Financials MTN Group Limited

Equities

MTN

ZAE000042164

Wireless Telecommunications Services

End-of-day quote Johannesburg S.E. 06:00:00 2024-06-13 pm EDT 5-day change 1st Jan Change
82.25 ZAR +5.29% Intraday chart for MTN Group Limited +2.53% -28.79%

Valuation

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Capitalization 1 148,317 108,262 307,757 229,864 208,640 148,583 - -
Enterprise Value (EV) 1 267,185 212,839 397,085 325,848 318,552 264,693 260,563 252,916
P/E ratio 16.8 x 6.43 x 22.9 x 12.2 x 51.8 x 13.5 x 8.41 x 7.28 x
Yield 6.67% - 1.76% 2.59% 2.86% 4.01% 4.16% 4.57%
Capitalization / Revenue 0.98 x 0.6 x 1.69 x 1.11 x 0.94 x 0.76 x 0.67 x 0.6 x
EV / Revenue 1.76 x 1.19 x 2.19 x 1.57 x 1.44 x 1.35 x 1.18 x 1.03 x
EV / EBITDA 4.17 x 2.62 x 5.21 x 3.61 x 3.59 x 3.6 x 3.05 x 2.6 x
EV / FCF 20.8 x 6.08 x 9.26 x 8.87 x 10 x 16.3 x 9.54 x 8.14 x
FCF Yield 4.82% 16.4% 10.8% 11.3% 10% 6.14% 10.5% 12.3%
Price to Book 1.72 x 1.02 x 2.84 x 2.02 x 1.52 x 1.01 x 0.95 x 0.84 x
Nbr of stocks (in thousands) 1,798,005 1,798,675 1,802,808 1,805,685 1,806,405 1,806,475 - -
Reference price 2 82.49 60.19 170.7 127.3 115.5 82.25 82.25 82.25
Announcement Date 3/11/20 3/10/21 3/9/22 3/12/23 3/22/24 - - -
1ZAR in Million2ZAR
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Net sales 1 151,460 179,361 181,646 207,003 221,056 196,473 221,560 246,025
EBITDA 1 64,092 81,311 76,158 90,348 88,780 73,532 85,401 97,179
EBIT 1 31,292 46,105 40,935 56,081 46,512 36,273 45,384 54,329
Operating Margin 20.66% 25.71% 22.54% 27.09% 21.04% 18.46% 20.48% 22.08%
Earnings before Tax (EBT) 1 17,600 29,086 28,816 41,497 11,768 20,494 36,602 40,701
Net income 1 8,963 17,022 13,750 19,337 4,092 12,755 20,047 20,585
Net margin 5.92% 9.49% 7.57% 9.34% 1.85% 6.49% 9.05% 8.37%
EPS 2 4.910 9.360 7.440 10.44 2.230 6.101 9.776 11.30
Free Cash Flow 1 12,873 35,011 42,873 36,723 31,871 16,254 27,324 31,086
FCF margin 8.5% 19.52% 23.6% 17.74% 14.42% 8.27% 12.33% 12.64%
FCF Conversion (EBITDA) 20.09% 43.06% 56.29% 40.65% 35.9% 22.1% 31.99% 31.99%
FCF Conversion (Net income) 143.62% 205.68% 311.8% 189.91% 778.86% 127.42% 136.29% 151.01%
Dividend per Share 2 5.500 - 3.000 3.300 3.300 3.300 3.425 3.756
Announcement Date 3/11/20 3/10/21 3/9/22 3/12/23 3/22/24 - - -
1ZAR in Million2ZAR
Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December 2019 S2 2020 S1 2020 S2 2021 S1 2021 S2 2022 S1 2022 S2
Net sales 1 78,955 84,076 95,285 86,673 94,973 97,491 109,512
EBITDA - - - 38,837 - - -
EBIT - - - 21,881 - - -
Operating Margin - - - 25.25% - - -
Earnings before Tax (EBT) - - - 10,238 - - -
Net income - 12,117 - 2,673 - - -
Net margin - 14.41% - 3.08% - - -
EPS 2 2.480 6.710 2.650 1.460 5.980 4.330 6.110
Dividend per Share 3.550 - - - - - -
Announcement Date 3/11/20 8/6/20 3/10/21 8/12/21 3/9/22 8/11/22 3/12/23
1ZAR in Million2ZAR
Estimates

Balance Sheet Analysis

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Net Debt 1 118,868 104,577 89,328 95,984 109,912 116,111 111,980 104,333
Net Cash position 1 - - - - - - - -
Leverage (Debt/EBITDA) 1.855 x 1.286 x 1.173 x 1.062 x 1.238 x 1.579 x 1.311 x 1.074 x
Free Cash Flow 1 12,873 35,011 42,873 36,723 31,871 16,254 27,324 31,086
ROE (net income / shareholders' equity) 9.97% 14.4% 16.6% 23.4% 24.4% 7.03% 11.4% 13.9%
ROA (Net income/ Total Assets) 3.01% 4.14% 4.98% 5.1% 1.39% 2.4% 3.65% 4.7%
Assets 1 297,921 411,402 276,354 378,837 294,879 531,476 549,242 437,983
Book Value Per Share 2 47.90 59.00 60.10 63.00 75.70 81.60 86.20 98.00
Cash Flow per Share 2 19.90 32.20 36.40 36.80 34.90 29.50 39.00 50.60
Capex 1 23,416 23,502 24,413 31,398 32,187 38,007 45,489 45,022
Capex / Sales 15.46% 13.1% 13.44% 15.17% 14.56% 19.34% 20.53% 18.3%
Announcement Date 3/11/20 3/10/21 3/9/22 3/12/23 3/22/24 - - -
1ZAR in Million2ZAR
Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Trading Rating
Investor Rating
ESG Refinitiv
B-
More Ratings
Sell
Consensus
Buy
Mean consensus
OUTPERFORM
Number of Analysts
12
Last Close Price
82.25 ZAR
Average target price
106.8 ZAR
Spread / Average Target
+29.79%
Consensus
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