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MTN Group Limited

MTN Group Limited

MTN · JSE · Telecommunications

MTN Group Limited is one of Africa’s largest telecommunications companies, headquartered in South Africa and operating across a broad range of markets in Africa and the Middle East.

Current price

18,700.00c

▼ −29.00c (0.15%) today

Share price

Live market data
▲ +3343.00 (+21.77%)2025-10-13 — 2026-10-14
23,914.52c22,090.71c20,266.90c18,443.10c16,619.29c14,795.48c2025-10-132026-10-14

ET&A View

Last reviewed 15 September 2026

Buy

ET&A sees significant upside from the current price with an attractive risk/reward profile.

Fair Value
Members
12M Price Target
Members
Preferred Entry
Members
ET&A Score
8.6/ 10Strong overall

MTN Group is one of Africa's strongest telecommunications franchises, combining market-leading connectivity positions with a rapidly expanding data and mobile-financial-services ecosystem across some of the continent's…

Is it expensive?

Read our full view

Why we like it

  • Turns about 15% of its sales into spare cash.
  • Little debt — about 1.1 years of earnings would repay it.
  • Very profitable — keeps about 35% of its sales as profit.

What worries us

Business Health

Is the business financially healthy?

Mostly healthy

Margins, cash generation and the balance sheet stand out.

Overall

Good
  • Revenue

    R236.4bn · ↑ +21% last year

    Growth Average
  • Earnings

    R17.8bn · ↑ +2% a year

    Growth Average
  • Margins

    Keeps 35% of sales as operating profit

    Strong
  • Cash generation

    R35.6bn spare cash a year · 15% of sales

    Excellent
  • Balance sheet

    Debt ≈ 1.1 years of earnings

    Strong
  • Dividend

    2.7% yield · Pays out 52% of earnings · covered 1.9×

    Yield Good

Investor View

More on MTN Group Limited

Open a section for the detail behind the quick view.

Our full viewET&A's complete thesis — why we hold the view we do.

MTN Group is one of Africa's strongest telecommunications franchises, combining market-leading connectivity positions with a rapidly expanding data and mobile-financial-services ecosystem across some of the continent's…

Insight

The complete ET&A view

See our full reasoning, what could drive the shares higher or go wrong, our Fair Value and Preferred Entry, and how our view has changed.

  • Our View in full
  • What could drive it higher / go wrong
  • Fair Value & Preferred Entry
  • How our view has changed
Explore Insight →Included with Insight
What could drive it higher — and what could go wrongThe catalysts and risks we are watching.
Valuation discussionWhere today's price sits, and how it compares with the company's own history and its peers.
Who it suitsStrategy suitability and investment style.

Long-term investors who want growth and income

Also suits: Investors who want a mix of growth and stability

Investment styleQualityGrowthIncomeET&A strategies: Income, Balanced, Growth · what these mean
How it compares with peersOther companies we cover in Telecommunications.

Compare MTN Group Limited with any company → The model’s own peer calculations are in the Research View.

What the company doesThe full company profile.

MTN Group Limited is one of Africa’s largest telecommunications companies, headquartered in South Africa and operating across a broad range of markets in Africa and the Middle East. The group provides mobile voice and data services, broadband connectivity, digital services, enterprise solutions, and mobile financial services to hundreds of millions of customers. Its major markets include South Africa, Nigeria, Ghana, Uganda, and several other high-growth economies, giving MTN significant exposure to rising mobile penetration, internet usage, and digital financial activity across emerging markets.

MTN’s strength comes from its scale, extensive network infrastructure, strong brand recognition, and leading market positions across several of Africa’s largest economies. The company sits at the centre of long-term themes including smartphone adoption, mobile data growth, financial inclusion, digital payments, cloud services, and the expansion of mobile money. Its fintech operations are becoming increasingly important as services such as payments, wallets, remittances, lending, and insurance deepen customer engagement beyond traditional telecommunications. While MTN remains exposed to currency volatility, regulation, infrastructure costs, and political risk in some markets, its combination of connectivity, financial services, and digital infrastructure makes it one of the most strategically important companies in Africa.

Telecommunications · South Africa

Research ViewOpen the full researchFull financial statements, valuation multiples, historical data, forecasts, methodology, scoring calculations and the valuation model.

For detailed analysis. Each section opens on its own.

Financial statementsEvery published figure with its source, the market snapshot and connected sheets.

