chris Hoare
- Chris Hoare
South African Telcos Solid H1 but expect prepaid weakness; CY25 H1 re...
Despite a small slowdown in MSR trends, the SA market saw further improvements in total revenue growth, EBITDA and OpFCF margins in H1. Telkom continued to gain revenue share in mobile, driven by prepaid while Vodacom continued to gain share in fixed. Trends on the SA market have been improving since two years ago, helped by the reduction in loadshedding and an improvement in the macro environment.
- Chris Hoare
Sub-Saharan African Telecoms Another good performance; Q2 25 review
The Sub-Saharan African (SSA) operators performed well again in Q2 with service revenue trends accelerating further, and stable OpFCF margins. MTN was the outperformer in terms of both local currency and $ top line performance in Q2, Airtel performed well too. Nigeria has contributed meaningfully this quarter, with local currency growth there accelerating to above 60%. The full effect of the price increase in Nigeria has helped and we expect another strong performance
- Chris Hoare
Nigerian Telcos Q2 25 review: Very strong; Upgrade MTN and AAF price ...
Local currency growth accelerated to above 60% in Q2 (from 40% in Q1), driven by a full quarter impact from the 50% price increase approval, and the improving macro. EBITDA performance in Q2 was very strong for both players and especially for MTN.
- Chris Hoare
- Chris Hoare
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