reports
- Chris Hoare
- Chris Hoare
- Chris Hoare
MTN (Buy, TP: ZAR190, +60%) MTN Rwanda – Q1 25: Still mixed but MT gu...
MTN Rwanda has reported a somewhat mixed set of Q1 numbers. On the one hand, service revenue trends slowed, impacted by strong competition. On the other hand, EBITDA growth is back into positive territory and low capex spend this quarter translated into solid OpFCF
- Chris Hoare
MTN (Buy, TP: ZAR190, +54%) MTN Nigeria – Q1 25 Quick Take, and read ...
MTN Nigeria has reported a strong set of Q1 results across all metrics. Price increases were only implemented from March which suggests further sharp improvements going forward. The company maintained FY25 guidance, but in our view is tracking ahead.
- Chris Hoare
- Chris Hoare
- Chris Hoare
Nigerian Telcos Zero to Hero, AAF price target to £3, MTN to ZAR 190;...
Local currency growth was in the mid-30s again in Q4 and likely to accelerate driven by the 50% price increase approval, and stabilising macro. We have updated our MTN and AAF models for the Naira, diesel and mobile tariffs; our target prices go to ZAR190 and £3 from ZAR130 and £2 respectively and we maintain our Buy recommendations.
- 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
- Chris Hoare
- Chris Hoare
- Chris Hoare
- Chris Hoare
- Chris Hoare
- Chris Hoare
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.
- 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
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