Market Wrap - Stock pick — MTN

Imtiaz Suliman from Sentio Capital chose MTN as his stock pick of the day.

"I'm going to go with MTN, they're going to report their results on Thursday and they've come up to the trading update which is quite positive. I think for them to be scrapping the interim dividend is the right thing to do in this environment. They do have a higher debt burden that needs to be dealt with so I think if you look at the dividend yield going forward, it's still on a 6.5% dividend yield, trading at the 3,5 times EV to ebitda multiple and that is showing good value. MTN is also benefiting from Covid and work from home phenomena"