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MTN Group ZAR

At a glance: strengths & risks
✓Revenue growing (+21%)✓Margins improving (39%→47%)✓Low leverage (0.3x EBITDA)

Sector: Telecom

ZA_MTN

Price chart

192.08 ZARDay 0.53%

Key metrics

Net debt (table and EV/EBITDA): |short-term borrowings| + |long-term borrowings| + |other financial liabilities| when extracted + |non-controlling interest| when extracted − |cash and equivalents|; amounts in millions of the reporting currency.

Market

Price
192.08 ZAR · 0.53%
Market cap
349.7 bn ZAR

Growth

Δ revenue y/y
21.2%
Δ EBITDA y/y
31.8%

Multiples

P/E (LTM)
17.3x
P/B (FY)
2.4x
P/E (ann.)
16.6x
EV/EBITDA (LTM)
3.7x
EV/EBITDA (ann.)
4.1x

Cash return

Dividend yield
2.6%
FCF yield (LTM)
5.3%

Value creation

fundamental value/yr, % of market cap
Value created / year
+47.5%
↓ details

Liquidity

Daily turnover (listing)
921.3 mln ZAR

Shares: yahoo_fundamentals_timeseries/MTN.JO

Amounts: USD (converted) · As reported
Converted modes use NBK / ECB-linked rates: balance sheet date for BS items, period average for P&L and cash flow (see filing row evidence). As reported keeps each row in its filing currency.

Financial results

Monetary columns are in B ZAR, one decimal; scale (K/M/B/T) keeps values readable. For the period (default) shows P&L and cash flow for that row’s reporting window: quarterly amounts when the feed uses quarter-duration facts (typical US 10-Q revenue and income), quarterly cash flows after stripping YTD where only cumulative tags exist, and an implied Q4 on 31 Dec FY rows (P&L: FY minus Q1–Q3; operating / investing cash flow: FY 12m minus 9M YTD to 30 Sep when sourced from SEC builder evidence) so they match 10-Q scale. Some issuers still use cumulative YTD minus the prior row in the same calendar year. As reported shows values stored on each row (e.g. full-year on FY). Balance sheet is always as reported. Source JSON may use millions etc.; conversion uses amounts_unit per row.

DatePeriodStatusRevenueB ZAROperating profitB ZARD&AB ZAREBITDAB ZARNet profitB ZAROperating CFB ZARCapex + M&AB ZARAssetsB ZAREquityB ZARROE (annualized)Net debtB ZARSource
2025-12-31H2 2025 (6M)OK117.4
y/y 21.2%
28.0
y/y 59.8%
18.6
y/y 4.3%
46.6
y/y 31.8%
10.5
y/y 631.4%
43.3-23.4498.7
y/y 15.5%
145.0
y/y 18.1%
13.0%29.1Link
2025-06-30H1 2025 (6M)OK109.3
y/y 19.9%
35.9
y/y 73.5%
20.4
y/y 15.1%
56.3
y/y 46.5%
9.7
y/y —
34.7-18.9476.0
y/y 23.3%
167.7
y/y 37.5%
13.4%44.5Link
2024-12-31H2 2024 (6M)OK96.9
y/y -10.1%
17.5
y/y 25.7%
17.8
y/y -21.4%
35.3
y/y -3.5%
-2.0
y/y -3938.8%
30.0-20.3431.7
y/y -0.7%
122.7
y/y -11.3%
-7.7%50.3Link
2024-06-30H1 2024 (6M)OK91.1
y/y -19.6%
20.7
y/y -40.5%
17.8
y/y -9.4%
38.4
y/y -29.3%
-7.4
y/y -278.5%
16.0-11.4385.9
y/y -4.5%
122.0
y/y -6.3%
-11.4%56.5Link
2023-12-31H2 2023 (6M)OK107.8
y/y —
13.9
y/y —
22.7
y/y —
36.6
y/y —
0.0
y/y —
32.8-32.3434.7
y/y —
138.3
y/y —
3.0%47.5Link
2023-06-30H1 2023 (6M)OK113.3
y/y —
34.8
y/y —
19.6
y/y —
54.4
y/y —
4.1
y/y —
31.2-14.5404.2
y/y —
130.2
y/y —
—45.4Link

Revenue & EBITDA

RevenueEBITDA

Quarterly values (ZAR mln)

025 00050 00075 000100 000125 0002023 H12023 H22024 H12024 H22025 H12025 H2

Year-over-year change

-40%-20%0%20%40%2023 H12023 H22024 H12024 H22025 H12025 H2

Cash flow

FCF (ZAR mln)

