Mobile money in Africa: Deep value beyond Safaricom/M-Pesa

  • Safaricom shares have rallied over 40% yoy to reach all-time highs; it is now 63% of Kenya's total market capitalisation

  • Applying Safaricom/M-Pesa multiples to other Sub-Saharan Africa telcos reveals a wide disconnect in investor perceptions

  • SSA leads the world in mobile money; planned separate listings could reduce conglomerate discounts and crystallise value

June 2nd, 2021
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