MTN Nigeria Launches Music Streaming Platform

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MTN Nigeria Launches Music Streaming Platform

MTN Nigeria has announced the launch of a music-streaming platform, MusicTime!. MusicTime! allows passionate music lovers to choose from millions of songs available across the globe. 

Developed in partnership with Simfy Africa, MusicTime! is a fascinating music streaming service, which offers the best listening experience in local and international music. The platform allows you to enjoy music the way you want it, how you want it and when you want it. This launch demonstrates yet another bold step by MTN in its quest of achieving a bold digital growth strategy.

Making the announcement, the Chief Operating Officer of MTN Nigeria, Mazen Mroue said, “MTN Nigeria is proud to launch yet another service that is focused on customer satisfaction and digital inclusion. We know that music is a big part of the Nigerian culture, and in recent times, we have seen talented Nigerians take the world by storm through the fantastic music they create. MusicTime! is a platform that ensures access to these great Nigerian and African music across the world.”

He went further by saying, “We are creating the right channels and ecosystems that will help Nigerians create, play and share their boundless creativity with the rest of the world without limitations or barriers. By providing an avenue for local musicians to stream their music to a global audience while still maintaining a strong local bond, MusicTime! will complement the efforts of the government in the actualisation of its local musical content drive.” 

With MusicTime!, you can instantly stream music even if you have no data on your phone. It has no subscription cost, all that is paid for is the time spent listening to music on the platform. The interface is easy to use which makes it easy to search playlists and trending music, share a personal playlist with friends and even pause the music to return to it later.

MusicTime! is available on the Google Play Store. Customers can download the app and enjoy free 60 minutes’ worth of streaming.

Akon Set To Light Up 2019 MTV EMAs Stage As BurnaBoy, Teni Vie For Best African Act Award

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Akon Set To Light Up 2019 MTV EMAs Stage As BurnaBoy, Teni Vie For Best African Act Award

Senegalese-American Hip-Hop and R&B sensation Akon will be performing alongside other artists at the 2019 MTV European Music Awards. The global music show which will air live from Spain on November 3, 2019.

The singer, songwriter, record producer, entrepreneur, and actor return to the EMA stage with a total of 36 awards and 95 nominations since the start of his impressive career in 2004.

Akon was nominated for Best Hip-Hop and Best New Act at the 2005 edition of the EMAs, prior to his 2007 nomination for Best album “Konvicted”, which eventually saw his track “The Sweet Escape” win an award for Best Video.

Best believe Akon has earned the title “Music Icon”, especially in the eyes of his African fans who are super proud of their own and all his achievements.

Given an impressive track record of back to back hit songs like; “lonely”, “locked up”, and “I wanna love you”, fans can’t wait to have the Icon on stage as they expect nothing short of a stellar performance.

Amongst the Africans doing us proud globally are; Burna Boy, Teni, Toofan, Prince Kaybee, Nasty C, and Harmonize, who have all been nominated for “Best African Act” at the 2019 MTV EMAs in Spain.

We can’t tell you for sure what performances to expect from the nominees, but we definitely want to see the African giant “Gbese” on the EMAs stage while Teni tells us how much we all want to be Billionaires.

With so many other international acts and performances lined up, it’s definitely going to be all fireworks in Seville, Spain, come Sunday.

Nigeria To The World! Teni, Burna Boy, Represent With 2019 MTV EMAs Nominations

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Nigeria To The World! Teni, Burna Boy, Represent With 2019 MTV EMAs Nominations

With the worldwide recognition that Nigerians have been getting this year, you would agree that it is such a beautiful time to be Nigerian (we know what you’re thinking, but just hear us out!).

Our very own Billionaire Sugar Mummy, Teni Makanaki and The African Giant, Burna Boy will be representing us at the MTV European Music Awards which holds at the FIBES Conference and Exhibition Centre in Seville, Andalusia, Spain, on Sunday, November 3, 2019.

These superstars have been nominated for Best African Act alongside Toofan, Prince Kaybee, Harmonize, and Nasty C.

Burna Boy and Teni’s nominations are well deserved and we’ll tell you why!

