Avior Capital Markets - MTN Group Limited (10CM) MTN | Proxy voting and governance recommendation

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Avior Capital Markets

Ruhan Du Plessis

MTN | Proxy voting and governance recommendation

Please find our governance analysis and proxy voting recommendation for MTN in this note, ahead of the AGM on the 24th of May 2018. MTN receives a governance score of 2.92 out of 5 and is rated as â€˜adequate'. (FY'15: 2.88) By comparison, sector related peer VOD scored 3.64 and is ranked as â€˜good'.

15/05/2018 10 EN

Underlying

MTN Group Limited

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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ZAE000042164 Johannesburg Stock Exchange South Africa

Provider

Avior Capital Markets

Avior is a globally recognised capital markets research and trading firm, with the broadest research coverage within the region, with 100+ SA and 20+ SSA companies under coverage. Avior services clients from offices in London, Cape Town and Johannesburg.

Our research quality is consistently recognised in local and global surveys, with 18 analysts currently rated in their respective sectors (FM 2017). Value add through in-depth, innovative, high quality and consistent research with comprehensive underlying fundamental modelling supported by regular analyst and roadshow interactions.

Avior has proven that by working closely with our clients we can mutually develop dominant positions in certain sectors, going from strength to strength. Avior has a dedicated ESG team, having been ranked #1 in Corporate Governance research since 2008.

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Analysts

Ruhan Du Plessis

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MTN | Proxy voting and governance recommendation

MTN (Buy, TP: ZAR130, +13%) Q4 24: Solid quarter, FY24 dividend up

MTN (Buy, TP: ZAR130, +62%) Feedback from small group call

MTN (Buy, TP: ZAR130, +45%) Q1 24: Slow start to the year; decent top line in SA

Tiger Brands | ESG | Pressed to execute

SA Investment Strategy | Review of January 2020 for SA investors: Coronavirus weighs on the ZAR

SA Banks | Low credit risk in commercial property | Time to buy SA banks

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