MTN | Emerging from the ashes
MTN delivered a solid set of result for FY'17 under difficult conditions across its markets. Poor macro conditions, once-off costs and increased competition drove revenue and margins declines over the last two years. However, we believe MTN's problems are governance related, weak operational management and poor capital allocation. The new management team is determined to rectify the problems, which should result in improved margins, growth and share re-rating.MTN Group is a holding company engaged in the investment in the telecommunications industry offering voice services via 2G and 3G networks, including prepaid and postpaid airtime, please-call-me message service, international roaming, electronic voucher distribution services and community payphones, mobile and fixed data products, including short message service (SMS), multimedia message services, internet access, MTN MobileMoney, content portal MTN Play, Google SMS information services, USSD services and corporate data services. Co.'s operations are divided into the following three regions: South and East Africa, West and Central Africa, and the Middle East and North Africa.
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