reports
- Chris Hoare
- Chris Hoare
Global EM Telcos & Towers NSR GEM Top-10 March ‘25 Update: February a...
February was another good month for our top EM Telcos, now up 15% YTD on average. This note also includes key news & other thoughts in order to help investors generate alpha within the EM Telco space. With performance strong so far, we make no changes to our picks.
- Chris Hoare
- Chris Hoare
Airtel Africa (Buy, TP: £2, +45%) Bharti Airtel to buy 5% of Airtel A...
Bharti Airtel has announced it intends to acquire 5% of Airtel Africa (which it already owns 57% of) and intends to complete this by March 31st2025. Airtel Africa are also currently in the process of executing a $100m share buyback in 2 tranches with the first $50m to be completed by April 24th 2025. AAF’s last RNS suggested the company has so far bought back $22m of this, leaving $38m still to be executed in the first tranche
- Chris Hoare
Global EM Telcos & Towers – NSR EM Top picks Feb 25 update. Top-8 beco...
We update the NSR GEM Top Picks list. No stocks are dropped, and we add LILAC and TIM Brasil to our list, extending it to a Top-10 list from Top-8. Our picks had a good start, up 12% on average since the start of the year. This note also includes key news & other thoughts in order to help investors generate alpha within the EM Telco space.
- Chris Hoare
Airtel Africa Q3 25: Strong beat with headline revenue resuming growth...
Airtel Africa shares jumped by 10% today after delivering a strong beat, with reported topline and EBITDA ahead of expectations by 5%. Reported revenue growth inflected to positive territory as East Africa improved whilst both local currency revenue and EBITDA accelerated. Separately, the group has reiterated its full year guidance for continued margin improvement and capex spending between $725m and $750m. AAF is one of our NSR GEM top picks for 2025, and we are Buyers with a GBp 200 price targ...
- Chris Hoare
- Chris Hoare
- Chris Hoare
African & EMEA Telcos & Towers Outlook 2025; Catching back what was l...
The last 2 years have been tough for African Telcos, with strong macro headwinds driving currency weakness and cost pressures. However, we exited 2024 with some signs that trends are inflecting. AAF remains our top pick in Africa as it offers Bharti-style execution at a fraction of the multiple, and VEON our top pick overall.
- Chris Hoare
Global EM Telcos & Towers Themes and Top picks for 2025
We remain constructive on EM Telcos despite the major stocks generally performing well through 2023 and 2024. As the long telco cycle inflects, and the industry consolidates, conditions still seem ripe for GDP+ revenue growth and rising ROIC we think. In this note, we run through the themes we think investors should follow in 2025. In a separate note, also published today we introduce the NSR EM Telco – Top 8, our top EM picks in the Telco and Towers space.
- Chris Hoare
Global EM Telcos & Towers Introducing the NSR Global EM Telco & Tower...
This note introduces the NSR GEM-Top 8, which will be a regularly updated list of our preferred Telcos and Towers in Global Emerging Markets. In a separate note out today, we run through the key themes that we see driving the EM Telco and Towers sector in 2025
- Chris Hoare
- Chris Hoare
Sub-Saharan African Telecoms Solid quarter; Q3 24 review
Q3 was a solid quarter for the Sub-Saharan African (SSA) operators. Airtel Africa continued to outperform peers from an EBITDA and capex perspective. We recently wrote on AAF’s strength of execution (HERE) where we also highlighted the extent of its outperformance which may surprise investors.
- 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
- Chris Hoare
- Chris Hoare
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.
- Chris Hoare
Airtel Africa Plc Q1:2025FYE Earnings Note - Currency Volatility Expos...
In its recently released Q1:2025 financial result, Airtel Africa Plc (AIRTELAFRI) posted a decrease in its consolidated topline in reporting currency (USD). Overall, Revenue fell by 16.07% YoY to USD1.16bn in Q1:2025. This decline may be alluded to currency devaluations in two out of three regions of operation, Nigeria and East Africa. In reported currency, Voice Revenue (-23.41% YoY), Data Revenue (-15.79% YoY), and Other Revenue (-12.56% YoY) all contributed to the annual deceleration in grow...
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