MTN Group Limited

MTNOY · OTC

Company research

MTN Group Limited (MTNOY) is a leading pan-African mobile telecommunications operator incorporated in 1994 and headquartered in Johannesburg, South Africa, serving approximately 291 million subscribers across 19 countries in Africa and the Middle East. The company offers a comprehensive suite of services including mobile voice, data, SMS, roaming, and interconnect services, while also providing advanced digital and fintech solutions such as its widely adopted Mobile Money (MoMo) platform, which delivers payment access, e-commerce, insurance, lending, and remittance services. MTN further extends its offerings to enterprise clients through cloud computing, unified communications, Internet of Things (IoT), and security-as-a-service solutions, as well as Network as a Service (NaaS) infrastructure encompassing subsea fiber optic cables, data centers, and radio access networks. Under the leadership of CEO Ralph Mupita, MTN has strategically evolved from a traditional mobile network operator into a comprehensive digital services provider, generating approximately ZAR 210 billion in service revenue in 2024 and maintaining its position as Africa's largest mobile operator.

Research reports

Old Mutual Private Clients (Aperture) · March 17, 2026MTN Group FY 2025 Results

Results note on MTN Group highlighting “exceptional” FY 2025 performance, with service revenue up 22.9%, EBITDA up 64% and ROE at 25.6%, alongside strong data and fintech growth, upgraded dividend and buybacks, and a positive long‑term view under the Ambition 2030 strategy while acknowledging prior currency and macro headwinds.

First Securities Limited · March 11, 2026MTN Nigeria FY 2025 – Data Leadership and Cost Discipline Restore Profitability

Equity research on MTN Nigeria that argues data leadership and strict cost discipline have restored profitability, details FY 2025 revenue and EBITDA recovery, provides a clear investment case with rating and target price, and discusses key risks including FX volatility, regulatory interventions and energy costs.

CardinalStone Research · May 11, 2026MTN Nigeria Communications Plc – Organic growth momentum reinforces earnings outlook

Company update on MTN Nigeria maintaining a BUY rating and revising the 12‑month target price after Q1 2026 results, emphasizing robust service and data revenue growth, strong EBITDA margin expansion, balance‑sheet repair and improved FX and debt profiles, while flagging residual macro, energy‑cost and regulatory risks.

Laurus Africa Securities · May 26, 2026Equity Research Scancom PLC – Company Update BUY

MTN Ghana (Scancom PLC) company update that reaffirms a BUY with a 12‑month target price of GHS11.03 (c. 69% upside), highlighting exceptional Q1 2026 data and MoMo‑driven revenue growth, rising ARPU and EBITDA margins, strong cash generation and valuation via DCF and peer multiples, while outlining key risks such as FX and energy costs, regulation and tax/utility challenges.