Investment idea: MTN
5- MTN Group Limited is a South African multinational mobile telecommunications company operating in several African and Asian countries.
- The company offers higher organic growth potential than its locally listed peers due to operating company exposure in high growth regions.
- Data and Fintech development have been the main drivers.
- The asset realisation programme has allowed the company to deleverage.
- A significant risk is MTN’s material exposure to forex. The sum of the parts (SOTP) valuation shows that 27% of the exposure comes from South Africa, and the rest is volatile currency and inflation exposure.
- We maintain our buy recommendation on MTN.
- For more information about this counter, please contact your PSG Wealth adviser.
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