MTN is the most valuable telecommunications company in South Africa, with a market capitalisation of R228.15 billion, beating its main rival Vodacom which has a market cap of R224.62 billion.
While substantially down from its peak, it was still over 73% higher than its worst level during the pandemic. MTN makes most of its revenue in Nigeria, so changes in that market heavily impacted its share price. While both companies spent more than R50 billion on capital expenditure to build out their networks in South Africa during the past five years, MTN’s capex makes up a higher portion of its South African revenue.
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