Vodacom (Buy, TP: ZAR200, +49%) Feedback from call with CEO

We hosted a virtual call with Vodacom CEO, Shameel Joosub, and Head of IR, JP Davids on Monday last week. In tone and content, the call was positive in our view, and we found the discussion on price floors very encouraging. Thoughts and feedback below. Thoughts and feedback below.

Vodacom (Buy, TP: ZAR200, +50%) Vodacom acquires a controlling furthe...

Vodacom has announced the acquisition of a further 20% of Safaricom, including an effective 5% stake from Vodafone and 15% from the Kenyan govt. This takes Vodacom’s stake to 54.9%.

Global EM Telcos & Towers Blow out Q3 results drive another great mon...

EM Telco earnings season was extremely strong, and with 8 of our 10 picks reporting this month, our picks rose 6.8% on average in November and are now up 80% YTD. With Singtel having strongly outperformed, Bharti we swap the latter in for the former; this note also includes key news & other thoughts, to try to help investors generate alpha within the EM Telco space.

Vodafone Group: 1 director

A director at Vodafone Group bought 52,770 shares at 94p and the significance rating of the trade was 52/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the last two years clearly show...

MTN Group (Buy, TP: ZAR245, +47%) Q3 25: Slower but decent overall; l...

MTN has reported a slower but decent set of Q3 results.

AMD, CoreWeave, Autos & Semicap in 2026, and more, our Weekly wrap-up.

As always, during earnings season, we wrap-up what happened in the previous week. For our main takes summarized on a single slide, and a few words on each of the names we followed last week, follow the link.

Vodafone : Looking to upper-range of guidance after good H1 2026 earni...

Vodafone : Looking to upper-range of guidance after good H1 2026 earni...

Vodacom (Buy, TP: ZAR200, +48%) Q2 26: Solid quarter; Better IB and g...

Vodacom has reported a solid set of Q2 numbers.

Safaricom (Neutral, TP: KES32, +9%) H1 FY26: Solid semester driven by...

Safaricom reported a solid set of 1HFY26 results yesterday

MTN (Buy, TP: ZAR245, +48%) MTN Uganda – Q3 25: Solid quarter, MT gui...

MTN Uganda reported a solid set of Q3 results yesterday.

MTN Rwanda (Buy, TP: ZAR245, +41%) Q3 25: Good quarter, solid Fintech

MTN Rwanda has reported a good set of Q3 results.

Global EM Telcos & Towers Back to Black: NSR GEM Top-10 November ‘25 ...

Our portfolio of Top Picks was higher again in October, and now up 69% ytd. This month we make no changes to our top picks. This note also includes key news & other thoughts, to try to help investors generate alpha within the EM Telco space.

Orange (Buy, TP: €17, +24%) Spain buy-in, target increases to €17, +24...

Late on Friday evening Orange announced that it had agreed to buy out the 50% share in MasOrange (MO) it didn’t own for €4.25bn.

MTN (Buy, TP: ZAR245, +42%) MTN Nigeria – Q3 25: Another very strong ...

MTN Nigeria has reported a very strong set of Q3 results, supported by the price increase still.

Global EM Telcos When does Digital drive a re-rating? Upgrade VEON, V...

We analyze how much revenue EM Telcos are generating from digital businesses, and therefore at what point they are likely to make the transition from being “Telcos with digital assets” to “Digital first”. We use this to predict when the market is likely to re-rate those exposed, and as a result make multiple upgrades across our GEM Telcos.

MTN (Buy, TP: ZAR220, +31%) MTN Ghana – Q3 25: Slower but still solid

MTN Ghana has reported a slower but still solid set of Q3 results.

Airtel Africa (Buy, TP: GBp340, +39%) Q2 26: Solid print; capex up re...

Airtel Africa has reported a solid set of Q2 results with solid underlying trends and strong growth improvement in $ terms

Orange (Buy, TP: €16.2, +15%) Q3 25: Solid numbers, Group EBITDAaL gui...

Orange has reported a solid set of results, with Telco revenue and EBITDA in-line with consensus expectations; Bank losses are lower than expected and Group EBITDAaL guidance has been lifted as a result (despite a small downgrade to OBS guidance).

Orange (Buy, TP: €16.4, +21%) Bouygues (Buy, TP: €54, +39%) Altice Fra...

After months of speculation, there is finally an offer for SFR in France. The deal structure is a lot more complicated than we thought it would be, but we think the offer is a fair one. We think the offer implies a synergy payment of €4.2bn, and values the SFR equity at €15/share, if XpFibre, UltraEdge, ATS, Intelcia, and FOT are indeed worth €4bn, as the release suggests.