MTN Group Limited

MTNOY

Telecommunications Services · Communication Services

Price

$11.84

-0.29 (-2.39%)

Market Cap

$21.70B

Exchange

Other OTC

Winston Score

Winston is happy

A high-quality business with solid fundamentals.

Data as of Aug 26, 2026 · filings through Jun 30, 2026

How the score breaks down

Quality

Exceptional

Growth

Good

Cash Flow

Exceptional

Stability

Good

Valuation

Strong

Dividends

Strong

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Winston Score History

The full picture

MTN Group is one of Africa's largest mobile phone network operators. It provides voice calls, mobile data, and financial services like mobile money to hundreds of millions of customers. The company operates across roughly 19 countries in Africa and the Middle East, with its biggest markets being Nigeria and South Africa.

MTN makes money mainly from selling airtime, data bundles, and digital services like mobile payments. Its scale and established brand give it a strong position in markets where many people rely on mobile phones as their primary way to access the internet and banking. A key growth driver is the rapid adoption of mobile money and data services across Africa, but the company faces significant risks from currency volatility, regulatory challenges, and political instability in several of its operating markets.

Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+7.8% YoY

YoY Growth Rate

Slow revenue growth

EPS Growth

-23.7% YoY

YoY Growth Rate

Earnings declining

R&D Spend

R4M/ year

↓ Declining (-97% vs prior year)

0.0% of revenue

Below sector average (12%)

R&D spend declining — could signal cost-cutting or efficiency

Insider Activity

26.0%ownership

Insiders own a meaningful stake in the company

Cash Position

Cash flow positive

R142.9B cash & investments

Quarterly Free Cash Flow

↑ Burn rate improving

Company generates more cash than it spends — no dilution risk from fundraising

Growth context

MTN Group Limited is growing revenue at 8% year-over-year. The Winston Score measures business quality today — these growth metrics show what could matter tomorrow.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Share count broadly stable

−0.5% over 4y

The share count has stayed roughly flat over this period — little dilution or buyback activity.

Diluted shares outstanding: 1.85B (2021) → 1.84B (2025)

Score breakdown

Every number that matters to educated investors.

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Quality

Profit per sale

Gross Margin

49.8%

Healthy — 49.8% gross margin

Profit after running costs

Operating Margin

36.5%

Excellent — 36.5% operating margin

Return on the money invested

ROCE

40.0%

Exceptional — 40.0% return on capital

ROIC above 25%. Every dollar invested in the business earns more than 25 cents back per year.

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Growth

Sales growth

Sales YoY

+11.4%

Steady sales growth (+11.4% YoY)

Profit growth

EPS YoY

+132.2%

Earnings growing fast (+132.2% YoY)

Earnings growing 25%+ a year. The compounder zone.

How steady the profit is

EPS Consistency

5/8 quarters

Mixed — about half the quarters showed growth

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Cash Flow

Profit that turns into cash

Cash Conversion

470%

Turns 470% of profit into real cash

Spare cash per sale

FCF Margin

21.1%

Converts sales into free cash efficiently (21.1%)

Free cash flow margin above 20%. Out of every $100 in sales, more than $20 is real cash they keep.

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Stability

What it owes vs what it owns

Debt / Equity

0.61

Moderate — manageable debt (0.61)

Covers its interest

Interest Cover

4.32x

Adequate interest coverage (4.3x)

Interest coverage between 3 and 8. Profits cover interest several times over.

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Valuation

Price vs profit

P/E Ratio (TTM)

19.3x

Fair value — P/E 19.3

P/E in the normal range. Price is roughly $15 for every $1 of yearly profit.

Cheaper or dearer next year

P/E vs Forward

+12.1

GROWING

Earnings expected to grow meaningfully — cheaper on forward P/E (19.3 → 7.2)

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Dividends

Dividend

Dividend Yield

2.55%

Moderate income — 2.55% yield

Standard yield zone for stable dividend payers. A meaningful piece of total return.

Dividend record

Dividend Growth

+33.0%

Dividend growing fast (33.0% YoY)

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