VDMCY - MTN Group Struggling With Some Macro And Currency Issues
African cell service provider MTN Group (MTNOY) has continued to struggle, but the primary sources of the struggles continue to be largely beyond the company's direct control. Although the company's financial performance since my last update has been decent, the ADRs have fallen by another third, hurt by further erosion in the value of the rand (around 16%), worries about the company's dollar-denominated debt, and ongoing struggles in the South African market.
While MTN Group's ADRs do look undervalued, the same can be said for other emerging market telcos like Turkcell (TKC