MTN Group Management
Management criteria checks 4/4
MTN Group's CEO is Ralph Mupita, appointed in Sep 2020, has a tenure of 5.83 years. total yearly compensation is ZAR69.38M, comprised of 27.4% salary and 72.6% bonuses, including company stock and options. directly owns 0.072% of the company’s shares, worth ZAR300.80M. The average tenure of the management team and the board of directors is 5.3 years and 5.8 years respectively.
Key information
Ralph Mupita
Chief executive officer
R69.4m
Total compensation
| CEO salary percentage | 27.42% |
| CEO tenure | 5.8yrs |
| CEO ownership | 0.07% |
| Management average tenure | 5.3yrs |
| Board average tenure | 5.8yrs |
Recent management updates
Recent updates
Narrative Update • Jun 30
MTN: Higher Assumed P/E Will Tighten Future Return Potential
The analyst price target for MTN Group has been revised upward from ZAR95.48 to ZAR102.09, with analysts pointing to updated assumptions on revenue growth, profit margins and forward P/E as the main drivers of this change. Analyst Commentary on MTN Group The higher price target for MTN Group sits against a backdrop of more cautious sentiment seen in parts of the wider equity market, where some companies are experiencing trimmed expectations after softer operating trends or guidance.
Narrative Update • Jun 16
MTN: Fintech Partnership And Dividend Discipline Will Shape Future Share Balance
Analysts have slightly reduced their fair value estimate for MTN Group, trimming the price target from ZAR225.00 to about ZAR224.44 as they refine assumptions around growth, margins and future P/E based on their latest research. Analyst Commentary Analysts covering MTN Group see a mix of positives and risks, which is reflected in the very small trim to the fair value estimate.Narrative Update • Jun 02
MTN: Dividend Policy And Execution On Data Initiatives Will Shape Future Balance
Analysts increased their fair value estimate for MTN Group to ZAR225.00 from ZAR216.25, citing updated assumptions around revenue growth, discount rate and future P/E. These assumptions support a slightly higher price target.Narrative Update • May 13
MTN: Weaker Margin Outlook And Execution Risks Will Limit Future Upside
Narrative Update: MTN Group Analyst Price Target Shift Analysts have lifted their price target on MTN Group to ZAR95.48 from ZAR82.69, reflecting an updated view that incorporates a slightly lower discount rate, modest adjustments to revenue growth and profit margin assumptions, and a higher future P/E multiple. Analyst Commentary Recent Street research on MTN Group points to a split in sentiment, with some institutions introducing the stock with a constructive outlook while other, more cautious voices highlight execution and valuation risks that investors should factor into expectations.
Narrative Update • Apr 29
MTN: Lower Discount Rate And Higher Margins Will Support Repriced Earnings Multiple
Narrative Update on MTN Group The analyst price target for MTN Group has been raised from ZAR230 to ZAR280, with analysts pointing to a lower discount rate, a higher projected profit margin of 20.64%, and a reduced future P/E assumption of 10.53 as key drivers of the revision. Analyst Commentary Bullish analysts initiating coverage on MTN Group with a positive stance are broadly aligned with the recent increase in the price target to ZAR280.Narrative Update • Apr 15
MTN: Dividend Policy IHS Outcome And Margin Profile Will Shape Future Balance
The analyst fair value estimate for MTN Group has shifted from ZAR207.67 to ZAR216.25 as analysts factor in updated assumptions for revenue growth, profit margins, and a slightly lower future P/E multiple following recent bullish research coverage. Analyst Commentary Recent research on MTN Group has shifted toward a more constructive tone, with bullish analysts updating their models and supporting a higher fair value estimate.Narrative Update • Apr 01
MTN: Dividend Policy IHS Decision And Margin Resilience Will Shape Future Balance
