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To at least some extent, this has been one of those "if it can go wrong, it will" years for South Africa's MTN Group (OTCPK:MTNOY). And yet, despite setbacks in Nigeria, Iran, and Syria, MTN Group continues to post solid revenue growth, expanding margins, and excellent returns on capital, while generating more cash than it needs to run the business. While political risk is always going to shadow MTN Group, this looks like an undervalued play on one of the best remaining growth stories in mobile services.

From Overhang To Reality In Nigeria, Iran, And Syria

Although MTN Group has done alright relative to the S&P 500, it has lagged the Johannesburg Stock Exchange for most of...

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