BMI view
South Africa and Nigeria are MTN’s biggest markets by a wide margin, in terms of both revenue and subscriptions. For the six months ended June 2013, the countries accounted for 65% of MTN’s consolidated revenue and 40% of its total subscriber base. These factors, along with other market dynamics, including the presence of multiple international players and the volume of economic activity, make MTN’s tower assets in South Africa and Nigeria the most attractive for investors. However, it appears the operator is biding its time in making a move to outsource its tower infrastructure in both markets.