Analysts have nudged their fair value estimate for MTN Group to ZAR207.67 from ZAR200.00, citing updated assumptions that combine slightly softer revenue growth with higher profit margin expectations and a lower future P/E multiple. Analyst Commentary Recent commentary on MTN Group reflects a mix of optimism and caution around how the updated fair value estimate ties back to execution, profitability and the multiples investors might be willing to pay for the shares.Narrative Update • Mar 18
MTN: Dividend Policy IHS Outcome And Margins Will Shape Future Balance
Analysts have adjusted the MTN Group fair value estimate slightly higher, from ZAR 198.75 to ZAR 200.00, reflecting updated assumptions for revenue growth, profit margins, and future P/E multiples. Analyst Commentary Recent research updates on consumer and leisure names highlight how quickly sentiment can swing when earnings, forward guidance, or external operating conditions shift.Narrative Update • Mar 03
MTN: Margin Assumptions And Possible IHS Deal Will Shape Balanced Outlook
Analysts have nudged their fair value estimate for MTN Group up from ZAR193.63 to ZAR198.75, citing slightly stronger assumed profit margins and a modestly higher future P/E multiple as key supports for the higher price target. Analyst Commentary Recent valuation work on MTN Group points to a fairly balanced split between what bullish and bearish analysts are focusing on.Narrative Update • Feb 17
MTN: Leadership Reset And IHS Discussions Will Shape Balanced Execution Outlook
Narrative Update: MTN Group Price Target Revision Analysts have nudged their fair value estimate for MTN Group higher from ZAR190.11 to ZAR193.63. This reflects updated assumptions around a slightly lower discount rate, modestly adjusted revenue growth expectations, a stable profit margin outlook, and a small recalibration of the future P/E multiple.Narrative Update • Feb 03
MTN: Leadership Reset And Execution Risk Will Shape Balanced Brand Outlook
Narrative Update on MTN Group The analyst fair value estimate for MTN Group has been adjusted from $186.22 to $190.11. Analysts attribute this change to slightly higher assumed revenue growth, a modestly higher future P/E multiple, and recent external research that highlights the impact of leadership changes and execution expectations at Vail Resorts.Narrative Update • Jan 19
MTN: Leadership Reset And Brand Strength Will Shape Balanced Execution Outlook
Narrative Update Analysts have lifted their fair value estimate for MTN Group from R176.89 to R186.22, citing slightly higher projected revenue growth, a modestly lower profit margin profile, and an updated future P/E assumption of 11.49x that reflects recent sector research and valuation resets seen in wider leisure and consumer names. Analyst Commentary Recent Street research around MTN Group has focused less on near term trading updates and more on leadership changes, brand strength, and execution risk.Narrative Update • Jan 05
MTN: Lower Future P/E And Leadership Changes Will Constrain Upside Potential
Analysts have slightly reduced their fair value estimate for MTN Group to $82.69 from $83.94, citing updated assumptions for faster revenue growth, higher profit margins, and a lower future P/E multiple following recent sector and leadership changes highlighted in Street research. Analyst Commentary Bearish analysts frame the reduced fair value estimate of $82.69 as a signal that MTN Group faces a thinner margin for execution, even with updated assumptions that factor in faster revenue growth and higher profit margins.Narrative Update • Dec 19
MTN: Leadership Reset Will Drive Future Turnaround Despite Near Term Execution Risks
Analysts have modestly lowered their price target on Vail Resorts to a range of about $145 to $237 per share. This reflects concerns over softer Epic pass sales, a more guarded fiscal 2026 EBITDA outlook, and uncertainty around the pace of the company’s operational turnaround.Analysis Article • Dec 12
Is It Too Late To Consider Buying MTN Group Limited (JSE:MTN)?
