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
 06:00:00 2024-04-28 pm EDT 		5-day change 1st Jan Change
202 NGN 0.00% Intraday chart for MTN Nigeria Communications PLC -9.82% -23.48%
Mar. 25 South Africa's MTN annual profit slumps on Nigeria naira devaluation RE
Mar. 01 MTN Nigeria Communications PLC Reports Earnings Results for the Full Year Ended December 31, 2023 CI

Valuation

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Capitalization 1 2,137,224 3,458,232 4,009,839 4,370,026 5,535,222 4,235,284 - -
Enterprise Value (EV) 1 2,137,224 3,458,232 4,933,064 5,437,683 5,535,222 5,326,058 5,350,533 5,171,250
P/E ratio 10.6 x 16.9 x 13.4 x 12.1 x -41.4 x 121 x 8.47 x 8.74 x
Yield 7.54% 5.53% 6.66% - - 0.76% 8.19% 11%
Capitalization / Revenue 1.83 x 2.57 x 2.42 x 2.17 x 2.24 x 1.41 x 1.2 x 0.99 x
EV / Revenue 1.83 x 2.57 x 2.98 x 2.7 x 2.24 x 1.78 x 1.51 x 1.21 x
EV / EBITDA 3.39 x 5.04 x 5.62 x 5.08 x 4.6 x 4.04 x 3.34 x 2.8 x
EV / FCF - 14.1 x 16.4 x 24.4 x - 10.6 x 9.25 x 7.22 x
FCF Yield - 7.11% 6.1% 4.1% - 9.46% 10.8% 13.8%
Price to Book - 19.4 x 15.1 x - - -12 x 17 x 12.5 x
Nbr of stocks (in thousands) 20,354,513 20,354,513 20,354,513 20,325,703 20,966,750 20,966,750 - -
Reference price 2 105.0 169.9 197.0 215.0 264.0 202.0 202.0 202.0
Announcement Date 2/28/20 2/28/21 1/28/22 1/31/23 2/29/24 - - -
1NGN in Million2NGN
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Net sales 1 1,169,735 1,346,390 1,654,299 2,012,272 2,468,847 2,999,593 3,534,192 4,256,687
EBITDA 1 629,919 685,740 877,071 1,070,365 1,202,530 1,317,404 1,599,643 1,848,761
EBIT 1 395,297 426,713 584,747 733,298 773,660 846,132 1,067,550 1,280,392
Operating Margin 33.79% 31.69% 35.35% 36.44% 31.34% 28.21% 30.21% 30.08%
Earnings before Tax (EBT) 1 290,104 298,874 436,687 533,972 -177,886 86,414 746,019 833,427
Net income 1 202,111 205,214 298,654 361,532 -133,841 63,133 502,926 571,732
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 - 245,781 300,838 222,786 - 503,832 578,573 716,134
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 2/28/20 2/28/21 1/28/22 1/31/23 2/29/24 - - -
1NGN in Million2NGN
Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December 2022 S1 2022 S2
Net sales 950,086 -
EBITDA - -
EBIT - -
Operating Margin - -
Earnings before Tax (EBT) - -
Net income 1 181,940 179,592
Net margin 19.15% -
EPS - -
Dividend per Share - -
Announcement Date 7/29/22 1/31/23
1NGN in Million
Estimates

Balance Sheet Analysis

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Net Debt 1 - - 923,225 1,067,657 - 1,090,775 1,115,250 935,966
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 - 245,781 300,838 222,786 - 503,832 578,573 716,134
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 1,233,655 1,732,919 2,111,554 2,489,478 - -2,525,320 4,066,784 4,443,516
Book Value Per Share 2 - 8.760 13.00 - - -16.90 11.90 16.10
Cash Flow per Share - - - - - - - -
Capex 1 181,685 229,894 260,524 343,105 - 571,930 614,778 758,332
Capex / Sales 15.53% 17.07% 15.75% 17.05% - 19.07% 17.4% 17.82%
Announcement Date 2/28/20 2/28/21 1/28/22 1/31/23 2/29/24 - - -
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
202 NGN
Average target price
238.4 NGN
Spread / Average Target
+18.02%
Consensus

EPS Revisions

Estimates Revisions

Annual profits - Rate of surprise

Company calendar

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