MTN Group Offers Opportunity, But It's Not An Easy Pick

2025-12-03 22:14:08 ET

If you want to talk about growth potential stemming from a combination of population growth, household income improvement from low bases, and tech-driven disintermediation, it’s hard to do better than Africa and companies that serve African consumers like MTN Group (MTNOY)(MTNOF). With meaningful population growth in multiple markets, improvements in household income/affordability (though certainly not consistent across all markets), and still-meaningful opportunities to leverage data and financial services growth, MTN Group would certainly seem to offer a lot of potential. It's never been that simple with MTN Group, though, and the shares have lost about 30% of their value since my last update on the company, more or less matching South African rival Vodacom (VDMCY) but lagging others like Orange (ORANY) and Bharti Airtel (and Airtel Africa ( AARTY )) over that time, with ongoing and familiar issues like currency devaluation, squabbles with governments, and competitive challenges....

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