- MTN Group had a very strong 2021, but the change in sentiment was even more impactful than the ongoing operational strength.
- Data and mobile money services continue to be the primary growth drivers, with strong performance in key markets like Nigeria and Ghana.
- Management is investing in meaningful spectrum and capex within South Africa, and improved service quality could finally drive stronger results from this still-very significant market.
- Long-term revenue growth in the mid-single-digits and high single-digit FCF growth can still drive attractive returns, and there is room for MTN to outperform those targets.
For further details see:
Reliable Execution Has Done A Lot Of Good For MTN Group