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Chris Hoare
  • Chris Hoare
EUR 8818.00
KTC KT CORP (ADR)
Z74 Singapore Telec... ... (+10)

Global EM Telcos & Towers – On Fire - NSR GEM Top-10 April 25 Update. ...

Our picks were on fire in March, with our top EM Telcos now up 27% YTD on average. This note also includes key news & other thoughts catalysts, help investors generate alpha within the EM Telco space.

KTC KT CORP (ADR)
Z74 SINGAPORE TELECOMMUNICATIONS LIMITED
TRUE TRUE CORP. PUBLIC CO. LTD.
VODJ VODAFONE GROUP PLC (ADR)
VEON VEON LTD. SPONSORED ADR
MIC MILLICOM
AIRTELAF AIRTEL AFRICA PLC
LILAB LIBERTY GLOBAL PLC LILAC
TIMP3 TIM BRASIL SA
IHS.LG IHS PLC
04/02/25 April 2, 2025 1 EN
Chris Hoare
  • Chris Hoare
EUR 11694.00
MTN MTN

MTN (Buy, TP: ZAR130, +16%) MTN Rwanda – Q4 24 Quick take: Still mixe...

MTN Rwanda has reported a mixed set of Q4 numbers. Service revenue trends continued to inflect, and the company achieved its FY24 guidance for service revenue growth, but EBITDA trends slightly deteriorated.

03/14/25 March 14, 2025 1 EN
Chris Hoare
  • Chris Hoare
EUR 8818.00
MTN MTN

MTN (Buy, TP: ZAR130, +11%) MTN Uganda – Q4 24 Quick Take: Slower but...

MTN Uganda has reported a slower but solid set of Q4 numbers and has reiterated medium-term guidance.

03/06/25 March 6, 2025 1 EN
Chris Hoare
  • Chris Hoare
EUR 8818.00
KTC KT CORP (ADR)
TIGO SDB Millicom Intern... ... (+10)

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.

KTC KT CORP (ADR)
TIGO SDB MILLICOM INTERNATIONAL CELLULAR SA SWEDISH DEPOSITORY RECEIPT
Z74 SINGAPORE TELECOMMUNICATIONS LIMITED
TRUE TRUE CORP. PUBLIC CO. LTD.
VOD VODAFONE GROUP PLC
VEON VEON LTD. SPONSORED ADR
LILA LIBERTY LATIN AMERICA LTD
AAF AIRTEL AFRICA
TIMS3 TIM SA (BRAZIL)
IHS.LG IHS PLC
02/03/25 February 3, 2025 1 EN
Chris Hoare
  • Chris Hoare
EUR 8818.00
AIRTELAF Airtel Africa P...
MTNN MTN Nigeria Com... ... (+3)

Nigerian Telcos 50% price increase to be approved

The NCC has announced it will grant approval for a maximum 50% price increase. This is a very positive development for the Nigerian Telcos in our view

AIRTELAF AIRTEL AFRICA PLC
MTNN MTN NIGERIA COMMUNICATIONS PLC
AAF AIRTEL AFRICA
01/21/25 January 21, 2025 1 EN
Chris Hoare
  • Chris Hoare
EUR 8818.00
MTN MTN
AAF AIRTEL AFRICA

Nigerian Telcos Nigerian Telcos – Price increase is finally coming, i...

A price increase is coming soon according to the Nigerian press. The magnitude is not yet known but this is positive news (potentially very positive) for the Nigerian Telcos, Airtel Africa and MTN.

MTN MTN
AAF AIRTEL AFRICA
01/10/25 January 10, 2025 1 EN
Chris Hoare
  • Chris Hoare
EUR 8818.00
VODJ Vodafone Group ...
VEON VEON Ltd. Spons... ... (+3)

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.

VODJ VODAFONE GROUP PLC (ADR)
VEON VEON LTD. SPONSORED ADR
AAF AIRTEL AFRICA
01/08/25 January 8, 2025 1 EN
Chris Hoare
  • Chris Hoare
EUR 8818.00
KTC KT CORP (ADR)
Z74 Singapore Telec... ... (+6)

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.

KTC KT CORP (ADR)
Z74 SINGAPORE TELECOMMUNICATIONS LIMITED
TRUE TRUE CORP. PUBLIC CO. LTD.
VODJ VODAFONE GROUP PLC (ADR)
VEON VEON LTD. SPONSORED ADR
AAF AIRTEL AFRICA
01/02/25 January 2, 2025 1 EN
Chris Hoare
  • Chris Hoare
EUR 8818.00
KTC KT CORP (ADR)
Z74 Singapore Telec... ... (+6)

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

KTC KT CORP (ADR)
Z74 SINGAPORE TELECOMMUNICATIONS LIMITED
TRUE TRUE CORP. PUBLIC CO. LTD.
VODJ VODAFONE GROUP PLC (ADR)
VEON VEON LTD. SPONSORED ADR
AAF AIRTEL AFRICA
01/02/25 January 2, 2025 1 EN
Chris Hoare
  • Chris Hoare
EUR 8818.00
AIRTELAF Airtel Africa P...
AAF AIRTEL AFRICA

Airtel Africa (Buy, TP: GBp200, +85%) Second share buyback program

Airtel Africa has announced a second share buyback program of up to $100m, with the first $50m tranche starting today until the 24th of April 2025. This is positive news and as we wrote HERE reflects the strength of execution of AAF

AIRTELAF AIRTEL AFRICA PLC
AAF AIRTEL AFRICA
12/23/24 December 23, 2024 1 EN
Chris Hoare
  • Chris Hoare
EUR 8818.00
AAF AIRTEL AFRICA

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.

12/17/24 December 17, 2024 1 EN
Chris Hoare
  • Chris Hoare
EUR 8818.00
AIRTELAF Airtel Africa P...
AAF AIRTEL AFRICA

Airtel Africa (Buy, TP: GBp200, +88%) Strength of execution

Airtel Africa is the outperformer among African portfolio telcos. Investors may be surprised at the extent of this outperformance which we highlight in this note.

AIRTELAF AIRTEL AFRICA PLC
AAF AIRTEL AFRICA
12/13/24 December 13, 2024 1 EN
Chris Hoare
  • Chris Hoare
EUR 8818.00
VODJ Vodafone Group ...

Vodacom (Buy, TP: ZAR150, +45%) Feedback from small group call with C...

We hosted a small group Zoom call with Vodacom CEO, Shameel Joosub, Vodacom CFO, Raisibe Morathi and Head of IR, JP Davids earlier this week. As with our previous call with MTN, (feedback HERE) the tone was positive. It would appear we are at an inflection point for telcos both in sub-Saharan Africa, and South Africa, and remain Buyers of Vodacom with a ZAR150 price target. Thoughts and feedback below.

VODJ VODAFONE GROUP PLC (ADR)
11/28/24 November 28, 2024 1 EN
Chris Hoare
  • Chris Hoare
EUR 8818.00
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 8818.00
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 8818.00
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 8818.00
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 8818.00
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 8818.00
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
Chris Hoare
  • Chris Hoare
EUR 8818.00
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
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