Over the past 48 months, Burna Boy has been one of the biggest artists in Nigeria. He stormed the music scene in 2010 and eventually worked his way to the top in a few years, carving a niche for himself. His exceptional sound and eclectic style have made him a music force to be reckoned with at home and abroad and we couldn’t be prouder!

Teni The Entertainer’s impressive growth in the music industry should be studied in schools if we’re being honest. She waltzed into the entertainment industry with her funny videos and freestyles on Instagram and finally came into limelight after she released her single, ‘Fargin’. Since she came into stardom, Teni has continued to create more world acclaimed music.

The 2019 MTV EMAs will be hosted by superstar Becky G and will see performances from top artists like Akon, Ava Max, Dua Lipa, Green Day, Halsey, Mabel, NCT 127, Niall Horan and Rosalia. Additionally, Sofia Reyes with Jhay Cortez and Pabllo Vittar and will treat fans to performances during the Red Carpet Pre-Show.

So let’s say you can’t make it to Spain on such short notice, the 2019 MTV EMAs will be broadcast on MTV Africa (DStv channel 130) from 21:00 CAT. In other words, we’ve got you covered!

Want to watch one of our very own bring the Best African Act MTV EMAs home? Why don’t you head on to mtvema.com to place your vote? Voting is on until 2 November at 23:59 CAT. Let’s do this!

MCB Investment Management Co. Ltd Makes Its Mark On African Fixed Income

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MCB Investment Management Co. Ltd Makes Its Mark On African Fixed Income

MCB Investment Management Co. Ltd has reported excellent investment performance of the African Domestic Bond Fund (ADBF), the first multi-jurisdictional fixed income Exchange Traded Fund in Africa, launched by the company in partnership with the African Development Bank in September 2018.

ADBF aims to encourage government bond issuances in local currencies by giving investors access to this asset class through a cost-effective vehicle listed on the Official Market of the Stock Exchange of Mauritius. Since launch, ADBF has generated a total return of 18.72% in USD which includes an income return of 11.47%.

MCBIM has been investing in pan-African local and hard currency corporate and government bonds since February 2014, when it launched the MCB Africa Bond Fund, a collective investment scheme. ADBF was launched on the back of the strong investment performance and experience of managing the MCBABF.

Abhimanyu Yadav, Head of Fixed Income & Currency at MCBIM commented: “We remain confident about African fixed income going forward. The asset class should continue to exhibit low correlation with both emerging and developed markets. While African local currencies tend to be more volatile than their developed market counterparts, high yields on African bonds, strong economic growth, political and fiscal reforms and increasing capital inflows all point to the potential for diversified and attractive positive returns”.

This document is provided for information purposes only and does not constitute investment, legal, tax or other advice or any recommendation to buy or sell the securities herein mentioned. Investments in the securities herein are to be made after consulting the terms and conditions of the relevant prospectus (in its full or simplified version) which are available free of charge upon request. Any past performance figures published in this document are not to be taken as a guide to future returns. As is true of any investment in any collective investment scheme, investment in the securities therein is not guaranteed. The value of the investment may go up as well as down and the investor may not get back his initial capital. In certain circumstances, an investor’s right to redeem his investment may be suspended.

MCB Africa Bond Fund (“MCBABF”) is authorised by the Financial Services Commission (“FSC”) as an Expert Fund. African Domestic Bond Fund (“ADBF”) is authorised by the FSC as a “Collective Investment Scheme” and further categorised as a “Global Scheme”. MCBABF and ADBF (collectively the “Funds”) are suitable only for those persons described in the relevant prospectus. The FSC does not vouch for the financial soundness of the Funds or for the correctness of any statements made or opinions expressed with regard to them.

Investors are not protected by a statutory compensation arrangement from the FSC in Mauritius in the event of the Funds’ failure. The Funds are promoted by MCB Investment Management Co. Ltd, a company licensed by the FSC as a CIS Manager. MCB Stockbrokers Limited is the market maker for ADBF and is duly licensed by the FSC as Investment Dealer (Full Service Dealer including Underwriting).

