reports
- Chris Hoare
- Chris Hoare
MTN (Buy, TP: ZAR130, +39%) MTN Rwanda – Q1 24 Quick take: Slow start...
MTN Rwanda has reported a slower set of Q1 numbers. Revenue and EBITDA continue to be impacted by the MTR cut and margins were also impacted by the One Network Area initiative and to a lesser extent by the depreciating RWF vs. the USD.
- Chris Hoare
MTN (Buy, TP: ZAR130, +42%) MTN Ghana – Q1 24: Good start to the year
MTN Ghana has reported a good set of Q1 results. Service revenue growth accelerated and continued to grow well above inflation. EBITDA trends slowed but remain solid. Capex intensity was down vs. Q1 last year. Medium guidance for Service Revenue growth (“high twenties %”) has been reiterated. The macro is expected to remain challenging in 2024. However, there has been an encouraging slow down in inflation over Q1.
- Chris Hoare
South African Telcos South African Telcos - CY23 H2 review – Modest i...
H2 was a better semester for the SA Telcos. Service revenue and EBITDA trends improved and capex – while still above historic levels – was contained. However, improvements were modest as the environment remains difficult and growth remains limited.
- Chris Hoare
- Chris Hoare
MTN (Buy, TP: ZAR200, +135%) MTN Rwanda – Q4 23 Quick take: Good unde...
MTN Rwanda has reported a solid set of Q4 numbers on an underlying basis (NSRe). Reported service revenue growth decelerated vs. Q3 impacted by the MTR cuts but EBITDA growth accelerated. Mid-term guidance for service revenue growth has been reiterated (“mid-teens service growth”) and the company targets a stable EBITDA margin.
- Chris Hoare
- Chris Hoare
MTN (Buy, TP: ZAR200, +134%) MTN Nigeria and MTN Ghana – Q4 23: Solid...
MTN Nigeria reported Q4 results on Friday and held its earnings call yesterday. For our take on the results, including call feedback please click on the link below. We also provide our take on MTN Ghana which reported Q4s a day before MTN Nigeria.
- Chris Hoare
- Chris Hoare
- Chris Hoare
African Telcos & Towers Outlook 2024; Fundamental strength masked by ...
2023 was a relatively tough year for African Telcos, with strong macro headwinds driving currency weakness and cost pressures. With inflation starting to subside some of this pressure is easing, although some African currencies may continue to weaken.
- Chris Hoare
Sub-Saharan African Telecoms Decent quarter in a challenging macro en...
Q3 was a decent quarter for Sub-Saharan African (SSA) operators. Fundamentals remain strong. We have updated forecasts post Q3 results, and our recommendations and target prices remain unchanged, except for Safaricom. AAF remains our preferred play in Africa.
- Chris Hoare
- Dave Nicoski
- Ross LaDuke
Vermilion Short Shots: Technically Vulnerable Stocks
Short Shots is a collection of technically vulnerable charts culled from the Negative Inflecting and Toppy columns within our Weekly Compass report or from various technical screening processes. The charts contained in this report have developed concerning technical patterns that suggest further price deterioration is likely. For these reasons Short Shots can also be a great source of ideas for investors interested in short-selling candidates.
YPF YPF SA SPONSORED ADR CLASS D
WYNN WYNN RESORTS LIMITED
NYCB NEW YORK COMMUNITY BANCORP INC.
NTCT NETSCOUT SYSTEMS INC.
MRK MERCK & CO. INC.
MGPI MGP INGREDIENTS INC.
KR KROGER CO.
GPRE GREEN PLAINS INC.
GOGO GOGO INC.
FNV. FRANCO-NEVADA CORPORATION
CNK CINEMARK HOLDINGS INC.
BIIB BIOGEN INC.
TKO. TASEKO MINES LIMITED
MDU MDU RESOURCES GROUP INC
TGS TGS-NOPEC GEOPHYSICAL COMPANY ASA
VODJ VODAFONE GROUP PLC (ADR)
ABBV ABBVIE INC.
AZN ASTRAZENECA PLC ADS
A2H5RW ERO COPPER
NABL N-ABLE
WDS INC.
CLB WOODSIDE ENERGY GROUP LTD
TH CORE LABORATORIES INC
THERATECHNOLOGIES INC.
- Chris Hoare
5G FWA in EM Poor man’s paradise; income and propensity to spend sugg...
This is the 3rd in a series of notes looking at FWA (see HERE and HERE). Like us, the market appears to be getting more bullish on FWA in EM, and a series of events such as Jio’s launch suggest FWA could be a significant use case for 5G in Emerging Markets.
- Chris Hoare
Vodacom (Neutral, TP: ZAR140, +35%) Q2 24: Top line in line, but disa...
Vodacom reported a mixed set of results, service revenue came in in line with consensus but EBITDA and HEPS missed. Revenue trends in SA slightly improved in Q2 vs. Q1 but trends in International slowed. EBITDA trends (on a normalised basis) slowed in H1 24 vs. H2 23 but EBITDA performance is expected to be better next semester.
- Chris Hoare
MTN (Buy, TP: ZAR200, +110%) Q3 23: A slower quarter but MT guidance ...
MTN has reported a slower set of Q3 results with both revenue and EBITDA trends decelerated this quarter but overall performance remained decent given the macro economic context and inflection in the SA top line is encouraging.
- Chris Hoare
MTN (Buy, TP: ZAR200, +105%) MTN Rwanda – Q3 23 Quick take: Decent qu...
MTN Rwanda has reported a decent set of Q3 numbers. Service revenue trends decelerated vs. Q2 but EBITDA growth accelerated. The company expects FY23 guidance to remain intact with mid-teens service growth and healthy EBITDA margins.
- Chris Hoare
MTN (Buy, TP: ZAR200, +114%) MTN Uganda – Q3 23 Quick Take: Solid top...
MTN Uganda has reported a solid set of Q3 numbers with service revenue trends accelerating vs. Q2; service revenue growth is tracking over the MT guidance during these first nine months of 2023. EBITDA trends decelerated but are in line with the MT guidance over 9m23. Also, the company highlighted some improvement in the macro, especially easing inflation, which should be positive for margins in the future.
- Chris Hoare
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