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MTN’s share rally could continue, say analysts

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Market is pleased to see that MTN’s debt at the holding company level has fallen dramatically

MTN's head office in Lagos, Nigeria.. Picture: REUTERS/AFOLABI SOLUNDE

In late August 2018, Nigeria’s central bank demanded that MTN return $8.1bn worth of dividends. That, together with a separate claim from Nigeria’s attorney-general, which said the operator owed $2bn in taxes, sent the share crashing from R107.34 to below R70. "So given the asset sales and free cash flow generation, it looks like that dividend is secure," Suliman said.

With the share still below that level, the market was placing the Nigerian business at a discount to fair value of more than 50%, while the Iranian business was essentially valued at zero.

 

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