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Chris Hoare
  • Chris Hoare
EUR 9599.00
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 9599.00
VEON VEON Ltd. Spons...

VEON (Buy, TP: $65, +93%) Q3 24 Quick Take: Revenue in-line but EBITD...

Revenue came in-line with expectations led again by Pakistan and Kazakhstan with Ukraine improving further. However, underlying EBITDA was softer against last quarter.

VEON VEON LTD. SPONSORED ADR
11/14/24 November 14, 2024 1 EN
Chris Hoare
  • Chris Hoare
EUR 9599.00
IHS.LG IHS PLC

IHS Towers (Buy, TP: $6, +140%) Q3 24: Solid quarter, lower capex guid...

IHS Towers has reported a solid quarter. Both group revenue and EBITDA came in above consensus expectations (and our expectations) and the company posted strong margins this quarter.

11/13/24 November 13, 2024 1 EN
Chris Hoare
  • Chris Hoare
EUR 9599.00
HTWS HELIOS TOWERS

Helios Towers (Buy, TP: GBp140, +33%) Q3 24: Mixed quarter; encouragi...

Helios Towers has reported a mixed set of Q3 results. Revenue missed consensus while EBITDA came in in line. The company has increased guidance for organic tenancy net additions and is guiding towards the high end of the FY24 guidance.

11/07/24 November 7, 2024 1 EN
Chris Hoare
  • Chris Hoare
EUR 9599.00
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 9599.00
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 9599.00
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 9599.00
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 9599.00
AIRTELAF Airtel Africa P...
AAF AIRTEL AFRICA

Airtel Africa (Buy, TP: £2, +82%) Q2 25: Solid operationally, near-te...

Airtel Africa has reported a better set of Q2 results with both Group revenue and EBITDA trends inflecting this quarter.

AIRTELAF AIRTEL AFRICA PLC
AAF AIRTEL AFRICA
10/25/24 October 25, 2024 1 EN
Russell Waller
  • Russell Waller
EUR 9599.00
ORA ORANGE

Mas Orange (Equal weight) Q3 24: Acceleration in SR and EBITDAaL grow...

MasOrange (MA) has reported a good set of numbers, subs continue to grow nicely, and SR and EBITDA growth has accelerated (77% of FY24 synergies have been delivered already).

10/24/24 October 24, 2024 1 EN
Russell Waller
  • Russell Waller
EUR 9599.00
ORA ORANGE

Orange (Buy, TP: €14.3, +40%) Q3 24: Solid EBITDAaL, encouraging Fran...

Orange has reported a very solid set of results, with Telco EBITDA c+0.3% ahead of consensus.

10/24/24 October 24, 2024 1 EN
Chris Hoare
  • Chris Hoare
EUR 9599.00
Z74 Singapore Telec...
TRUE True Corp. Publ... ... (+3)

EM Telcos Q2 24: Enterprise softer but remains a secular trend

Following our work on the structural growth of EM Enterprise revenues, we highlight Q2 enterprise numbers to see how the story is trending.

Z74 SINGAPORE TELECOMMUNICATIONS LIMITED
TRUE TRUE CORP. PUBLIC CO. LTD.
AIRTELAF AIRTEL AFRICA PLC
10/17/24 October 17, 2024 1 EN
Chris Hoare
  • Chris Hoare
EUR 9599.00
VEON VEON Ltd. Spons...

VEON (Buy, TP: $65 from $40, +117%) Focus on Digital, Buy, PT to US$6...

VEON is more exposed to a wider range of “beyond telco” assets than almost any other EM Telco. We deep dive on these, as well as assess the synergies from network separation/consolidation. As a result, our price target rises from US$ 40/ADR to US$ 65. VEON remains a top pick for us in Global EM.

VEON VEON LTD. SPONSORED ADR
10/10/24 October 10, 2024 1 EN
Chris Hoare
  • Chris Hoare
EUR 9599.00
00788 China Tower Cor...
HTWS HELIOS TOWERS ... (+3)

EM Towers Q2 CY24 review: Improving trends in China and Africa, Indon...

Revenue and EBITDA trends improved again for China Tower, which alongside stable depreciation supported bottom-line momentum. In Indonesia, MTEL and TOWR continued to perform where the latter benefited from faster growth in its Fibre business thus should act as a buffer should the XL and Smartfren deal were to proceed.

00788 CHINA TOWER CORP. LTD. CLASS H
HTWS HELIOS TOWERS
IHS.LG IHS PLC
10/09/24 October 9, 2024 1 EN
Chris Hoare
  • Chris Hoare
EUR 9599.00
HTWS HELIOS TOWERS

Helios Towers - Initiation. Buy. Price target GBp 140

Helios Towers is an African-focused TowerCo with largest markets being DRC and Tanzania (and Oman). The group has been less aggressive around expansion than its peer, IHS, and leverage is under control.

09/26/24 September 26, 2024 1 EN
Ben Rickett ... (+3)
  • Ben Rickett
  • James Ratzer
  • Russell Waller
EUR 9599.00
PROX Proximus SA de ...
KPN ROYAL KPN NV ... (+15)

EU TELECOMS REFRESH: Can the outperformance continue?

When was the last time we could write that the EU Telecoms sector has been the second best performing sector in the market YTD? As a result, this raises the question of whether the outperformance can continue. We believe regulation will ultimately determine the answer to this question.

PROX PROXIMUS SA DE DROIT PUBLIC
KPN ROYAL KPN NV
TEL TELENOR ASA
SCMN SWISSCOM AG
ATC ALTICE EUROPE NV CLASS A
DTE DEUTSCHE TELEKOM AG
TIT TELECOM ITALIA S.P.A.
OBEL ORANGE BELGIUM SA
TEF TELEFONICA SA
ELISA ELISA
ORA ORANGE
OTE OTE
TELIA TELIA COMPANY
BT BRITISH TELECOM
TNET TELENET
09/26/24 September 26, 2024 1 EN
Chris Hoare
  • Chris Hoare
EUR 9599.00
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 9599.00
IHS.LG IHS PLC

IHS Towers (Buy, TP: $8, +170%) Investor call feedback

We had an encouraging call last week with IHS CFO, Steve Howden. Credit investors have started to recognise the positive steps taken by the company in recent months, although the equity continues to lag.

09/24/24 September 24, 2024 1 EN
Chris Hoare
  • Chris Hoare
EUR 9599.00
VEON VEON Ltd. Spons...

VEON (Buy, TP: $40, +33%) Feedback from VEON NDR

We hosted VEON in London and New York over the last fortnight. Financing risk has improved materially, and operationally the company continues to perform well in our view.

VEON VEON LTD. SPONSORED ADR
09/20/24 September 20, 2024 1 EN
Chris Hoare
  • Chris Hoare
EUR 9599.00
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
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