MTN Group Ltd.

MTN Group is a holding company engaged in the investment in the telecommunications industry offering voice services via 2G and 3G networks, including prepaid and postpaid airtime, please-call-me message service, international roaming, electronic voucher distribution services and community payphones, mobile and fixed data products, including short message service (SMS), multimedia message services, internet access, MTN MobileMoney, content portal MTN Play, Google SMS information services, USSD services and corporate data services. Co.'s operations are divided into the following three regions: South and East Africa, West and Central Africa, and the Middle East and North Africa.
  • Ticker10CM
  • ISINZAE000042164
  • ExchangeJohannesburg Stock Exchange
  • SectorMobile Telecommunications
  • CountrySouth Africa

Analysts

MTN GROUP LIMITED increases its risk exposure and slightly lowers to Neutral

MTN GROUP LIMITED (ZA), a company active in the Mobile Telecommunications industry, now shows a lower overall rating. The independent financial analyst theScreener confirms the fundamental rating of 2 out of 4 stars. However, the market behaviour deterioration triggered a risk requalification, which can be thus described as moderately risky. theScreener believes that increased risk justifies the general evaluation downgrade to Neutral. As of the analysis date September 27, 2019, the closing price was ZAR 97.85 and its expected value was estimated at ZAR 102.72.

Ruhan Du Plessis

MTN | Monetising the core

MTN's credibility continues to improve as its adjusted HEPS increased 12% in H1'19, the first time in five years. Organic revenue growth of c.10% is ahead of other emerging market peers like Vodacom (+4x%), highlighting the benefit of participating in higher growth markets. Despite the potential higher growth of competing in markets such as Nigeria and Iran, MTN's results over the last five years have pointed to the challenges of the riskier markets. In our view, MTN's issues have been a result of inappropriate governance structures which has improved with meaningful engagement with local g...

1 director sold

A director at MTN Group Limited sold 6,000 shares at 106.779ZAR and the significance rating of the trade was 53/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the last two years clearly showing Close periods where trading activity is restricted under listing rules. The names of bo...

Ruhan Du Plessis

MTN | Governance for growth

Please find our ESG analysis and proxy voting recommendation for MTN in this note, ahead the AGM on the 23rd of May 2019. In our view, MTN's biggest issues over the past five years relate to a lack of good governance and in-country board representation. However, MTN has announced a board refresh with the appointments of MH Jonas as new independent chairman, a non-executive Nigerian national and the establishment of an International Advisory Board (IAB) of respected and connected individuals. The appointments address our concerns and reduce MTN's risk profile through increased independence ...

Ruhan Du Plessis

MTN | A pivot back to growth

MTN delivered strong FY'18 results, despite operating challenges in key regions. Group revenue returned to growth and EBITDA margins expanded 50bps y/y. Capex intensity declined 440bps. Consequently, operating cashflows (+5% y/y) increased ahead of revenue (+1% y/y) and EBITDA growth (+2% y/y), delivering a double leveraged effect. We believe cashflows will continue to grow ahead of EBITDA as higher capex intensity over the past three years starts to slow. MTN's leading network will support gains in market share as it has out spent its competitors over the past three years. MTN's investment...

MTN Group Limited - December 2017 (LTM): Peer Snapshot

Compares key performance metrics against industry peers.

MTN Group Limited: Update to Credit Analysis

CORPORATES CREDIT OPINION 14 December 2017 Update RATINGS MTN Group Limited Domicile Johannesburg, South Africa Long Term Rating Ba1 Type LT Corporate Family Ratings Outlook Stable Please see the  ratings section  at the end of this report for more information. The ratings and outlook shown reflect information as of the publication date. Contacts Dion Bate +971.4.237.9504

MTN Group Limited - June 2017 (LTM): Peer Snapshot

Peer Snapshot: MTN  Group Limited - June 2017 (LTM) 31 August 2017 (in US millions) FYE Dec-15 FYE Dec-16 LTM Jun-17 FYE Mar-16 FYE Mar-17 LTM Jun-17 FYE Dec-15 FYE Dec-16 LTM

MTN Group Limited: Update to Discussion of Key Credit Factors following the Downgrade to Ba1, Stable Outlook

CORPORATES CREDIT OPINION 19 June 2017 Update RATINGS MTN Group Limited Domicile Johannesburg, South Africa Long Term Rating Ba1 Type LT Corporate Family Ratings Outlook Stable Please see the ratings section at the end of this report for more information. The ratings and outlook shown reflect information as of the publication date. Contacts Dion Bate 27-11-217-5472 VP-Senior Analyst [email protected]

Ruhan Du Plessis

MTN | Monetising the core

MTN's credibility continues to improve as its adjusted HEPS increased 12% in H1'19, the first time in five years. Organic revenue growth of c.10% is ahead of other emerging market peers like Vodacom (+4x%), highlighting the benefit of participating in higher growth markets. Despite the potential higher growth of competing in markets such as Nigeria and Iran, MTN's results over the last five years have pointed to the challenges of the riskier markets. In our view, MTN's issues have been a result of inappropriate governance structures which has improved with meaningful engagement with local g...

