Mdundo partners with another telecoms company

Mdundo, one of Africa’s leading music services, has partnered with telecoms operator MTN Ghana, which has more than 28 million users. Mdundo has similar partnerships with MTN Nigeria, Airtel Nigeria and Vodafone Tanzania, making Mdundo’s music services available to more than 150 million users in sub-Saharan Africa. A/S: Ticker: MDUNDO| Price: DKK 7.22| Market Cap.: 75 MDKK | YTD price development: 64%

One step closer to the goal of 25 million users by 2022/2023

Mdundo had 5 million monthly active users when it was listed in September 2020, rising to 20.3 million by June 2022. Mdundo has a target of 25 million monthly active users by 2022/2023. Telecommunications agreements are an important part of the company’s growth strategy, opening up large customer bases to subscribe to Mdundo’s services. The partnership with MTN Ghana opens up a customer base of 28 million users. Therefore, the partnership puts Mdundo in a better position to reach its guidance of 25 million monthly active users by 2022/2023, and thus better position to trigger a share price trigger.

View Kapital Partner’s investment case of Mdundo

Entering partnerships are not enough

Mdundo introduced telecom partnerships as a new revenue strategy in 2021. Since then, 4 partnerships have been signed, providing access to a customer base of more than 150 million users. Mdundo expects partnerships to generate more than 40% of revenue within a few years. Mdundo’s task in the coming period is to demonstrate that, in addition to entering into partnerships, they are also able to convert users from its large customer base into paying subscribers of Mdundo’s music services.

Mdundo’s outlook

  • User target for 2022/23: 25 million monthly active users.
  • Revenue target for 2022/23: DKK 13-16 million.
  • EBITDA target for 2022/23: DKK -7 to -8.5 million.
  • 50 million monthly active users and positive EBITDA in 2024/2025.

Price development for A/S relative to the KPFNDK index year to date

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