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Chris Hoare
  • Chris Hoare
EUR 11811.00
MTN MTN

MTN (Buy, TP: ZAR130, +16%) MTN Rwanda – Q4 24 Quick take: Still mixe...

MTN Rwanda has reported a mixed set of Q4 numbers. Service revenue trends continued to inflect, and the company achieved its FY24 guidance for service revenue growth, but EBITDA trends slightly deteriorated.

03/14/25 March 14, 2025 1 EN
Chris Hoare
  • Chris Hoare
EUR 9016.00
MTN MTN

MTN (Buy, TP: ZAR130, +11%) MTN Uganda – Q4 24 Quick Take: Slower but...

MTN Uganda has reported a slower but solid set of Q4 numbers and has reiterated medium-term guidance.

03/06/25 March 6, 2025 1 EN
Chris Hoare
  • Chris Hoare
EUR 9016.00
MTNN MTN Nigeria Com...

MTN (Buy, TP: ZAR130, +10%) Q4 24: Very strong top line; good support ...

MTN Ghana has reported a strong set of Q4 results. Both service revenue and EBITDA trends came in ahead of our expectations and service revenue growth accelerated again despite the macro pressures.

MTNN MTN NIGERIA COMMUNICATIONS PLC
03/04/25 March 4, 2025 1 EN
Chris Hoare
  • Chris Hoare
EUR 9016.00
MTNN MTN Nigeria Com...

MTN (Buy, TP: ZAR130, +10%) MTN Nigeria – Q4 24 Quick Take: Solid und...

MTN Nigeria has reported a good set of Q4 results. Headline revenue and EBITDA were very strong, helped by a one off in revenue. Underlying trends remained solid and came in above our expectations.

MTNN MTN NIGERIA COMMUNICATIONS PLC
02/28/25 February 28, 2025 1 EN
Chris Hoare
  • Chris Hoare
EUR 9016.00
AIRTELAF Airtel Africa P...
MTNN MTN Nigeria Com... ... (+3)

Nigerian Telcos 50% price increase to be approved

The NCC has announced it will grant approval for a maximum 50% price increase. This is a very positive development for the Nigerian Telcos in our view

AIRTELAF AIRTEL AFRICA PLC
MTNN MTN NIGERIA COMMUNICATIONS PLC
AAF AIRTEL AFRICA
01/21/25 January 21, 2025 1 EN
Chris Hoare
  • Chris Hoare
EUR 9016.00
MTN MTN
AAF AIRTEL AFRICA

Nigerian Telcos Nigerian Telcos – Price increase is finally coming, i...

A price increase is coming soon according to the Nigerian press. The magnitude is not yet known but this is positive news (potentially very positive) for the Nigerian Telcos, Airtel Africa and MTN.

MTN MTN
AAF AIRTEL AFRICA
01/10/25 January 10, 2025 1 EN
Chris Hoare
  • Chris Hoare
EUR 9016.00
MTNN MTN Nigeria Com...

Nigerian Telcos Underlying top line stronger than ever, EBITDA inflec...

Nigerian Telcos continued to perform very well from a top line perspective despite the absence of price increases and the macro pressures. This suggests as we wrote HERE, that devaluations tend to spur ARPU increases in local currency, and a “catch back” of lost hard $ revenue.

MTNN MTN NIGERIA COMMUNICATIONS PLC
11/27/24 November 27, 2024 1 EN
Chris Hoare
  • Chris Hoare
EUR 9016.00
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 9016.00
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 9016.00
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 9016.00
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 9016.00
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 9016.00
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 9016.00
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 9016.00
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 9016.00
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 9016.00
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 9016.00
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 9016.00
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 9016.00
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
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