Ruhan Du Plessis

MTN | Governance for growth

Please find our ESG analysis and proxy voting recommendation for MTN in this note, ahead the AGM on the 23rd of May 2019. In our view, MTN's biggest issues over the past five years relate to a lack of good governance and in-country board representation. However, MTN has announced a board refresh with the appointments of MH Jonas as new independent chairman, a non-executive Nigerian national and the establishment of an International Advisory Board (IAB) of respected and connected individuals. The appointments address our concerns and reduce MTN's risk profile through increased independence ...

Ruhan Du Plessis

MTN | A pivot back to growth

MTN delivered strong FY'18 results, despite operating challenges in key regions. Group revenue returned to growth and EBITDA margins expanded 50bps y/y. Capex intensity declined 440bps. Consequently, operating cashflows (+5% y/y) increased ahead of revenue (+1% y/y) and EBITDA growth (+2% y/y), delivering a double leveraged effect. We believe cashflows will continue to grow ahead of EBITDA as higher capex intensity over the past three years starts to slow. MTN's leading network will support gains in market share as it has out spent its competitors over the past three years. MTN's investment...

Ruhan Du Plessis

MTN | The Nigerian discount

MTN and the Nigerian government reached an agreement regarding the central bank's allegations that MTN illegally repatriated USD8.1bn of dividends, with MTN settling the matter for USD53m. Despite the resolution, we expect MTN's Nigerian operations to trade at a discount to our pre-dispute valuation as increased regulatory risk has increased the cost of capital. Nonetheless, the resolution and expected recommencement of dividend repatriations from Nigeria improves the Group's cash flow visibility. Accordingly, we increase our valuation for MTN Nigeria to ZAR34.5ps from ZAR20.5ps previously, ...

Alastair Jones

MTN (Neutral): Nigeria resolution edging closer

Press reports are speculating that MTN is close to settling the Nigerian dispute around the illegal repatriation of cash out of Nigeria for US$800mn.

1 director sold

A director at MTN Group Limited sold 6,000 shares at 106.779ZAR and the significance rating of the trade was 53/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the last two years clearly showing Close periods where trading activity is restricted under listing rules. The names of bo...

James Ratzer

Global TMT: Recession Special, O2D, China, ATUS, MTN, NBN, Axiata, 5G Conference

Global TMT: Recession Special, O2D, China, ATUS, MTN, NBN, Axiata, 5G Conference James Ratzer 5

James Ratzer

Global TMT: ASML, SKY, VOD, EU Mobile, US Policy, Bharti Inf, EU FTTH, BT, Italy, MTN, TEF

Global TMT: ASML, SKY, VOD, EU Mobile, US Policy, Bharti Inf, EU FTTH, BT, Italy, MTN, TEF For further details, please contact James Ratzer on 5 or email , or Charlie Gaynor on 1 or email {MSG CHARLIE GAYNOR }

James Ratzer

Global TMT: AAPL, TI, Unicom/Telecom, MTN, ILD

Global TMT: AAPL, TI, Unicom/Telecom, MTN, ILD.

MTN GROUP LIMITED increases its risk exposure and slightly lowers to Neutral

MTN GROUP LIMITED (ZA), a company active in the Mobile Telecommunications industry, now shows a lower overall rating. The independent financial analyst theScreener confirms the fundamental rating of 2 out of 4 stars. However, the market behaviour deterioration triggered a risk requalification, which can be thus described as moderately risky. theScreener believes that increased risk justifies the general evaluation downgrade to Neutral. As of the analysis date September 27, 2019, the closing price was ZAR 97.85 and its expected value was estimated at ZAR 102.72.

Ford Equity International Rating and Forecast Report

Ford Equity International Research Reports cover 60 countries with over 30,000 stocks traded on international exchanges. A proprietary quantitative system compares each company to its peers on proven measures of business value, growth characteristics, and investor behavior. Ford's three recommendation ratings buy, hold and sell, represent each stock’s return potential relative to its own country market.. The rating reports which are generated each week, include the fundamental details behind each recommendation and reflect the fundamental and price data as of the last trading day of the week...

MarketLine Department

MTN Group Limited - Strategy, SWOT and Corporate Finance Report

Synopsis MTN Group Limited - Strategy, SWOT and Corporate Finance Report, is a source of comprehensive company data and information. The report covers the company's structure, operation, SWOT analysis, product and service offerings and corporate actions, providing a 360˚ view of the company. Summary - Detailed information on MTN Group Limited required for business and competitor intelligence needs - A study of the major internal and external factors affecting MTN Group Limited in the form of a SWOT analysis - An in-depth view of the business model of MTN Group Limited including a breakdown ...

ICD Research Department

MTN Group Limited : Technology and Communications - Company Profile, SWOT & Financial Analysis

Synopsis ICD Research's "MTN Group Limited : Technology and Communications - Company Profile, SWOT & Financial Analysis" contains in depth information and data about the company and its operations. The profile contains a company overview, key facts, major products and services, SWOT analysis, business description, company history, financial analysis, mergers & acquisitions, recent developments, key employees, company locations and subsidiaries as well as competitive benchmarking data. Summary This report is a crucial resource for industry executives and anyone looking to access key informat...

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