Stock MTNN MTN NIGERIA COMMUNICATIONS PLC
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Financials MTN Nigeria Communications PLC

Equities

MTNN

NGMTNN000002

Integrated Telecommunications Services

End-of-day quote Nigerian S.E.
Other stock markets
 03:30:00 03/05/2024 am IST 		5-day change 1st Jan Change
215 NGN +2.38% Intraday chart for MTN Nigeria Communications PLC +6.44% -18.56%
30/04 MTN Nigeria Communications PLC Reports Earnings Results for the First Quarter Ended March 31, 2024 CI
25/03 South Africa's MTN annual profit slumps on Nigeria naira devaluation RE

Valuation

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Capitalization 1 21,37,224 34,58,232 40,09,839 43,70,026 55,35,222 45,07,851 - -
Enterprise Value (EV) 1 21,37,224 34,58,232 49,33,064 54,37,683 55,35,222 55,98,626 56,23,101 54,43,817
P/E ratio 10.6 x 16.9 x 13.4 x 12.1 x -41.4 x 129 x 9.02 x 9.3 x
Yield 7.54% 5.53% 6.66% - - 0.71% 7.7% 10.3%
Capitalization / Revenue 1.83 x 2.57 x 2.42 x 2.17 x 2.24 x 1.5 x 1.28 x 1.06 x
EV / Revenue 1.83 x 2.57 x 2.98 x 2.7 x 2.24 x 1.87 x 1.59 x 1.28 x
EV / EBITDA 3.39 x 5.04 x 5.62 x 5.08 x 4.6 x 4.25 x 3.52 x 2.94 x
EV / FCF - 14.1 x 16.4 x 24.4 x - 11.1 x 9.72 x 7.6 x
FCF Yield - 7.11% 6.1% 4.1% - 9% 10.3% 13.2%
Price to Book - 19.4 x 15.1 x - - -12.8 x 18.1 x 13.3 x
Nbr of stocks (in thousands) 2,03,54,513 2,03,54,513 2,03,54,513 2,03,25,703 2,09,66,750 2,09,66,750 - -
Reference price 2 105.0 169.9 197.0 215.0 264.0 215.0 215.0 215.0
Announcement Date 28/02/20 28/02/21 28/01/22 31/01/23 29/02/24 - - -
1NGN in Million2NGN
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Net sales 1 11,69,735 13,46,390 16,54,299 20,12,272 24,68,847 29,99,593 35,34,192 42,56,687
EBITDA 1 6,29,919 6,85,740 8,77,071 10,70,365 12,02,530 13,17,404 15,99,643 18,48,761
EBIT 1 3,95,297 4,26,713 5,84,747 7,33,298 7,73,660 8,46,132 10,67,550 12,80,392
Operating Margin 33.79% 31.69% 35.35% 36.44% 31.34% 28.21% 30.21% 30.08%
Earnings before Tax (EBT) 1 2,90,104 2,98,874 4,36,687 5,33,972 -1,77,886 86,414 7,46,019 8,33,427
Net income 1 2,02,111 2,05,214 2,98,654 3,61,532 -1,33,841 63,133 5,02,926 5,71,732
Net margin 17.28% 15.24% 18.05% 17.97% -5.42% 2.1% 14.23% 13.43%
EPS 2 9.930 10.08 14.67 17.79 -6.380 1.670 23.84 23.11
Free Cash Flow 1 - 2,45,781 3,00,838 2,22,786 - 5,03,832 5,78,573 7,16,134
FCF margin - 18.25% 18.19% 11.07% - 16.8% 16.37% 16.82%
FCF Conversion (EBITDA) - 35.84% 34.3% 20.81% - 38.24% 36.17% 38.74%
FCF Conversion (Net income) - 119.77% 100.73% 61.62% - 798.05% 115.04% 125.26%
Dividend per Share 2 7.920 9.400 13.12 - - 1.535 16.55 22.19
Announcement Date 28/02/20 28/02/21 28/01/22 31/01/23 29/02/24 - - -
1NGN in Million2NGN
Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December 2022 S1 2022 S2
Net sales 9,50,086 -
EBITDA - -
EBIT - -
Operating Margin - -
Earnings before Tax (EBT) - -
Net income 1 1,81,940 1,79,592
Net margin 19.15% -
EPS - -
Dividend per Share - -
Announcement Date 29/07/22 31/01/23
1NGN in Million
Estimates

Balance Sheet Analysis

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Net Debt 1 - - 9,23,225 10,67,657 - 10,90,775 11,15,250 9,35,966
Net Cash position 1 - - - - - - - -
Leverage (Debt/EBITDA) - - 1.053 x 0.9975 x - 0.828 x 0.6972 x 0.5063 x
Free Cash Flow 1 - 2,45,781 3,00,838 2,22,786 - 5,03,832 5,78,573 7,16,134
ROE (net income / shareholders' equity) 111% 127% 135% 121% - 160% 229% 229%
ROA (Net income/ Total Assets) 16.4% 11.8% 14.1% 14.5% - -2.5% 12.4% 12.9%
Assets 1 12,33,655 17,32,919 21,11,554 24,89,478 - -25,25,320 40,66,784 44,43,516
Book Value Per Share 2 - 8.760 13.00 - - -16.90 11.90 16.10
Cash Flow per Share - - - - - - - -
Capex 1 1,81,685 2,29,894 2,60,524 3,43,105 - 5,71,930 6,14,778 7,58,332
Capex / Sales 15.53% 17.07% 15.75% 17.05% - 19.07% 17.4% 17.82%
Announcement Date 28/02/20 28/02/21 28/01/22 31/01/23 29/02/24 - - -
1NGN in Million2NGN
Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for MTN Nigeria Communications PLC

Trading Rating
Investor Rating
ESG Refinitiv
More Ratings

Analysts' Consensus

Sell
Consensus
Buy
Mean consensus
HOLD
Number of Analysts
8
Last Close Price
215 NGN
Average target price
238.4 NGN
Spread / Average Target
+10.88%
Consensus

EPS Revisions

Estimates Revisions

Annual profits - Rate of surprise

Company calendar

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