Income

Revenue
R236.4bn
Gross profit
R166.1bn
EBITDA
R100.6bn
Operating profit (EBIT)
R63.8bn
Net income
R17.8bn
Earnings per share (EPS)
R9.71

Growth

Revenue growth, latest year
20.6%
Revenue growth, 3-year average
3.1%
Earnings growth, 3-year average
2.1%
Revenue growth, latest quarter vs a year earlier
8.8%
Earnings growth, latest quarter vs a year earlier
−25.6%

Margins & returns

Gross margin
70.3%
EBITDA margin
42.5%
Operating margin
34.5%
Net margin
7.5%
Return on equity (ROE)
16.7%
Return on assets (ROA)
10.0%

Cash flow

Operating cash flow
R83.1bn
Free cash flow
R35.6bn
Free-cash-flow margin
15.1%
Free cash flow ÷ net income
2.0×

Balance sheet

Cash
R31.1bn
Total debt
R144.6bn
Net debt
R113.4bn
Net debt ÷ EBITDA
1.1×
Debt ÷ equity
0.9×
Current ratio
0.9×

Shares & dividends

Shares outstanding
1.83bn
Market capitalisation
R342.8bn
Dividend per share
R5.00
Dividend yield
2.7%
Payout ratio
51.9%
  • Market data — the live feed (Yahoo Finance)
  • Calculated — worked out by ET&A from the figures shown, using the formulas in our methodology

Other published figures

Price / Sales
Members
EV / EBITDA
Members
Price / Book
Members
Forward P/E
Members
Valuation ratios (P/E, P/S, P/B, EV/EBITDA) are part of ET&A membership — view plans.

Market data

Live
Price18,700.00c
Day−29.00c (−0.15%)
52-week range15,284.00c – 23,426.00c
vs 52-week low+22.35%
vs 52-week high−20.17%

As of 14 October 2026

P/E Ratio
19.26x
Valuation multiplesP/E, forward P/E, EV/EBITDA, Price/Sales and FCF yield — today and at Fair Value.

Standard ways of comparing the share price with the company’s earnings, sales and cash. Tap the “i” for what each one means.

MeasureTodaySource
P/EMembers
Forward P/EMembers
EV/EBITDAMembers
Price/SalesMembers
FCF YieldMembers

Valuation ratios are part of ET&A membership.

Other published measures

Price / Book
Members
Historical dataValuation history, how our view has changed, and the share-price history.

Share-price history

Use the 5Y and Max ranges on the price chart at the top of the page.

ForecastsWhat analysts expect — market consensus, not ET&A estimates.

Forecasts

Forward EPS (next year, consensus)
R21.33
Expected EPS growth, next year
33.2%
Expected revenue growth, next year
10.9%

Forecasts are market consensus or calculated from forward EPS — not ET&A estimates, and they can be wrong.

MethodologyHow ET&A values a company and reaches a view.

How we value MTN Group Limited

  1. 1. The right method for the business. Each business is valued on the method that suits its economics — earnings for most companies, book value and returns for banks and insurers, cash flows or dividends where earnings mislead.
  2. 2. What the business deserves. ET&A builds a fair multiple from the company's own quality, sustainable growth, earnings predictability and risk. History, peers and the market are checked against it, but they don't set it.
  3. 3. Fair Value. The earnings (or other basis) per share multiplied by that fair multiple, cross-checked against independent methods.
  4. 4. Preferred Entry. A price below Fair Value that leaves room for the return ET&A requires for the company's risk.
  5. 5. Is it expensive? Today’s price is placed on ET&A’s Valuation Attractiveness scale — the same measure the ET&A Score uses. Cheap is the Preferred Entry; above Fair Value the shares are Expensive, and Very Expensive once they are more than 25% above it.

How we reach a view

The ET&A View combines our assessment of the business with where today’s price sits against our Preferred Entry and Fair Value. It is a considered judgement, not a mechanical score.

  • Business quality
  • Financial performance
  • Growth outlook
  • Debt and financial strength
  • Valuation
  • Risk
  • What could drive it higher
Buy
ET&A sees significant upside from the current price with an attractive risk/reward profile.
Accumulate
ET&A likes the company but would prefer investors to build exposure gradually.
Hold
ET&A sees limited reason to buy aggressively or sell at the current price.
Reduce
ET&A believes the current valuation or risk profile makes a smaller position more appropriate.
Sell
ET&A believes the downside risk materially outweighs the potential return at the current price.

ET&A Score: ET&A's overall assessment of business quality, valuation, growth and risk, out of 10. It weighs business quality, financial strength, growth, valuation, risk, future prospects.

Powered by the ET&A Company Assessment FrameworkSee the full framework →

Scoring calculationsBehind the ET&A Score and the Business Health ratings.

