OPINION: MTN now cheap, but still not going anywhere

JOHANNESBURG - It has been two and a half years since MTN hit the wall and halved to below R120 a share. 
Everybody knows their Nigerian headwind and subsequent roller-coaster ride, but when (if ever) will they recover? Since its listing in 1995 this darling JSE counter delivered a spectacular performance for 20 years, but then became part of the non-performing shares on the JSE, nowadays most of our companies belong to this club.

MTN is a pure-play emerging markets mobile operator, offering cellular network access and business solutions.

The company connects people and communities across the Middle East and Africa through voice and data services. It has mobile licences in 22 countries, servicing 217million customers. MTN business provides cloud services, security as a service, enterprise mobility and managed networks.

OPINION: MTN now cheap, but still not going anywhereFile picture: Philimon Bulawayo

They also have more than 22.2million Mobile Money subscribers, which enables people to make financial transactions using their cellphones and bringing them entertainment and online shopping.

Their full-year results published in March showed some green sprigs. They achieved 6.8percent top-line growth. Strong growth in data (34percent) and digital revenue (14percent) were the primary drivers of the increase in service revenue. MTN declared a final dividend of

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