EVENT REPLAY

Inflection in African/South African Telcos & its Impact on EU Telcos

Date and Time
September 4, 2024 — 11am EST / 4pm BST

New Street Research's Asia and Emerging Market Telco analyst Chris Hoare, alongside with EU Telco analysts James Ratzer and Russell Waller, will be hosting a call to discuss their recent work on the inflection point for African and South African Telcos, the upgrade of Vodacom to Buy, as well as the impact on European Telcos such as Vodafone and Orange of stabilising/inflecting African trends.

Why? As the long cycle of competition turns and the issue of loadshedding starting to fade, we turned more positive on the South African telecommunication space recently. This led us to upgrade Vodacom to a BUY recommendation and given how Vodacom accounts for 80% of Vodafone's non-European assets, would provide an additional support for potential upside in Vodafone. Over in Sub-Saharan Africa, several drivers are in place to drive an inflection too: Consolidation, unsustainable ROIC levels, regulatory support and improvements in affordability.

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