Behind the ET&A Score

The automatic, rules-based scores that feed our research. The ET&A Score blends these with our own analysis of the business and its value. How the framework works →

ET&A Quant Score

7.6/ 10Strong

Highly profitable · Sound · Neutral

Profitability & margins · Highly profitable9.7
Balance sheet · Sound6.8
Price momentum · Neutral4.4

Context — not part of the score

  • Valuation multiplesFairly priced
  • Share-price steadinessHigh volatility
  • IncomeModerate yield

Valuation and share-price swings describe the shares, not the company, so they are judged in the ET&A Score and View instead.

Annualised volatility
Members
Max drawdown (1y)
Members
12-month return
Members
3-month return
Members
P/E
Members
Price / Sales
Members
EV / EBITDA
Members
EBITDA margin
Members
Net debt / EBITDA
Members
Dividend yield
Members
The detailed figures behind these scores — price swings, past falls, returns, valuation and margins — are part of ET&A membership. View plans

Based on the factors that could be measured (45% of the model).

Business Health ratings

Each area is scored from 0 to 10 on ET&A’s methodology scales — the same ones our research uses — then given a word: Excellent from 8.5, Strong from 7, Good from 5.5, Average from 4.5, Below Average from 3, Weak below 3. The overall answer is the average of the areas we could rate (at least three); the dividend isn’t part of it.

AreaBased onScoreRating
Revenue
  • Revenue growth, 3-year average 3.1% → 4.9

Rated on 3-year average revenue growth, on ET&A's growth scale.

4.9 / 10Average
Earnings
  • Earnings growth, 3-year average 2.1% → 4.6

Rated on 3-year average earnings growth, on ET&A's growth scale.

4.6 / 10Average
Margins
  • Operating margin 34.5% → 9.4
  • Net margin 7.5% → 4.9

The average of operating and net margin, each scored on ET&A's margin scales. A negative margin scores 1 (Weak).

7.2 / 10Strong
Cash generation
  • Free-cash-flow margin 15.1% → 8.6

Free cash flow as a share of sales, on ET&A's cash-generation scale.

8.6 / 10Excellent
Balance sheet
  • Net debt ÷ EBITDA 1.1× → 7.4

Net debt ÷ EBITDA — roughly how many years of operating earnings would repay the debt — on ET&A's leverage scale.

7.4 / 10Strong
Dividend
  • Dividend yield 2.7% → 5.7

Dividend yield on ET&A's income scale. Not part of the overall health rating.

5.7 / 10Good
OverallAverage of the 5 rated areas6.5 / 10Good

ET&A's scales

Where each band starts on the scales above. They are fixed and identical for every company we cover; they come straight from ET&A’s methodology, so a company is judged the same way here as in our research.

MeasureExcellentStrongGoodAverageBelow AverageWeak
GrowthStructural Growth (Fundamental Conviction)18%+10%+5.0%+1.7%+−2.5%+below −2.5%
Operating marginCompetitive Position (Fundamental Conviction)29%+20%+13%+7.5%+0%+below 0% (loss)
Net marginEarnings Durability (Fundamental Conviction)23%+15%+9.8%+6.0%+0%+below 0% (loss)
Free-cash-flow marginCapital Allocation (Fundamental Conviction)15%+8.5%+3.8%+1.3%+−2.5%+below −2.5%
Net debt ÷ EBITDAStructural Risk (Fundamental Conviction)net cash≤ 1.5×≤ 2.8×≤ 3.6×≤ 5.0×above 5.0×
Return on equity (banks & insurers)Bank and insurer quality16%+12%+9.0%+6.7%+2.7%+below 2.7%
Equity ÷ assetsBank capital7.5%+6.0%+4.7%+4.0%+any—
Dividend yieldIncome factor (ET&A Quant Score)5.8%+4.0%+2.5%+1.8%+1.0%+below 1.0%

Band floors: Excellent 8.5 · Strong 7 · Good 5.5 · Average 4.5 · Below Average 3 (scores out of 10). Utilities and property companies’ structural debt is scored 6.5, as in ET&A’s risk model.

Valuation model outputsFair Value, the 12-Month Price Target, Preferred Entry and the expected return — and how each was calculated.
Peer calculationsThe comparable companies the valuation model used, with their multiples and returns.
Detailed assumptionsEvery input the valuation model used, with its source.
Research notesNo research notes published yet.

No research notes have been published for MTN Group Limited yet.

Need deeper analysis on MTN Group Limited? ET&A Professional includes full company notes, valuations and models — or commission bespoke research.

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