MTN Group: What R100,000 Invested a Year Ago is Worth Today

Research Notes January 2026 > https://www.unum.capital/post/rjan2026

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Since publishing the note in January of 2025, the shares have performed as follows:

• MTN Group +98% (R100,000 is now worth R198,000)

• Vodacom Group +45% (R100,000 is now worth R145,000)

• Telkom +86% (R100,000 is now worth R186,000)

• Well done to shareholders

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Previous Post (02 January 25): JSE Telecoms: Relative Change of Trend

Telecommunications Sector Relative to the JSE Top 40 Index: Price Action Pointing To A Relative Change of Trend

• Comments on the slide below

Lester Davids

Senior Investment Analyst: Unum Capital