SBG latest comments on MTN

• MTN: we d/grade to HOLD (R270) on valuation: We make slight upgrades to earnings (FY15 +1.4%, FY16 +2.5%) and price target (R270 from R246) on tweak to Iranian revs, and higher cash balances from Nigerian towers sale - but total 1yr return +10% not enough to continue to justify a BUY (needs >20%). MTN 1yr fwd EV/EBITDA 7.9x compares with historical average 6.1x, PE 17.7x  vs long-term average 15.8x