24 June 2005
	SA's Top 20 Companies 3 MTN Total score: 63,3% Historic score: 44,3 FM's score: 76

Cellphone operator MTN's share price continues to soar. The reasons are clear: a strong business in SA coupled with excellent growth in Africa, particularly in Nigeria, where the group has a significant lead over rival operators. It's not without its challenges, though. The SA market is maturing rapidly. The voice market could reach saturation by 2008. Also, Africa north of SA is becoming more competitive. In Africa MTN will find itself competing with SA rival Vodacom, and others. However, the growth opportunities are still there, with market saturation still many years away.