Today we're going to take a look at the well-established MTN Group Limited ( JSE:MTN ). The company's stock saw a...Narrative Update • Dec 05
MTN: Future Multiple Expansion Will Offset Margin And Leadership Execution Risks
Analysts have nudged their fair value estimate for MTN Group higher to approximately $176.89 from $172.50, citing a higher future P/E multiple despite slightly softer revenue growth assumptions and a notably lower projected profit margin. Analyst Commentary Recent Street research around Vail Resorts, which shares the MTN ticker in the U.S., offers a mixed backdrop that indirectly informs sentiment toward MTN Group.Analysis Article • Nov 24
MTN Group Limited's (JSE:MTN) Price Is Right But Growth Is Lacking
When close to half the companies operating in the Wireless Telecom industry in South Africa have price-to-sales ratios...Narrative Update • Nov 21
MTN: Future Leadership Changes And Operational Challenges Will Shape Performance
Analysts have raised their fair value estimate for MTN Group from $169.33 to $172.50, citing improved profit margin projections and stronger anticipated revenue growth. This comes despite recent concerns around leadership transitions and near-term operational challenges.Narrative Update • Sep 25
African Connectivity And Fintech Will Unlock Future Opportunities
Consensus revenue growth forecasts for MTN Group have risen significantly, but this has been offset by a lower net profit margin, resulting in only a marginal increase in the analyst price target from ZAR167.11 to ZAR169.33. What's in the News MTN CEO Ralph Mupita has publicly denied any ongoing talks or adviser engagement regarding an acquisition of Telkom SA, though industry speculation continues due to market dynamics.Analysis Article • Sep 12
Should You Think About Buying MTN Group Limited (JSE:MTN) Now?
MTN Group Limited ( JSE:MTN ) saw significant share price movement during recent months on the JSE, rising to highs of...Narrative Update • Aug 30
African Connectivity And Fintech Will Unlock Future Opportunities
The consensus price target for MTN Group has edged up to ZAR167.11, primarily reflecting a slight improvement in revenue growth forecasts. What's in the News MTN Group expects a first-half 2025 EPS of 495–577 cents, reflecting an increase of more than 200% from the prior year's loss.Analysis Article • Aug 25
MTN Group's (JSE:MTN) Strong Earnings Are Of Good Quality
Even though MTN Group Limited ( JSE:MTN ) posted strong earnings, investors appeared to be underwhelmed. Our analysis...Analysis Article • Aug 14
MTN Group Limited's (JSE:MTN) Subdued P/S Might Signal An Opportunity
With a median price-to-sales (or "P/S") ratio of close to 2x in the Wireless Telecom industry in South Africa, you...
New Narrative • Feb 09
Localization Progress In Uganda And Ghana Will Unlock Future Earnings
Strong growth in data and fintech services could positively impact MTN's revenue and boost net margins through high-margin products.CEO Compensation Analysis
| Date | Total Compensation | Salary | Company Earnings |
|---|---|---|---|
| Dec 31 2025 | R69m | R19m | R20b |
| Sep 30 2025 | n/a | n/a | R14b |
| Jun 30 2025 | n/a | n/a | R8b |
| Mar 31 2025 | n/a | n/a | -R1b |
| Dec 31 2024 | R92m | R19m | -R9b |
| Sep 30 2024 | n/a | n/a | -R8b |
| Jun 30 2024 | n/a | n/a | -R7b |
| Mar 31 2024 | n/a | n/a | -R2b |
| Dec 31 2023 | R63m | R18m | R4b |
| Sep 30 2023 | n/a | n/a | R10b |
| Jun 30 2023 | n/a | n/a | R15b |
| Mar 31 2023 | n/a | n/a | R17b |
| Dec 31 2022 | R77m | R16m | R19b |
| Sep 30 2022 | n/a | n/a | R19b |
| Jun 30 2022 | n/a | n/a | R19b |
| Mar 31 2022 | n/a | n/a | R16b |
| Dec 31 2021 | R63m | R8m | R14b |
| Sep 30 2021 | n/a | n/a | R11b |
| Jun 30 2021 | n/a | n/a | R8b |
| Mar 31 2021 | n/a | n/a | R12b |
| Dec 31 2020 | R31m | R12m | R17b |
| Sep 30 2020 | n/a | n/a | R17b |
| Jun 30 2020 | n/a | n/a | R17b |
| Mar 31 2020 | n/a | n/a | R13b |
| Dec 31 2019 | R66m | R9m | R9b |
Compensation vs Market: Ralph's total compensation ($USD4.28M) is about average for companies of similar size in the ZA market ($USD3.53M).
Compensation vs Earnings: Ralph's compensation has been consistent with company performance over the past year.