-5 00005 00010 00015 00020 00025 0002023 H12023 H22024 H12024 H22025 H12025 H2

Net debt / cash (ZAR mln)

020 00040 00060 0002023 H12023 FY2024 H12024 FY2025 H12025 FY

Profit and cash

Profit is cash-backed
In a typical year of 2022–2025 operating cash flow came to 3.85x of reported net profit; after capex, 1.76x. Loss years (2024) are left out of the ratio.
year2022202320242025
cash flow / profit3.58x15.65x—3.85x
accruals, % of assets-12.7%-13.8%-12.8%-11.6%
Last twelve months (to 2025-12-31): 3.85x of profit came back as operating cash flow.
net debt / EBITDA 0.3x · capex 1.1x of depreciation
Read from the reported annual statements: cash flow / profit is the median of the yearly operating cash flow over net profit for the years shown; accruals are (profit − operating cash flow) / assets, the classic gap between what was booked and what was collected. A gap can be growth in working capital, capitalised costs, revaluations or profit from associates — the panel points at it, the statements explain it. Not investment advice.

Fundamental value creation

Value the company creates per year, as a % of market cap

Value created per year: +47.5%

How this was calculated
1. EBITDA growth (latest quarter YoY, annualised)
[EBITDA latest qtr − EBITDA year-ago qtr] × annualisation X (2025-12-31 vs 2024-12-31)
= (46 586 − 35 342) × 2.21
24 828
2. Current EV/EBITDA (LTM)
(Market cap + Net debt) ÷ EBITDA (LTM)
= (349 721 + 29 112) ÷ 102 869
3.7x
3. Target multiple
(Current EV/EBITDA + 8) ÷ 2
= (3.7 + 8) ÷ 2
5.8x
4. Cash flow (balance method, LTM)
Net-debt reduction + dividends + buybacks − equity issuance
= 21 189 + 0 + 0 − 0
21 189
5. Value created per year
(EBITDA growth × Target multiple + Cash flow − Dilution) ÷ Market cap
= (24 828 × 5.8 + 21 189) ÷ 349 721
+47.5%

Amounts in millions of the reporting currency. EBITDA growth is the latest quarter vs the same quarter a year ago, annualised.

Caveats:

  • half-year basis (semi-annual reporter)
  • dividends/buybacks not in data - balance cash flow uses net-debt change only

Revenue growth & acceleration

Growth accelerating ▲
Last-year revenue growth +21% vs -15% the year before — a +35.5 pp move. 3-year CAGR +3%.
revenue growth by year: 2023 +7% · 2024 -15% · 2025 +21%
The growth-acceleration signal behind the GARP+acceleration strategy — it favours companies whose revenue growth is speeding up and flags those slowing down (the second derivative of growth).

Dividends

Paid (completed)

DatePer shareDetailsStatusSource
2026-04-08500 ZAREx-dividend: 500 ZAR per sharePaidYahoo Finance (ex-div)
2025-04-09345 ZAREx-dividend: 345 ZAR per sharePaidYahoo Finance (ex-div)
2024-04-17330 ZAREx-dividend: 330 ZAR per sharePaidYahoo Finance (ex-div)
2023-04-04330 ZAREx-dividend: 330 ZAR per sharePaidYahoo Finance (ex-div)
2022-03-30300 ZAREx-dividend: 300 ZAR per sharePaidYahoo Finance (ex-div)

KASE: status follows wording in the news headline (paid vs intends to pay). Yahoo: amounts are cash dividends per share on ex-dividend dates (UTC calendar date). stockscope.uz (UZ): amounts are per share in UZS by publication date (not necessarily ex-div).

Investor reporting (IR): https://www.mtn.com/investors/

Reporting forms detected in loaded periods: ✓ ✓ ✓ (Balance sheet / Profit or loss (P&L) / Cash flows)

Financial results, valuation multiples (P/E, P/B, EV/EBITDA), profitability and dividend yield of MTN Group — from primary filings.

MTN Group is a telecommunications company that provides mobile voice, data, and digital services, including fintech solutions like mobile money, across multiple countries in Africa and the Middle East.

Frequently asked questions

What is MTN Group's P/E ratio?
MTN Group trades at a P/E of 17.3x (price to trailing 12-month earnings).
What is MTN Group's EV/EBITDA?
MTN Group trades at 3.7x EV/EBITDA.
What is MTN Group's P/B ratio?
MTN Group trades at a P/B of 2.4x.
What is MTN Group's dividend yield?
MTN Group's trailing 12-month dividend yield is 2.6%.
What is MTN Group's return on equity (ROE)?
MTN Group's ROE is 14.5%.
What is MTN Group's market capitalization?
MTN Group's market cap is 349.7 bn ZAR.

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