Up more than 30% over the past year and more than 10% since my last update, I can't really complain about MTN Group (OTCPK:MTNOY).
Although the company still has a lot of work to do in South Africa, and
maybe more work to do than is commonly appreciated in Nigeria, the
company's overall trends in subscribers and margins are looking pretty
good. 3G and data remain significant growth drivers, as does mobile
money, but MTN Group's valuation seems to largely reflect those
opportunities. I'm reluctant to sell a well-run and broad-based play on
Africa that could generate double-digit long-term FCF growth, but I
can't claim that today's price is a tremendous bargain for new
investors.
Read more here:
MTN Group Doing Pretty Well Despite Operating Challenges
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