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• Fair Value: Reduced modestly from $10.55 to approximately $10.11 per share, reflecting a slightly more conservative valuation outlook.

• Discount Rate: Increased marginally from about 9.69% to 9.70%, indicating a slightly higher perceived risk or required return.

• Revenue Growth: Held essentially unchanged at roughly 10.69%, suggesting no material revision to top line growth expectations.

• Net Profit Margin: Increased slightly from about 6.97% to 6.98%, pointing to a small improvement in longer term profitability assumptions.

• Future P/E: Declined from approximately 71.7x to 68.6x, indicating somewhat lower expectations for Backblaze’s longer term earnings multiple.

Narratives are a smarter way to invest, turning raw numbers into a clear story you can follow. On Simply Wall St’s Community page, investors link their view of a company’s future revenue, earnings, and margins to a forecast and a fair value, then compare it with today’s price to decide when to buy or sell. These Narratives update dynamically as news, results, and guidance change, so your investment view evolves in real time.

Head over to the Simply Wall St Community and follow the Narrative on Backblaze to stay on top of the story as it develops: BLZE: Improving Revenue Visibility Will Support Upside Momentum In The Coming Quarters.

• Track how surging AI driven data demand, new high value products like B2 Overdrive, and enterprise wins could drive multi year revenue growth and margin expansion.

• Monitor key risks, including legacy backup decline, intense cloud competition, and dependence on a handful of large AI customers, and how they may alter fair value versus price.

• See how updated analyst assumptions for revenue, profit margins, and future P/E flow through to an evolving fair value around $10.11, helping you time entries and exits.

Curious how numbers become stories that shape markets? Explore Community Narratives

This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.

Companies discussed in this article include BLZE.

Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team@simplywallst.com

• CEO Ralph Mupita has pushed back on renewed market speculation about a potential MTN takeover of Telkom SA, stressing that there are currently no active talks, no mandated advisers and no live transaction under consideration.

• Mupita has reiterated that building a new fibre network in South Africa would be an uneconomic use of capital for MTN, arguing that the country already has sufficient fibre infrastructure in place.

• MTN continues to see partnerships or acquisitions as the only viable ways to scale meaningfully in home and fixed internet, keeping strategic interest in fibre assets front and centre even as formal Telkom discussions remain off the table.

• The company previously walked away from an estimated ZAR 30 bn bid for Telkom in 2022 after rival Rain made a competing merger approach, with MTN’s interest understood to have focused primarily on Telkom’s Openserve fibre business.

• The Fair Value Estimate has risen slightly to approximately $176.89 from $172.50, reflecting modest upside despite softer operating assumptions.

• The Discount Rate is unchanged at 16.73%, indicating no revised view on MTN Group’s risk profile or cost of capital.

• Revenue Growth has edged down marginally, with the medium term annual growth assumption reduced from about 13.02% to 12.96%.

• The Net Profit Margin has fallen significantly, with the long run margin assumption reduced from roughly 19.63% to 16.69%.

• The future P/E multiple has increased meaningfully from around 8.9x to 10.8x, suggesting a greater share of fair value now comes from anticipated multiple expansion.

Narratives are simple, story driven views that connect your own expectations for a company’s growth, margins and earnings to a financial forecast and a fair value. On Simply Wall St’s Community page, millions of investors use Narratives to link MTN Group’s evolving story to the numbers, compare Fair Value to the current share price and decide when to buy or sell. As news, earnings and forecasts change, the Narrative automatically refreshes so your investment view stays current without extra effort.

Head over to the Simply Wall St Community and follow the Narrative on MTN Group to stay on top of:

• How African connectivity and fintech adoption support MTN’s double digit revenue and earnings growth potential.

• Whether disciplined CapEx, improving FX trends and stronger cash generation can unlock future multiple expansion.

• How competition, regulation and macro volatility could derail the thesis and change MTN’s Fair Value versus its current price.

Read the full MTN Group Narrative and track every update in real time.

Curious how numbers become stories that shape markets? Explore Community Narratives

This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.

Companies discussed in this article include MTN.jse.

Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team@simplywallst.com