reports
- 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.
- Chris Hoare
- Sid Rajeev
- Marine Leleux
- Maureen Schuller
- Suvi Platerink Kosonen
- Chris Hoare
Sub-Saharan African Telecoms Decent quarter in a challenging macro en...
Q3 was a decent quarter for Sub-Saharan African (SSA) operators. Fundamentals remain strong. We have updated forecasts post Q3 results, and our recommendations and target prices remain unchanged, except for Safaricom. AAF remains our preferred play in Africa.
- Chris Hoare
Safaricom (Neutral, TP: UR) 1H FY24 Quick Take: A solid quarter, Keny...
Safaricom reported a solid set of 1HFY24 results today. Service revenue growth accelerated driven by a solid performance from M-PESA and mobile data. EBITDA growth slowed but remained robust. The Group has lifted its EBIT guidance for Kenya this year (+KHsh 12bn), it also lifted capex expectations given the KES depreciation but by a smaller degree (+KHsh 3bn). FY24 guidance for Ethiopia is unchanged, so was mid-term guidance for capex and EBITDA.
- Sid Rajeev
- Chris Hoare
- David Lopes
New Street: Sub-Saharan African Telecoms Q3 22 review: Underlying fun...
Sub-Saharan African (SSA) operators continue to benefit from strong fundamentals with accelerated growth. Vodacom improved the most following the reduction in mobile money levies in Tanzania and a better DRC performance. Specific to the SSA region, we see MTN and AAF as our favoured play, while exposure to Africa is a key part of our Orange Buy thesis.
- Chris Hoare
New Street: Safaricom (Neutral) 1H FY23 Quick Take: Some slowdown, up...
Safaricom reported its 1HFY23 results today. Service revenue growth slowed on slower M-PESA revenue during the Election Year. EBITDA declined YoY on higher M-PESA commissions and handset costs. On balance, the Group’s FY23 EBIT guidance remains intact, with the KShs 8bn downgrade in Kenyan EBIT target being offset by the KShs 8bn upgrade in its Ethiopian unit. Capex guidance remained at KShs 100-108bn. We highlight below the key takeaways from the results and the outlook.
- Chris Hoare
- David Lopes
New Street: Sub-Saharan African Telecoms Q2 22 review: Decent growth;...
Sub-Saharan Africa (SSA) operators saw a decent Q2 as subscriber growth remained strong. However, ARPU growth eased, in part due to the e-levies and reduced P2P fees on fintech services. Airtel Africa (AAF) was the outperformer again while MTN’s EBITDA margin was more resilient.
- Sid Rajeev
XTM TRANSITION METALS CORP
EQTY EQUITY BANK
AUMN GOLDEN MINERALS CO.
RIO RIO TINTO PLC
EDXC ENDEXX CORP.
KTN KOOTENAY SILVER INC.
CSX CLEAN SEED CAPITAL GROUP LTD.
FPX FPX NICKEL CORP.
MQR MONARCH MINING CORPORATION
CANQF CANAQUEST MEDICAL CORP.
TUD TUDOR GOLD CORP.
GRSL GR SILVER MINING LTD.
GLH CHALICE BRANDS LTD
HCHDA HOT CHILI LIMITED
SPC SPC NICKEL CORP
- Sid Rajeev
SYH SKYHARBOUR RESOURCES LTD.
EQTY EQUITY BANK
AZS AZURE MINERALS
RKS ROCKSHIELD CAPITAL
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PSC.H PRECISION ENTERPRISES INC
CORA CORA GOLD
VM VOYAGEUR PHARMACEUTICALS LTD
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KNR KONTROL TECHNOLOGIES CORP.
GRSL GR SILVER MINING LTD.
AUC GOLDPLAY MINING INC.
HCHDA HOT CHILI LIMITED
GEL GRAPHANO ENERGY LTD.
SMO SONORO GOLD CORP
SWIS SEKUR PRIVATE DATA LTD.
