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MTN Group ZAR

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.

At a glance: strengths & risks
✓Revenue growing (+9% y/y, H1 2026)✓Low leverage (0.3x EBITDA)✗Profit falling (-24% y/y, H1 2026)

Sector: Telecom

ZA_MTN

Price chart

188.01 ZARDay 2.31%

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
188.01 ZAR · 2.31%
Market cap
344.6 bn ZAR

Growth

Δ revenue y/y
8.8%
Δ EBITDA y/y
9.8%

Multiples

P/E (LTM)
19.2x
P/B (FY)
2.4x
P/E (ann.)
23.3x
EV/EBITDA (LTM)
3.5x
EV/EBITDA (ann.)
3.1x

Cash return

Dividend yield
2.7%
FCF yield (LTM)
2.4%

Value creation

fundamental value/yr, % of market cap
Value created / year
+18.6%
↓ details

Liquidity

Daily turnover (listing)
305.7 mln ZAR

Shares: connector/market_inputs

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
2026-06-30H1 2026 (6M)OK118.9
y/y 8.8%
41.1
y/y 14.5%
20.7
y/y 1.6%
61.8
y/y 9.8%
7.4
y/y -24.0%
39.1-19.7476.8
y/y 0.2%
154.3
y/y -7.9%
9.9%36.3Link
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 H22026 H1

Year-over-year change

-40%-20%0%20%40%2023 H12023 H22024 H12024 H22025 H12025 H22026 H1

Cash flow

FCF (ZAR mln)

-5 00005 00010 00015 00020 00025 0002023 H12023 H22024 H12024 H22025 H12025 H22026 H1

Net debt / cash (ZAR mln)

020 00040 00060 0002023 H12023 FY2024 H12024 FY2025 H12025 FY2026 H1

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 2026-06-30): 4.59x 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.

Research & reviews

Our earnings breakdowns and investment notes on this issuer.

All research →

Fundamental value creation

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

Value created per year: +18.6%

How this was calculated
1. EBITDA growth (latest quarter YoY, annualised)
[EBITDA latest qtr − EBITDA year-ago qtr] × annualisation X (2026-06-30 vs 2025-06-30)
= (61 809 − 56 283) × 1.75
9 691
2. Current EV/EBITDA (LTM)
(Market cap + Net debt) ÷ EBITDA (LTM)
= (344 632 + 36 304) ÷ 108 395
3.5x
3. Target multiple
(Current EV/EBITDA + 8) ÷ 2
= (3.5 + 8) ÷ 2
5.8x
4. Cash flow (balance method, LTM)
Net-debt reduction + dividends + buybacks − equity issuance
= 8 185 + 0 + 0 − 0
8 185
5. Value created per year
(EBITDA growth × Target multiple + Cash flow − Dilution) ÷ Market cap
= (9 691 × 5.8 + 8 185) ÷ 344 632
+18.6%

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).

Peer comparison

Group: Telecom. Each peer is shown as it trades and re-priced onto this company's market (South Africa) by the ratio of our coverage medians.

CompanyMarketCap, $bnEV/EBITDAEV/EBITDA, adjusted
KT CorporationKorea9.13.5x2.1x
America Movil (AMX)Mexico67.64.4x3.1x
Telefonica Brasil (Vivo)Brazil20.44.6x3.2x
Telkom IndonesiaIndonesia12.83.2x3.3x
e& (Etisalat Group)UAE50.56.6x3.3x
MTSRussia4.53.4x4.4x
PLDTPhilippines3.95.3x4.8x
Globe TelecomPhilippines3.55.6x5.1x
Vodacom GroupSouth Africa18.15.3x5.3x
du (EITC)UAE15.110.6x5.3x
Kcell JSCKazakhstan2.813.7x10.6x
TIM S.A.Brazil45.317.1x11.9x
Group median5.3x4.6x
Group average6.9x5.2x
This companySouth Africa20.93.5x3.5x

Group median 5.3x as traded, 4.6x adjusted; this company 3.5x — a 24% discount.

Group average 6.9x as traded, 5.2x adjusted; against the average this company is at a 32% discount.

At the adjusted group median the market cap would be +34% versus today.

The gap and the implied upside are measured against the median: one richly priced peer moves an average, not a median. The market adjustment uses our coverage medians (US 23.3x, Russia 4.0x, South Africa 5.1x, Kazakhstan 6.6x, India 18.3x, Indonesia 5.0x); it is about where a name is listed, not what it does. Peer multiples come from the nightly rebuild of 2026-10-07; the company's own is live.

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.

Frequently asked questions

What is MTN Group's P/E ratio?
MTN Group trades at a P/E of 19.2x (price to trailing 12-month earnings).
What is MTN Group's EV/EBITDA?
MTN Group trades at 3.5x 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 2.7%.
What is MTN Group's return on equity (ROE)?
MTN Group's ROE is 9.9%.
What is MTN Group's market capitalization?
MTN Group's market cap is 344.6 bn ZAR.

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