MTNN extended its sustained uptrend in active subscribership aided by the aggressive expansion of network coverage and service infrastructure in FY'22. In particular, data and voice subscribers grew by 5.2 million (+15.3% YoY) and 7.2 million (+10.5% YoY), respectively. 

For FY'23, the company would likely benefit from its impressive 4G and 5G network coverages and their passthrough to subscriber growth. Consequently, revenue could rise by 19.1% YoY to N2.4 trillion, with projected EPS and total dividend per share at N20.70 and N17.60, apiece, in FY'23E.