reports
- Boris AFRAN
- Tessy BROU
ONATEL H124
H124 turnover recorded a 1.7% increase to reach XOF 71.80 billion against XOF 70.57 billion in H123. This growth was mainly related to 15.7% / 16.1% / 186.2% increases in revenue of mobile data, mobile banking and broadband (Fiber) respectively. However, this performance has been mitigated by .the drop in voice revenue as well as international traffic segment.
- Boris AFRAN
- Tessy BROU
ONATEL Q124
Q124 Turnover increased by 1.4% to XOF 35.12 billion against XOF 34.63 billion in Q123. The rise is mainly related to the rise in the mobile data and the fiber optic revenue. However, this performance has been mitigated by the fierce competition, the security crisis as well as the inflation in the country.
- Boris AFRAN
- Tessy BROU
ONATEL FY23
FY23 turnover recorded a 4.4% decline, same trend as last year to stand at XOF 139.15 billion against XOF 145.63 billion in FY22. This performance was mainly related to the decline in international traffic revenues, the decrease in national call terminations, the impact of OTTs on Voice revenues as well as the impact of vandalized sites located in areas with security challenges. However, this decline has been mitigated by an improvement in mobile data revenue (+15%) along with the internet...
ONATEL Report updated (October 2017)
Founded in 1989, ONATEL is the telecommunication leader in Burkina Faso. Initially a state-owned enterprise, the government sold 51% of its capital to MOROCCO TELECOM in 2006 before going public in 2009. The company offers a modern range of telecommunications products in the mobile, internet and landlines segments. TELMOB is the mobile segment of ONATEL. The company currently remains the only fixed-line telephony operator in Burkina Faso. As the first Burkinabe operator, it has the largest netwo...
- Meriem KADDOUR
ONATEL-Orange, Let the battle begin !
During Q1 2017, the revenues dropped by 2% to reach FCFA41.463bn vs. FCFA42.181bn, a year ago. The mobile customer base grew smoothly by 2% to reach 7.04 million vs. 6.91 million, yoy. However, the broadband activity and the internet park were down, respectively, by -1% and 8%. The operating income jumped by 35% to FCFA14.045bn vs. FCFA10.425bn by the end of March, 2016. The net profit increased significantly by 59% to FCFA10.31bn vs.
- Meriem KADDOUR
2016, a more positive picture than the appearance
By the end of December 2016, the revenues increased by 8.77% to reach FCFA157.472bn vs. FCFA144.774bn, a year ago. This performance was driven by the improvement of the mobile customer base. In fact, the mobile customer base continued on its growth pace (+4%) to reach 7 million vs. 6.76 million, yoy. The broadband activity also increased to witness a slight improvement of +1%. However, the internet park was down by -9%.
- François ADJITIN
Note de Recherche de la Société ONATEL-SA
L’année 2015 a été une fois encore pour ONATEL-SA d’une importance considérable au regard des niveaux de réalisation des objectifs et ce, malgré le contexte économique qui n’a pas été très favorable aux affaires.Le chiffre d’affaires a atteint 144,8 milliards de FCFA en augmentation de près de 14 milliards de FCFA par rapport à 2014 soit un taux de croissance de 11%.En effet, au cours de l’année 2015, ONATEL-SA a investi plus de 29,2 milliards de FCFA contre 22,6 milliards...
- Meriem KADDOUR
In line with our expectations
For the first three quarters of the year, revenues increased by 12.5% to reach FCFA120.937bn vs. FCFA107.499bn, a year ago. This performance was driven by the improvement of the mobile customer base. In fact, the mobile customer base continued on its growth pace (+6%) to reach 6.97 million vs. 6.57 million, yoy. However, the internet park and the broadband activity were down, respectively, by -8% and -13%. The operating income jumped by 21.21% to FCFA27.698bn vs. FCFA22.852bn by the end of Septe...
- Meriem KADDOUR
In ligne with our expectations
For the first three quarters of the year, revenues increased by 12.5% to reach FCFA120.937bn vs. FCFA107.499bn, a year ago. This performance was driven by the improvement of the mobile customer base. In fact, the mobile customer base continued on its growth pace (+6%) to reach 6.97 million vs. 6.57 million, yoy. However, the internet park and the broadband activity were down, respectively, by -8% and -13%. The operating income jumped by 21.21% to FCFA27.698bn vs. FCFA22.852bn by the end of Septe...
A great H1 2016 performance
H1 2016 revenues increased by 13.16% to reach FCFA81.709bn vs. FCFA72.202bn, a year ago. This performance was driven by the significant improvement of the mobile customer base. In fact, the mobile customer base continued on its growth pace (+11%) to reach 7.05 million vs. 6.38 million, yoy. However, the internet park and the broadband activity were down, respectively, by -8% and -4%. The operating income jumped by 34.23% to FCFA23.062bn vs.
ONATEL Report updated (November 2015)
ONATEL stock is currently overvalued. The current market price is higher than the sustainable value we forecast over the next two years. So, we recommend a sell on ONATEL with a target price base on fair value of XOF 10 000 based on 2015 results. Our target prices on the stock are XOF 10 500 and XOF 11 200 respectively, based on 2016 and 2017 results compared to 12 400 currently.
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