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Safaricom Plc’s rally to a record has made Kenya’s biggest company overvalued, with analysts forecasting a 10% drop in the next 12 months.
Shares of the Nairobi-based company rose to an unprecedented 43 shillings on Tuesday. The surge comes after Ethiopian authorities said they will allow Safaricom’s subsidiary to offer the lucrative mobile-money services in Africa’s second-most populous nation.
