Q3 Result – Strong Earnings Recovery, Balance Sheet Restoration & Dividend Resumption

recent valuation

MTN Nigeria – Operational Turnaround with Data-Led Recovery and Margin Expansion Balance Sheet Revival: From Deep Negative Equity to Near Break-Even MTN Nigeria’s performance in Q2 2025 marks a remarkable financial turnaround, with negative equity shrinking from N458 billion in FY 2024 to just N42.51 billion as of mid-2025. This improvement suggests that MTN is on the cusp of restoring shareholder value and resuming dividend payouts — a welcome shift for investors following the 2023 dividend suspension.

MTN Nigeria: Subscriber Growth and Strategic CAPEX Drive a Strong H1 Recovery Investment Thesis MTN Nigeria delivered an impressive turnaround in H1 2025, reporting robust subscriber growth , significant service revenue expansion (+54.6%) , and a swing to profitability after last year’s losses. This performance reflects the resilience of its commercial strategy amid regulatory headwinds, aggressive capital investment, and strong execution across voice, data, and fintech services.

Recent Valuation

WaneInvestmentHouse has decreased revenue growth from 34.2% to 25.5% and decreased shares outstanding growth rate from 0.1% to 0.0%.

WaneInvestmentHouse has increased revenue growth from 25.5% to 34.2%.

WaneInvestmentHouse made no meaningful changes to valuation assumptions.

WaneInvestmentHouse made no meaningful changes to valuation assumptions.

WaneInvestmentHouse made no meaningful changes to valuation assumptions.

WaneInvestmentHouse made no meaningful changes to valuation assumptions.