Two Ashesi student teams, Sigma Capital Partners and Alpha Capital Partners, have placed first and second, respectively, at the 2026 CFA Institute Research Challenge (Ghana). The competition required participating teams to conduct a comprehensive valuation of the MTN Group.
Sigma Capital Partners, comprising Moro Sulleyman ’26, Gift Quaye ’26, Tadiwanashe Chamisa ’27, Francis Acquah ’27, and Raymond Appiah ’27, began their work with in-depth company and industry analysis. They examined MTN’s revenue streams, competitive forces, macroeconomic risks, and long-term growth prospects.
Their analysis revealed that while MTN’s traditional voice revenue has been declining, its FinTech segment has experienced notable growth. However, the team found insufficient evidence to conclude that FinTech growth would fully offset the near-term decline in voice revenue. They also assessed industry competition and identified potential disruption from new telecommunications entrants such as Starlink, particularly in internet data provision, one of MTN’s major revenue drivers.
Using valuation methodologies including Discounted Cash Flow (DCF), which projects future cash flows and adjusts them to present value, and Comparable Company Analysis, which benchmarks a firm against similar telecommunications companies across Africa, Sigma Capital recommended a “Hold.” This meant existing shareholders were advised not to sell their shares immediately, as the team anticipated modest share price appreciation.
“Different teams can arrive at different valuations, but what sets you apart is how clearly and confidently you can defend your assumptions,” said Moro Sulleyman ’26, Team Lead.
