Flash Report - Equity /
Global

Safaricom in Ethiopia: Not as lucrative as the market believes

  • Ethiopian telco licence awarded to the Safaricom-led GPE consortium gives access to a large and underdeveloped market

  • But heavy capex needs suggest downside for shareholders, explaining the lack of bidder interest

  • Adding mobile money services could be lucrative, but GPE would need to bid for a separate licence

Safaricom in Ethiopia: Not as lucrative as the market believes
Ayobami Omole
Ayobami Omole

Research Analyst

Rahul Shah
Rahul Shah

Head of Financials Equity Research

Tellimer Research
30 May 2021
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