Vantage Capital Provides €8.0 Million Mezzanine Facility To Equity Invest

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Vantage Capital Provides €8.0 Million Mezzanine Facility To Equity Invest

Vantage Capital, Africa’s largest mezzanine fund manager, announced today that it has provided €8.0 million of mezzanine funding to Equity Invest S.A., the holding company for six Moroccan technology companies operating in the following complementary market sectors:

Electronic security solutions including anti-intrusion systems, access control, video surveillance, fire detection, RFID and bank security, audio-visual multimedia systems etc

Vantage’s funding has enabled the founder, Mr Ali Bettahi, to secure a controlling equity stake in one of Equity Invest’s flagship subsidiaries by facilitating the buy-back of equity from an exiting private equity investor, PME Croissance, managed by AfricInvest. Vantage will support Equity Invest’s organic and acquisitive growth plans in the medium-term. Equity Invest plans to reinforce its position in the Moroccan market by adding more technology companies to its portfolio and developing new markets in the rest of Africa.

Ali Bettahi, Founder of Equity Invest, commented, “Vantage has adopted a pragmatic, solutions-based approach to working with us and we appreciate their diligence, efficiency and professionalism. We welcome Vantage as our newest funding partner and look forward to building a mutually beneficial relationship over the years to come.”

This transaction represents Vantage Capital’s 28th mezzanine transaction across three generations of mezzanine funds with its portfolio of mezzanine investments now spread across ten countries in Africa. Outside of South Africa, Vantage has now invested in eleven transactions across Morocco, Côte d’Ivoire, Ghana, Nigeria, Uganda, Kenya, Mauritius, Namibia and Botswana. Equity Invest is Vantage’s first investment in Morocco and second in Francophone Africa.

Luc Albinski, the Managing Partner at Vantage Capital, noted that “Vantage is proud to have concluded its first investment in Morocco. Vantage’s mezzanine product has once again proved its value by supporting an entrepreneur to reacquire a controlling stake in one of his businesses whilst at the same time facilitating an attractive exit for the private equity investor.”

Warren van der Merwe, the Managing Partner at Vantage Capital, added, “Equity Invest has interests in a broad array of IT businesses in Morocco including security systems, audio-visual solutions, renewable energy, e-payments and software systems for the healthcare industry. We appreciate this rich diversity which reflects the open-minded, pioneering spirit of its founder.”

Clifford Chance (in Morocco) acted as legal counsel to Vantage. BFF Law Firm (in Morocco) acted as legal counsel to Equity Invest. Taj (part of the Deloitte network in Morocco), AD Associés (in Morocco) and Webber Wentzel (in South Africa) provided tax advice, Deloitte (in Morocco) was the financial advisor, Strategy& (part of the PwC network in Morocco) provided commercial advice, and Ibis Consulting (in South Africa) reviewed the environmental impact.

LaLiga Set To Thrill Fans At 2019 Copa Lagos

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LaLiga Set To Thrill Fans At 2019 Copa Lagos

Spanish Football League LaLiga, is set to thrill fans at the 2019 edition of COPA Lagos Beach Soccer. The league who is a global partner of Beach Soccer Worldwide (BSWW), will be engaging fans with three days of intense and exciting activities. The event will take place from November 1st to November 3rd, 2019, at Eko Atlantic City, Victoria Island, Lagos.

As part of the activities, LaLiga will engage fans with a LaLiga themed fan zone where they will have the opportunity to experience the various LaLiga clubs. During the event, participants will also have the chance to showcase their football skills with an exciting “Goal Scoring Header” game, all courtesy of LaLiga. This initiative is in line with LaLiga’s efforts in enhancing football experience for its fans across the world.

Commenting on the initiative, LaLiga Delegate in Nigeria, Guillermo Perez Castello, said “Copa Lagos offers a great opportunity for us to continue supporting the sport and to reach as many fans as possible. Not only is it a sport that is part of the great football family, but it is also a young and fresh game, through which we aim to reach new audiences. With the series of activities lined up for participants, we hope this event connects us even more with our Nigerian fans”.

