MTNOY - MTN Group Still Offers Huge Potential - But That's Never Been The Issue

• MTN Group has credible drivers to build shareholder value, including ongoing growth in high-margin data and mobile money services, as well as an ongoing asset rationalization program.
• Regulatory and macroeconomic challenges have long been a problem, and that remains the case: Repatriating cash from Nigeria remains difficult and Ghana has imposed competition-boosting measures that hurt profitability.
• MTN Group shares look substantially undervalued on discounted cash flow and relative multiples, but operational, regulatory, and macroeconomic challenges are always going to be present.

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