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Chris Hoare
  • Chris Hoare
08/14/25 August 14, 2025 1 EN
Chris Hoare
  • Chris Hoare
EUR 8490.00
IHS.LG IHS PLC

IHS Towers (Buy, TP: $7.7, +6%) Q2 25: Solid quarter, beat and raise; ...

IHS Towers has reported a solid set of Q2 results. Revenue, EBITDA and ALFCF came in above both consensus and our expectations and the company has raised guidance across the board.

08/13/25 August 13, 2025 1 EN
Chris Hoare
  • Chris Hoare
EUR 8490.00
MTN MTN

MTN (Buy, TP: ZAR190, +15%) MTN Uganda – Q2 25 Quick Take: Solid EBIT...

MTN Uganda has reported a decent set of Q2 results. Top line trends were roughly similar to Q1, still impacted by the MTR cut on the voice side. However, data growth remained solid and EBITDA margins were good.

08/11/25 August 11, 2025 1 EN
Chris Hoare
  • Chris Hoare
08/01/25 August 1, 2025 1 EN
Chris Hoare
  • Chris Hoare
EUR 8490.00
MTN MTN

MTN (Buy, TP: ZAR190, +23%) MTN Nigeria – Q2 25: Very strong, guidanc...

MTN Nigeria has reported a very strong set of Q2 results, supported by a full quarter of price increase and the company has upgraded its FY25 and medium-term guidance.

07/31/25 July 31, 2025 1 EN
Chris Hoare
  • Chris Hoare
EUR 8490.00
TOWR PT Sarana Menar...
TBIG PT Tower Bersam... ... (+7)

Global EM Towers - A Consistent Approach to EFCF and Shareholder Remun...

Following a similar note we published on the EM Telco sector, we apply the same consistent approach to Equity FCF for Global EM Towers. We have preferred Telcos over Towers for some time, as the drivers of upside for the Telcos (consolidation and declining capital intensity) is a headwind for the Towers.

TOWR PT SARANA MENARA NUSANTARA TBK
TBIG PT TOWER BERSAMA INFRASTRUCTURE TBK
INDUSTOWER INDUS TOWERS LIMITED
00788 CHINA TOWER CORP. LTD. CLASS H
HTWS HELIOS TOWERS
IHS.LG IHS PLC
IDR935 MITRATEL
07/10/25 July 10, 2025 1 EN
Chris Hoare
  • Chris Hoare
EUR 8490.00
TOWR PT Sarana Menar...
TBIG PT Tower Bersam... ... (+5)

EM Towers Q1 CY25 review: Steady as she goes

Tower revenue trends were slower across the board except for India’s Indus Tower as it benefited from VIL’s network catch up spend. However, EBITDA margins are improving except in Indonesia which faces the near-term pressure of the XL-Smartfren consolidation.

TOWR PT SARANA MENARA NUSANTARA TBK
TBIG PT TOWER BERSAMA INFRASTRUCTURE TBK
00788 CHINA TOWER CORP. LTD. CLASS H
IHS.LG IHS PLC
IDR935 MITRATEL
07/04/25 July 4, 2025 1 EN
Chris Hoare
  • Chris Hoare
EUR 8490.00
MTN MTN
AAF AIRTEL AFRICA

Nigerian Telcos Strong start to the year, full price increase boost y...

Local currency growth accelerated to above 40% in Q1, and is likely to continue to accelerate in Q2 driven by a full quarter impact from the 50% price increase approval, and stabilising macro.

MTN MTN
AAF AIRTEL AFRICA
06/11/25 June 11, 2025 1 EN
Chris Hoare
  • Chris Hoare
EUR 8490.00
KTC KT CORP (ADR)
Z74 Singapore Telec... ... (+10)

GEM Telcos: Consolidation – THE theme driving improved trends for EM T...

Earlier this month we published on how Global EM Telco Capex is falling rapidly, in large part driven by consolidation. On average EM Telco markets have fallen from a peak of 7 players to under 3. We expect many to end up with 2, or even a single network. How much further far might this cut capex?

