We revise our HOLD recommendation for MTNGH to a BUY while revising our target price to GH¢1.10 from the current price of GH¢0.85 per share, representing an upside of 29.41%. We’re bullish on the economic recovery and the long term growth of MTNGH as it focuses more on data and mobile money. Results Summary Service revenue was up by 16.4% to GH¢5,992 million, led by an 8.1% YoY growth in...

We initiate coverage of Guinness Ghana Brewery Limited (GSE:GGBL) With a BUY recommendation based on a price target of GHS2.70 per share, with reference from the current market price of GHS2.20, translating into capital appreciation of 22.73%.

The equity market return has been sluggish on a YTD basis, however, a number of opportunities have started emerging that offer investors the chance to make significant capital gains on the market. CalBrokers research identified that TOTAL's sh

Republic Bank Ghana retraced its step into profitability by posting PAT growth of 95.64% Y/O/Y following two consecutive years of making losses. The turnaround in FY 2017 was mainly due to non-impairments on financial assets and loan recoverie Read More

We maintain a BUY recommendation on Unilever Ghana at a revised price target of GHS 22.79p from the current market price of GHS17.78, after assessment of their third quarter earnings report. Our valuation is derived from forward PE, PS and PB

CAL Brokers has initiated coverage of Ghana Oil Limited (GOIL:GSE) with a BUY recommendation based on a price target of GHS 3.20p, from the current market price of GHS 2.60, which reflects potential price appreciation of 22.68%. In addition, CAL Brokers expects dividend yield

CAL Brokers has initiated coverage of Fan Milk Limited (GSE:FML) with a SELL recommendation based on a price target of GHS 12.61p which represent a do

Agricultural Development Bank is planning a GHS310mn rights issue to enable the bank raise funds to meet the new minimum capital of GHS400mn by the close of 2018. The bank is set to propose the rights issue for approval at its AGM on July 18, 2018.

A sucessful rights issue would increase th Read More

Company Background

MTN Ghana Limited (“the Company” or “MTN”) is a telecommunications service provider operating in Ghana since 2006 following the acquisition of Investcom. The Company is a subsidiary of MTN Group, a leading telecom operator in Africa and Middle East with over 21

COMPANY OVERVIEW

MTN Ghana Limited (the “Company") is a subsidiary of MTN Group a leading provider of telecommunications services in Africa and the Middle East. MTN Group entered the Ghanaian market following the acquisition of Investcom in 2006. The Comp