Since inception in 2011, Copa Lagos has grown from being the first-ever international beach soccer event in Nigeria and Sub-Saharan Africa to being recognized as one of the most prominent sporting and entertainment events in the World.

Innoson Partners with Shell For the Supply of Innoson Vehicles

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Innoson Partners with Shell For the Supply of Innoson Vehicles

The Chairman/CEO of Innoson Vehicles, Chief Dr Innocent Chukwuma, on October 30, signed a Contract Purchase Agreement with Ed Ubong, the Managing Director of Shell Nigeria Gas Ltd.

The signing of the agreement will see the supply of Innoson Vehicles to Shell Nigeria for its official and operational uses.

News of the partnership was announced by the Head, Corporate Communications, Innoson Group, Mr Cornel Osigwe.

In his brief address, Chief Chukwuma stated that Innoson Vehicles being the first wholly indigenous and leading vehicle manufacturing company in Nigeria has established themselves as the leaders in major markets across Nigeria and West Africa due to its high safety standards, dynamic and exhilarating performance, ruggedness, durability, absolute reliability and affordable prices.

Today in Africa, we are witnessing a revolution in car manufacturing led by Innoson, to produce the best vehicles that meet International and Standard Organization of Nigeria standards.

WPP Scangroup Directors Approve sale of its Ownership in Kantar

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WPP Scangroup Directors Approve sale of its Ownership in Kantar

Directors at WPP Scangroup have approved the sale of 100% of its shareholding in Millward Brown’s Nigeria, West Africa, and East African business. Additionally, WPP will also sell its shareholding in Research and Marketing Group Investment Limited. The Kantar transaction is part of WPP PLC’s new strategy, selling Global Kantar Group to Bain Capital Group.

Kantar TNS operates in Nigeria and Kenya; the primary markets for WPP Scangroup. It also conducts activities in other countries including Senegal, Cameroon, Cote d’Ivoire, and Ghana.

Shares for Scangroup in RMGIL amount to 80% of the total ownership. The sale of Millward Brown Companies and RMGIL will generate approximately KSh 5 billion, after costs and taxes.

A notice from the company secretary reveals that Scangroup will pump proceeds from the sale into expansion and capital needs. Furthermore, 40% of the proceeds will be paid out as a special dividend to shareholders.

“The sale will realize approximately KSh 5 billion after estimated tax and costs. The consideration has been arrived at under a global competitive auction process carried out by WPP Plc.” announced Reuben Mwangi. “The board has considered the use of the proceeds from the disposal taking to considerations potential expansion and capital need and subjects to completion expects that at least 40% of the net proceeds shall return to shareholders in the form of a special dividend.”

Still, the transaction is not complete as it awaits the finalization and execution of the sale agreement. The deal also awaits shareholder and regulatory approval as well as the finalizing of the Global transaction.

Meanwhile, the company has urged shareholders to exercise caution when trading its shares due to the ongoing transaction.

 

Kenyan Wall Street

2020 Hyundai Sonata Begins Production

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2020 Hyundai Sonata Begins Production
  • Eighth-generation Sonata makes its Southern Region debut at 49th Miami International Auto Show
  • Hyundai’s longest-standing and most successful model officially begins production at Hyundai Motor Manufacturing Alabama
  • Sonata retail sales to begin later this month; pricing will also be announced later this month

MIAMI, Nov. 1, 2019 ‒ Hyundai today introduced its all-new 2020 Sonata at the 49th Miami International Auto Show, marking the Southern Region debut of Hyundai’s longest-standing and most successful model. Production of the eighth-generation Sonata also starts today at Hyundai Motor Manufacturing Alabama (HMMA) and retail sales begin later this month.

“The Southern Region is one of Hyundai’s fastest-growing and most valued markets,” said Steve Flood, regional general manager, Hyundai Motor America. “We’re proud to debut the all-new Sonata at the Miami International Auto Show on the same day it begins production. Hyundai is committed to building quality vehicles that surpass the expectations of both new and current customers throughout both the Southeast and across the U.S.” 

