Safaricom in Ethiopia: Not as lucrative as the market believes
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Ethiopian telco licence awarded to the Safaricom-led GPE consortium gives access to a large and underdeveloped market
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But heavy capex needs suggest downside for shareholders, explaining the lack of bidder interest
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Adding mobile money services could be lucrative, but GPE would need to bid for a separate licence
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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").
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