MTN Nigeria Communications PLC

NGSE:MTNN Stock Report

Market Cap: ₦10.8t

MTN Nigeria Communications Future Growth

Future criteria checks 4/6

MTN Nigeria Communications is forecast to grow earnings and revenue by 21.9% and 19% per annum respectively. EPS is expected to grow by 23.2% per annum. Return on equity is forecast to be 98.1% in 3 years.

Key information

21.9%

Earnings growth rate

23.21%

EPS growth rate

Wireless Telecom earnings growth4.0%
Revenue growth rate19.0%
Future return on equity98.05%
Analyst coverage

Good

Last updated21 Sep 2025

Recent future growth updates

Recent updates

User avatar

MTN Nigeria Communications is set for a 30% CAGR revenue surge over 10 years

A 35% increase in active subscribers, rising from 68.5 million in 2019 to 92.7 million in 2023.

Reports N400.44 Billion Loss After Tax for FY 2024 - need to focus on real problem rather than moving their Headquarter to Eko Atlantic

MTN Nigeria has announced a loss after tax of N400.44 billion for the year ended December 31, 2024, driven by significant foreign exchange losses resulting from the devaluation of the naira.Key Point:

Earnings and Revenue Growth Forecasts

NGSE:MTNN - Analysts future estimates and past financials data (NGN Millions)
DateRevenueEarningsFree Cash FlowCash from OpAvg. No. Analysts
12/31/20277,922,4581,535,8071,324,7942,763,4134
12/31/20266,586,3511,330,881933,6472,207,9935
12/31/20255,195,993932,610637,5881,819,3526
6/30/20254,201,085533,479565,6951,291,301N/A
3/31/20253,665,820124,903363,557926,862N/A
12/31/20243,360,830-399,448434,452868,901N/A
9/30/20243,066,135-633,521682,4171,056,391N/A
6/30/20242,849,227-566,223462,256961,856N/A
3/31/20242,653,696-632,127520,0991,131,025N/A
12/31/20232,468,847-133,841441,1881,004,243N/A
9/30/20232,329,08666,781563,3431,038,376N/A
6/30/20232,220,92483,757676,1571,034,837N/A
3/31/20232,109,423362,176592,017892,515N/A
12/31/20222,012,272351,382400,152863,663N/A
9/30/20221,904,172348,681237,885764,285N/A
6/30/20221,813,121338,759315,939832,916N/A
3/31/20221,739,966321,739321,105862,736N/A
12/31/20211,654,299298,654333,676774,067N/A
9/30/20211,576,888281,287331,663753,476N/A
6/30/20211,499,579252,168349,269768,850N/A
3/31/20211,402,534226,876340,981657,562N/A
12/31/20201,346,390205,214397,805648,078N/A
9/30/20201,289,046198,299348,571537,607N/A
6/30/20201,240,913198,623283,365467,236N/A
3/31/20201,216,886206,559246,485421,287N/A
12/31/20191,169,831203,283132,538339,026N/A
9/30/20191,133,270179,87557,548275,522N/A
6/30/20191,102,527171,96051,146259,154N/A
3/31/20191,074,120162,284N/A218,638N/A
12/31/20181,041,246145,686N/A283,460N/A
12/31/2017887,18081,070N/A159,828N/A
1/1/2017793,67388,800N/A244,384N/A
12/31/2015807,449-80,290N/A414,048N/A
12/31/2014824,807209,027N/A432,665N/A

Analyst Future Growth Forecasts

Earnings vs Savings Rate: MTNN's forecast earnings growth (21.9% per year) is above the savings rate (14.3%).

Earnings vs Market: MTNN's earnings (21.9% per year) are forecast to grow faster than the NG market (20% per year).

High Growth Earnings: MTNN's earnings are expected to grow significantly over the next 3 years.

Revenue vs Market: MTNN's revenue (19% per year) is forecast to grow slower than the NG market (26.3% per year).

High Growth Revenue: MTNN's revenue (19% per year) is forecast to grow slower than 20% per year.

Earnings per Share Growth Forecasts

Future Return on Equity

Future ROE: MTNN's Return on Equity is forecast to be very high in 3 years time (98.1%).

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Company Analysis and Financial Data Status

DataLast Updated (UTC time)
Company Analysis2025/10/28 15:12
End of Day Share Price 2025/10/28 00:00
Earnings2025/06/30
Annual Earnings2024/12/31

Data Sources

The data used in our company analysis is from S&P Global Market Intelligence LLC. The following data is used in our analysis model to generate this report. Data is normalised which can introduce a delay from the source being available.

PackageDataTimeframeExample US Source *
Company Financials10 years
  • Income statement
  • Cash flow statement
  • Balance sheet
Analyst Consensus Estimates+3 years
  • Forecast financials
  • Analyst price targets
Market Prices30 years
  • Stock prices
  • Dividends, Splits and Actions
Ownership10 years
  • Top shareholders
  • Insider trading
Management10 years
  • Leadership team
  • Board of directors
Key Developments10 years
  • Company announcements

* Example for US securities, for non-US equivalent regulatory forms and sources are used.

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more.

Analysis Model and Snowflake

Details of the analysis model used to generate this report is available on our Github page, we also have guides on how to use our reports and tutorials on Youtube.

Learn about the world class team who designed and built the Simply Wall St analysis model.

Industry and Sector Metrics

Our industry and section metrics are calculated every 6 hours by Simply Wall St, details of our process are available on Github.

Analyst Sources

MTN Nigeria Communications PLC is covered by 8 analysts. 6 of those analysts submitted the estimates of revenue or earnings used as inputs to our report. Analysts submissions are updated throughout the day.

AnalystInstitution
Linet MuriungiAbsa Bank Limited
null nullARM Research
Samuel OjerindeCordros Capital Ltd.