COVER STORY | MTN is back

After a difficult few years, MTN has come roaring back, more than doubling its market capitalisation in the last year.

While its share performance has brought the company back in line with historical valuations, the path ahead to a genuine rerating of the group remains challenging and will require faultless execution from management.

Investing is all about entry and exit points. Though shareholders holding MTN over five years would have reaped gains just shy of 20% in that time, anyone buying into a devalued MTN 12 months ago would have enjoyed a return of 150%. That seems like a startling rerating of the African telecommunications giant, and it reflects several tailwinds boosting its core business, in tandem with shrewd leadership.