Client call with Vodacom CEO Shameel Joosub

As part of our EM Telco Top Picks series of virtual and in person events with our preferred EM Telcos we will be hosting a virtual meeting for NSR clients with Vodacom CEO, Shameel Joosub on Tuesday 11th March. Format will be a small group, with the focus on Q&A.

Following strong Q3 figures, it seems that the tide has turned for SA telcos. Having struggled to grow cash flow in real terms we now think this is possible, with better revenue and EBITDA growth and improved capital efficiency post the end of load shedding. This led us to upgrade Vodacom to a BUY and increase MTN's price target. In Sub-Saharan Africa, several drivers are in place to drive an inflection too: Consolidation, unsustainable ROIC levels, regulatory support and improvements in affordability. Vodacom is well exposed to these themes. Relevant also to European investors as Vodacom is by far Vodafone’s largest EM asset and (alongside Turkey) is largely the reason why we are ahead of near term consensus for Vodafone EBITDA and FCF. Vodacom is one of our key Top Picks for 2025.