- Chris Hoare
- Sid Rajeev
- Sid Rajeev
EQTY EQUITY BANK
NPK. VERDE AGRITECH PLC
RFR RENFORTH RESOURCES INC.
WML WEALTH MINERALS LTD.
AUMN GOLDEN MINERALS CO.
CBI COLIBRI RESOURCE CORPORATION
NRM NORAM VENTURES INC
BNXA BANXA HOLDINGS INC
THC THC BIOMED INTL LTD.
CBK COPPERBANK RESOURCES CORP.
SVTN SILVERTON METALS CORP
LXRP LEXARIA BIOSCIENCE CORP.
HP HELLO PAL INTERNATIONAL INC
HCHDA HOT CHILI LIMITED
GCM GRAN COLOMBIA GOLD CORP.
- Sid Rajeev
EQTY EQUITY BANK
NPK. VERDE AGRITECH PLC
ION IONICS INC.
RKS ROCKSHIELD CAPITAL
LUM LUMINA GOLD CORP
LMS LATIN METALS INC.
KIDZ KIDOZ
OVTZ OCULUS VISIONTECH
RCLF ROCKCLIFF METALS CORPORATION
AUN AURCANA SILVER
BNXA BANXA HOLDINGS INC
BLLG BLUE LAGOON RESOURCES INC.
THC THC BIOMED INTL LTD.
MQR MONARCH MINING CORPORATION
OMID OMID HOLDINGS
LXRP INC.
SWIS LEXARIA BIOSCIENCE CORP.
SPC GLOBEX DATA LTD.
SMRT SPC NICKEL CORP
COINSMART FINANCIAL INC.
- Sid Rajeev
ESK ESKAY MINING CORP
EQTY EQUITY BANK
RFR RENFORTH RESOURCES INC.
AUMN GOLDEN MINERALS CO.
ECR. CARTIER RESOURCES
LMR LOMIKO METALS INC
FT FORTUNE MINERALS LTD.
CBI COLIBRI RESOURCE CORPORATION
TCF TRILLION ENERGY INTERNATIONAL INC.
BNXA BANXA HOLDINGS INC
BLLG BLUE LAGOON RESOURCES INC.
MQR MONARCH MINING CORPORATION
GRSL GR SILVER MINING LTD.
BIGG BIGG DIGITAL ASSET
TAAT TAAT GLOBAL ALTERNATIVES INC.
IMCX INTERRA COPPER CORP.
AUC GOLDPLAY MINING INC.
SGLD SABRE GOLD MINES CORP.
LVT LEVITEE LABS INC.
HCHDA HOT CHILI LIMITED
GCM GRAN COLOMBIA GOLD CORP.
CBD.U HEMPFUSION WELLNESS INC
- Ayobami Omole
Safaricom: The never-ending price war and regulatory risk
The Communications Authority of Kenya (CA) plans to cut the mobile termination rate (MTR) from KES0.99 to KES0.12 per minute. The MTR is the service charge a mobile network operator (MNO) pays to another MNO for terminating calls on the latter's network. For instance, for every call an Airtel Kenya user makes to a Safaricom user, Airtel Kenya must pay Safaricom KES0.99 per minute (or KES0.12 per minute under the proposed change). The new rate was supposed to become effective on 1 January, but...
- Sid Rajeev
- Sid Rajeev
CGP CORNERSTONE CAPITAL RESOURCES INC.
RIO RIO TINTO LIMITED
EQTY EQUITY BANK
RFR RENFORTH RESOURCES INC.
SSV SOUTHERN SILVER EXPLORATION CORP.
LMR LOMIKO METALS INC
AUN AURCANA SILVER
KGS KINGMAN MINERALS LTD.
SMP SOUTHERN EMPIRE RESOURCES CORP.
OMID OMID HOLDINGS
LXRP INC.
IEC LEXARIA BIOSCIENCE CORP.
INVESTMENT EVOLUTION CORP.
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