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
TIMS3 TIM SA (BRAZIL)
IHS.LG IHS PLC
05/27/25 May 27, 2025 1 EN
Chris Hoare
  • Chris Hoare
EUR 8490.00
IHS.LG IHS PLC

IHS Towers (Buy, TP: $7.7, +41%) – Q1 25: Strong start to the year; Rw...

IHS Towers has reported a strong set of result. Revenue and EBITDA came in above consensus by quite some margin and Q1 numbers trended above the FY25 guide across the board. The company has also announced the sale of its Operations in Rwanda.

05/20/25 May 20, 2025 1 EN
Chris Hoare
  • Chris Hoare
EUR 8490.00
MTN MTN

MTN (Buy, TP: ZAR190, +59%) Q1 25: Group trends accelerating driven b...

MTN has reported a solid set of Q1 results with service revenue and EBITDA trends accelerating again. Therefore, service revenue continued to trend above the MT guidance.

05/12/25 May 12, 2025 1 EN
Chris Hoare
  • Chris Hoare
EUR 8490.00
MTN MTN

MTN (Buy, TP: ZAR190, +58%) MTN Uganda – Q1 25 Quick Take: Slower top...

MTN Uganda has reported a slower set of Q1 results due to the MTR cut. However, margins were solid and OpFCF growth inflected. The company has reiterated its medium-term guidance.

05/07/25 May 7, 2025 1 EN
Chris Hoare
  • Chris Hoare
EUR 8490.00
MTN MTN

MTN (Buy, TP: ZAR190, +60%) MTN Rwanda – Q1 25: Still mixed but MT gu...

MTN Rwanda has reported a somewhat mixed set of Q1 numbers. On the one hand, service revenue trends slowed, impacted by strong competition. On the other hand, EBITDA growth is back into positive territory and low capex spend this quarter translated into solid OpFCF

05/06/25 May 6, 2025 1 EN
Chris Hoare
  • Chris Hoare
EUR 8490.00
TKG TELKOM SA
AIRTELAF Airtel Africa P... ... (+4)

South African Telcos Continuous (modest) improvements; CY24 H2 review

H2 was a better semester for the SA Telcos. Service revenue and KPI trends continued to (modestly) improve and capex intensity continued to reduce.

TKG TELKOM SA
AIRTELAF AIRTEL AFRICA PLC
MTN MTN
AAF AIRTEL AFRICA
04/28/25 April 28, 2025 1 EN
Chris Hoare
  • Chris Hoare
EUR 8490.00
IHS.LG IHS PLC

IHS (Buy, TP: US$7.7, +80%) - Investor Call Feedback - 31st March 2025

We had a bullish call last week with IHS CFO, Steve Howden, and Head of IR Robert Berg. Despite tariff-related chaos the stock has performed well recently (+50% ytd) reflecting the better environment in Nigeria as well as action the company itself has taken to improve value, but we still think it looks undervalued and retain our Buy recommendation and US$7.7 price target.

04/10/25 April 10, 2025 1 EN
Chris Hoare
  • Chris Hoare
EUR 8490.00
VEON VEON Ltd. Spons...
IHS.LG IHS PLC

Global EM & Japan High Yield Top picks Q1 Update: Add Liberty Puerto ...

We update our 2025 Top Picks for our HY Universe outside of Europe & the US. Following our deep dive on Puerto Rico we add the PR debt stack to our top picks.

VEON VEON LTD. SPONSORED ADR
IHS.LG IHS PLC
04/03/25 April 3, 2025 1 EN
Chris Hoare
  • Chris Hoare
EUR 8490.00
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 8490.00
IHS.LG IHS PLC

IHS Towers (Buy, TP: $6, +35%) Q4 24: Another solid quarter, encourag...

IHS Towers has reported another solid set of results. Both group revenue and EBITDA came in above consensus expectations (and our expectations) and the company has provided encouraging FY25 guidance.

03/18/25 March 18, 2025 1 EN
Chris Hoare
  • Chris Hoare
EUR 11560.00
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 8490.00
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
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