Mobile money in Africa: Deep value beyond Safaricom/M-Pesa
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Safaricom shares have rallied over 40% yoy to reach all-time highs; it is now 63% of Kenya's total market capitalisation
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Applying Safaricom/M-Pesa multiples to other Sub-Saharan Africa telcos reveals a wide disconnect in investor perceptions
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SSA leads the world in mobile money; planned separate listings could reduce conglomerate discounts and crystallise value
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This report is independent investment research as contemplated by COBS 12.2 of the FCA Handbook and is a research recommendation under COBS 12.4 of the FCA Handbook. Where it is not technically a research recommendation because the subject of the research is not listed on any European exchange, it has nevertheless been treated as a research recommendation to ensure consistent treatment of all Tellimer's research. This report has been produced by the analyst(s) named above (the "Analyst").
The Analyst certifies that the views and forecasts expressed in this report accurately reflect their personal views about the subject, securities, or issuers specified herein. In addition, the Analyst certifies that no part of their compensation was, is, or will be directly or indirectly related to the specific recommendations or views expressed in this report.