Earnings Report /
Nigeria

MTN Nigeria: H1 21 – Unscathed by regulatory troubles; reiterate Buy

  • MTNN remains unscathed by regulations on SIM card registration, where telcos were directed to stop the sale of new SIMs

  • H1 21 profit grew by 49% yoy, higher than our full-year estimate of 22%

  • We raise our TP to NGN240 (from NGN220) and maintain our Buy rating with a 49% ETR

Ayobami Omole
Ayobami Omole

Junior Research Analyst

Tellimer Research
3 August 2021
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