MTN

Client Call Slides: African/South Africa Inflection & Implications on EU Telcos

African Telcos - Catch Back: Headwinds easing, many markets to 2 players, recapture of some hard dollar revenue likely - AAF top pick, Vodacom to Buy

South African Telcos - Upgrade as the long cycle turns. Vodacom to Buy, pt to ZAR 150.

MTN Group – Q2 24: Better topline trends including improvements in South Africa; EBITDA impacted by Nigeria

MTN Rwanda – Q2 24 Quick take: Tough quarter, FY24 guidance cut