reports
- Chris Hoare
- Chris Hoare
- Chris Hoare
- Chris Hoare
- Chris Hoare
- Chris Hoare
- Chris Hoare
- Chris Hoare
- Chris Hoare
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.
- 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
- Chris Hoare
- Chris Hoare
- Chris Hoare
MTN (Buy, TP: ZAR130, +47%) Q2 24: Better topline trends including im...
Service revenue trends were faster off better Uganda, Nigeria and South Africa as network availability improved. While underlying service revenue improved from Q1, it was still below the mid-teen medium term guidance. However, the Group maintained its guidance, with full year’s capex (Rs28-33bn) expected to be down around 30% from last year off lower spend in Nigeria. HoldCo leverage had also improved to 1.6x this quarter with better upstreaming.
- Chris Hoare
MTN (Buy, TP: ZAR130, +54%) MTN Rwanda – Q2 24 Quick take: Tough quar...
MTN Rwanda has reported a disappointing set of Q2 numbers. Service revenue and EBITDA trends continued to deteriorate as they continue to be impacted by the MTR cut and higher competition on price. Additionally, EBITDA continued to be impacted by the One Network Area initiative, handset subsidy and the local currency depreciating vs. the USD. As a result, management has cut FY24 guidance.
- Chris Hoare
IHS Towers (Buy, TP: $8, +158%) Q2 24: Solid quarter and encouraging ...
IHS Towers has reported a solid set of Q2 results. Organic top line growth has seen a strong acceleration, driven by Nigeria, while margins improved nicely too. There was no new news regarding the strategic review. However, the company made a key announcement last week about the contract renewals with MTN Nigeria (HERE).
- Chris Hoare
MTN (Buy, TP: ZAR130, +73%) IHS Towers (Buy, TP: $8, +167%) MTN and I...
Both MTN Nigeria and IHS Nigeria have announced the renewal and extension of all their MLAs in Nigeria, including new financial terms. This development is materially positive for both companies in our view. This means all MLAs in Africa between MTN and IHS have now been renewed and extended. Separately, MTN has also announced the exit from Guinea-Bissau.
- Chris Hoare
- Chris Hoare
- Chris Hoare
Sub-Saharan African Telecoms Solid top line, decent overall performan...
Q1 was a solid quarter for the Sub-Saharan African operators, especially from a top line perspective. Airtel Africa continued to outperform peers overall. We continue to think that fundamentals for AAF and MTN are strong and deserve more attention. Valuations are compelling too.
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