MTNN | MTN Nigeria Company Update : Losses to moderate in FY’24
MTNN’s performance was constrained in FY’23 and Q1’24, owing to a surge in costs and FX-induced drag on profitability. In FY’24, we expect MTNN to report a loss of N27.41 billion, materially lower than the N137.02 billion in FY’23, due to a likely tamer currency pressure in 2024. Adjustments to our model translate to a 12-month target price of N240.28 per share and a HOLD recommendation.