MTN release a trading update this morning too, for the six months to end June 2010. Look, it is complicated like a high school relationship, here goes a copy paste, something that police commissioners do: "Shareholders are advised that MTN expects an increase of between 18.1% and 23.1% in Adjusted headline earnings per share ("Adjusted HEPS") for the six month period ended 30 June 2010 when compared against the previously reported corresponding period."
And so the update continues: "Attributable earnings per share is expected to increase by between 4.8% and 9.8% and Basic HEPS to increase by between 1.5% and 6.5% for the same period against those reported for the previous corresponding period. The only adjustment between Basic HEPS and Adjusted HEPS for the six month period ended 30 June 2010 is the reversal of the impact of the put option that a shareholder has on the MTN Nigeria operations."
Did you understand any of that? Adjusted EPS? Well, those are used to get a better idea of how the business is operationally, excluding once off items. But to be honest, that is like saying we scored four tries but the opposition scored five and won. Something like that. Results on Thursday will be a little more telling of what the future holds. The stock is up half a percent this morning, in-line with the rest of the market, so I guess more or less where the analyst community had it.