5 African Companies To Invest In Now

2. MTN Group Limited (OTC:MTNOY)

Number of Hedge Fund Holders: N/A

MTN Group Limited (OTC:MTNOY) is a leading African communication services provider that operates in the mobile telecommunications industry. The company provides data, voice and SMS, digital and fintech, wholesale, interconnect, and roaming services, as well as sells mobile devices. MTN Group Limited (OTC:MTNOY) was incorporated in 1994 and is based in Johannesburg, South Africa.

As of this January, Barclays analyst Maurice Patrick has a ZAR 115 price target on MTN Group Limited (OTC:MTNOY) and an Underweight rating on the stock.

This March, MTN Group Limited (OTC:MTNOY) reported solid fiscal year 2021 results. The company reported revenue of ZAR 171.8 billion, up 18.3% year over year. The company also registered a 23.7% year-over-year increase in EBITDA which came in at ZAR 80.8 billion. Moreover, the company’s organic operating cash flow grew by 35.2% year over year and was reported to be ZAR 38.3 billion. The company also reportedly had 272.4 million subscribers at the end of 2021, up 2.9 million from the end of 2020. Strong balance sheets and solid free cash flows make MTN Group Limited (OTC:MTNOY) one of the top 10 African companies to invest in now.