Delivering growth amidst several headwinds. Across our coverage countries, trends have been similar, and just like we anticipated mobile money and data has been the major growth driver for the industry in Sub-Saharan Africa. Although penetration rates differ, gaps still exist in each of these markets. Telcos have made considerable efforts to cover these gaps...
Our conviction stocks closed higher in November, gaining 1.8% m/m, underperforming the ASI by 1.2ppts. Our picks have yielded a return of 71.2% YTD, outperforming the ASI by 32.0ppts. Starting with the Consumer Goods sector, it was a mixed month as DANGSUGAR eased 7.94% m/m, while NESTLE (+9.5% m/m) closed in the green. All in,...
Analyst: Victoria Ejugwu* Target price: ₦315.74 Rating: BUY MTNN’s 9M results largely mirrored our expectations. The company reported a 22% y/y increase in revenue to ₦1.8 trillion (Vetiva estimate: ₦1.8 trillion). The data segment remained the primary driver for topline growth, with data revenue rising 36% y/y to ₦750 billion. Voice services also expanded 11%...