MTN – Greener pastures

We assess the operational performance of MTN’s key operations subsequent to the implementation of its BRIGHT strategy. Even though Sub Saharan African mobile telecoms still provides significant organic growth opportunity over the medium term, demographic and economic factors has had a significantly negative impact on growth. This coincides with potential market entry opportunities in the last remaining growth markets on the continent – Ethiopia and Angola. However, given increasing levels of gearing, MTN may need to free up balance sheet capacity should it wish to participate. We assess MTN’s portfolio for potential disposal targets.