MTN & Airtel Africa Analysis of growth and returns suggests it’s time to go all in
This note looks at the key drivers of growth and ROIC for AAF and MTN. Most metrics have been improving, and yet valuations are close to historic lows. AAF and MTN remind us of Bharti c. 2018/19 prior to the latter’s 200% rally, with the market ignoring the signs that fundamentals were improving. We incorporate significant Naira devaluation post–election but still think it is time to go all in.
Provided by our team of experienced analysts, our work is idea driven, based on independence of thought, sector expertise, and firmly focussed on fundamentals and valuation.
New Street Research is an independent, partner-owned, research firm specialising in equity and debt research. Our equity research embraces the following sectors:
- Pan European Telecom Services and Cable
- US Telecoms, Cable, Satellite and Towers
- Global Emerging Market Telecoms
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We provide debt research on:
- Pan European Telecom Services and Cable
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