MTNN | MTN Nigeria Company Update : EPS may grow by 17.6% in FY’23

    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.


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    CardinalStone is a full service investment banking firm with a vision to build a world class investment banking firm of African origin; operating out of Lagos, Nigeria. The firm was incorporated in April 2008 and began operations in June 2008. CardinalStone is duly registered with the Securities & Exchange Commission in Nigeria to carry on business as an Issuing House, Fund Manager and Broker/Dealer The Firm's activities are carried out across five business units: Asset Management, Investment Banking, Private Equity, Securities Trading and the Business Support Group.
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