Safaricom share price on a steady rise in the past few days.
Bloomberg reports that Morgan Stanley has revised its price estimate and raised it to 6.40 shillings from 4.80 shillings.
Their overweight position on Safaricom is bouyed by improved earnings, more penetration of M-Pesa and new broadband revenue streams.
Morgan Stanley estimates 22 percent group revenue growth in 2010 and a further 16 percent in 2011 compared with 12 percent and 10 percent previously. It also sees “room for positive surprise” on dividends.
In the past few days active trading on Safaricom’s shares has persisted and the price has steadily improved. Foreign demand on the counter continued to build accounting for over 99% of total value traded yesterday.
More on the Standard and Business Daily.
Previous periods performance of Safaricom here.
Disclaimer: These are our personal views and you are strongly advised to seek professional advise before making any investment decisions. Riba Capital cannot be held liable or responsible for any action taken on the basis of this commentary. We take no responsibility for the accuracy of the data or commentary provided here, neither should it be used as the primary or sole source of information for financial or investment decisions.
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