November 20, 2024/Cordros Report In this report, we review our estimates and update our views on AIRTELAFRI for 2025E. So far, the sustained impact of currency pressures, particularly in Nigeria, overshadowed the key gains in operational performance driven by an increased customer base (+6.1% y/y to 156.64 million), expanded network […]

November 20, 2024/Cordros Report MTNN’s numbers showed a return to profitability in Q3-24 standalone, highlighting the impact of the successful renegotiation of tower leases with IHS, which resulted in cost savings with a modest impact on EBITDA and earnings. Specifically, EBITDA margin though still weaker y/y, improved from the multi […]

November 18, 2024/Cordros Report In this report, we review our estimates and update our views on Zenith Bank Plc (ZENITHBANK) for 2024E, following the release of the bank’s 9M-24 earnings. ZENITHBANK delivered impressive top- and bottom-line growth in the period propelled by increases across the bank’s funded and non-funded income […]