Using the Miami International Auto Show for the Sonata’s Southeast Regional debut further cements Hyundai’s commitment to the region. Hyundai also continued its title sponsorship of the National Salute to America’s Heroes in May 2019.

The 2020 Sonata is the first sedan designed with Hyundai’s Sensuous Sportiness design language. It is a fully transformed vehicle showcasing a sporty four-door-coupe look and represents Hyundai’s new focus on creating emotional value using proportion, styling, and technology. The all-new Sonata embodies the evolution of a new Hyundai design theme — a portfolio of vehicles that, like chess pieces on a board, look and behave differently, each with a clear role and function, but together exemplify a cohesive team.

The latest Sonata is the first model to be based on Hyundai’s new, innovative vehicle platform, which delivers increased strength and reduced weight to enable improvements in design, safety, efficiency and driving performance. The car uses an extensive application of advanced technologies to boost comfort, convenience and active safety.

“The Sonata holds a special significance for our company as one of the longest-standing and most successful models in the global market,” said Mike O’Brien, vice president, product, corporate and digital planning for Hyundai Motor America. “The 2020 Sonata is a fully transformed vehicle packed with advanced personalization technology, a new platform and an array of safety technologies. We are confident that our customers will be pleasantly surprised by this innovative new model.” 

MTN Nigeria Communications Plc – Primed to deliver value

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MTN Nigeria Communications Plc – Primed to deliver value
CardinalStone Research
We initiate coverage on MTN Nigeria Communications Plc (MTNN) with a 12-month target price and projected market capitalization of N148.54 and N3.02 trillion, respectively. Our 12-month target price implies a total return of 22.1% (dividend yield: 5.1% and capital appreciation: 17.0%) and a BUY recommendation on the stock.
We foresee robust growth in MTNN’s cash balance in the next five years
MTNN is likely to report strong growth in operating cash flow (CAGR of 18.1%) over the next five years. Aided by a relatively muted increase in investing cash outflows (CAGR of 8.6% over the same horizon), we believe the company’s reported cash balance can improve to c.N103.0 billion by FY’23E from N53.0 billion in FY’18. Healthy growth in operating cash flow could support sustained dividend pay-outs (mean pay-out ratio of 71.4% over our forecast horizon) and debt repayments without significantly reducing CAPEX intensity. MTNN also boasts annualized 9M’19 ROE and ROA of 218.1% and 12.8%, respectively, relative to averages of 24.4% and 9.5% for Bloomberg’s emerging and frontier market peers. However, the company’s valuation upside is largely capped by a high asset beta of 1.81 (using Bloomberg’s adjusted beta) that is justified by its relatively high risk. To this point, we note that the company’s upside from capital appreciation could easily increase to 45.0% (vs. our 16.9% projection) if the business becomes just as risky as the market.
DCF and multiples valuation summary
Using DCF methodology, we arrive at an equity value of N1.8 trillion for MTNN, which translates to a 12-month target price of N120.15. Our valuation assumes a beta of 1.81, risk-free rate of 14.0% (close to the 10-year government bond yield), and a cost of equity of 37.1%. Similarly, our application of relative valuation methodology assumes a 12-month target PE and EV/EBITDA of 16.7x and 6.3x, respectively. This approach yields a target price of N167.47 per share. In arriving at our blended target price of N148.54, we assigned a 40.0% weight to DCF valuation methodology and 30.0% weight apiece to PE and EV/EBITDA multiple valuations approaches.
Risks to expectations
We have identified three broad categories of risk that could significantly impact our projections. These are 1) regulatory risk; 2) commercial risk and; 3) macroeconomic risks. Regulatory risks include the likelihood of fines and levies that could significantly impact the profitability of MTNN. These risks can stem from various avenues, including potential backlash from a breakdown in international relations with South Africa. On commercial risks, we note that operational failures can materially impact MTNN’s market share, in view of the ease of portability in the sector. Finally, macroeconomic risks could arise from the impact of naira devaluation, high inflation, and insecurity on business operations. That said, we believe the launch of mobile money and 4G+ could positively impact MTNN in the coming years.

Please click here for the full report.

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