Very good geographic diversity with operations spanning 22 countries in Africa and the Middle East. Leading or close-second mobile network operator in most countries where operational. Regulatory risk and slow economic growth in key markets, Nigeria and South Africa, which weigh on revenue growth and cash flow generation. Concentration on voice-based products, which are gradually being substituted by data. Softening revenue and profitability due to negative impact of local currency exchange rate movements in key jurisdictions, despite the group's focus on cost control. Robust operating cash flows, but significant capital expenditure and continued, although reduced, dividend payouts. Adjusted debt to EBITDA projected to be sustained at about 2.8x over the next two years. Reduced risk of large merger and acquisition