CEO
Ralph Mupita (54 yo)
5.8yrs
Tenure
R69,376,000
Compensation
Mr. Ralph Tendai Mupita, BSc (Hons)(Eng.), MBA, GMP (Harvard), serves as Non-Executive Director of MTN Nigeria Communications PLC since April 13, 2017. He served as a Non-Executive Director at Scancom Plc...
Leadership Team
| Name | Position | Tenure | Compensation | Ownership |
|---|---|---|---|---|
| Group President | 5.8yrs | R69.38m | 0.072% ZAR 300.8m | |
| Group CFO & Executive Director | 5.3yrs | R38.61m | 0.012% ZAR 48.3m | |
| Senior Vice President of Southern | 4.4yrs | R41.40m | no data | |
| Group Chief Technology & Information Officer of MTN South Africa | less than a year | R27.73m | 0.0029% ZAR 12.0m | |
| CEO of MTN Nigeria & VP of Francophone Africa | 5.3yrs | R40.30m | no data | |
| CEO & Executive Director of MTN South Africa | less than a year | R11.88m | 0.0091% ZAR 38.0m | |
| Executive of Group Investor Relations | less than a year | no data | no data | |
| Group Chief Legal & Regulatory Affairs Officer | 6.9yrs | R11.89m | no data | |
| Group Chief Human Resources Officer | 29.5yrs | R17.64m | 0.011% ZAR 46.3m | |
| Group Chief Business Risk Officer | 11.4yrs | R4.61m | no data | |
| Group Chief Sustainability & Corporate Affairs Officer | 4.4yrs | no data | no data | |
| Chief Executive Officer of GlobalConnect | 8.8yrs | no data | no data |
5.3yrs
Average Tenure
56yo
Average Age
Experienced Management: MTN's management team is seasoned and experienced (5.3 years average tenure).
Board Members
| Name | Position | Tenure | Compensation | Ownership |
|---|---|---|---|---|
| Group President | 9.3yrs | R69.38m | 0.072% ZAR 300.8m | |
| Group CFO & Executive Director | 5.3yrs | R38.61m | 0.012% ZAR 48.3m | |
| CEO & Executive Director of MTN South Africa | less than a year | R11.88m | 0.0091% ZAR 38.0m | |
| Independent Non-Executive Director | less than a year | R1.12m | no data | |
| Independent Non-Executive Director | 3.9yrs | R123.41m | 0.00077% ZAR 3.2m | |
| Independent Non-Executive Director | 5.3yrs | R3.10m | no data | |
| Independent Non-Executive Director | 5.8yrs | R3.33m | 0.000040% ZAR 166.3k | |
| Independent Non-Executive Director | 7yrs | R108.25m | 0.00038% ZAR 1.6m | |
| Independent Non-Executive Chairman | 8.1yrs | R9.61m | no data | |
| Lead Independent Non-Executive Director | 8yrs | R3.39m | no data | |
| Independent Non-Executive Director | 7yrs | R105.74m | no data | |
| Chair of International Advisory Board | no data | no data | no data |
5.8yrs
Average Tenure
65yo
Average Age
Experienced Board: MTN's board of directors are considered experienced (5.8 years average tenure).
Company Analysis and Financial Data Status
| Data | Last Updated (UTC time) |
|---|---|
| Company Analysis | 2026/07/07 01:30 |
| End of Day Share Price | 2026/07/06 00:00 |
| Earnings | 2025/12/31 |
| Annual Earnings | 2025/12/31 |
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.
| Package | Data | Timeframe | Example US Source * |
|---|---|---|---|
| Company Financials | 10 years |
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| Analyst Consensus Estimates | +3 years |
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| Market Prices | 30 years |
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| Ownership | 10 years |
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| Management | 10 years |
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| Key Developments | 10 years |
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* 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
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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 Group Limited is covered by 18 analysts. 9 of those analysts submitted the estimates of revenue or earnings used as inputs to our report. Analysts submissions are updated throughout the day.
| Analyst | Institution |
|---|---|
| Niel Venter | Absa Bank Limited |
| Jonathan Bradley | Absa Bank Limited |
| Tibor Bokor | Arqaam Capital Research Offshore S.A.L. |