MTN Group Making Operational Progress, But Macro Challenges Loom Large

MTN Group (OTCPK:MTNOY) shares have certainly recovered from the panicked levels of September 2018 as investors have had a chance to digest the real likelihood of the company having to make significant payments (again) to Nigeria’s government, as well to observe the real progress that the management team has been making with the business.

With the shares up more than 50% from my last article, sentiment has improved, but there are still serious ongoing uncertainties about the business in Nigeria, as well as the possible impact of sanctions (or worse) against Iran. On the other hand, management has been delivering on goals like increased data usage, expanded fintech usage, and monetization of non-core assets. MTN Group shares continue to trade at a discount to their fair value, but investors need to be aware of the above-average macro risks that seemingly always accompany the story.

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MTN Group Making Operational Progress, But Macro Challenges Loom Large