Coy: MTN-NIGERIA Plc (MTNN)
Rating: Hold
Interim Dividend: N3.50
Current Market Price: N118.50
Year High: N132.00
Year Low: N90.00
By: Jeariogbe Tunde Segun (Equity Analyst)
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MTNN-H1 2020 RATINGS: HOLD |
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Statement of Comprehensive Income |
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2020(000) |
2019(000) |
%CHG | |
| Turnover | 638,075,230 | 566,994,101 | 12.54 |
| Cost of Sales | 148,552,194 | 120,120,568 | 23.67 |
| Operating Profit | 204,535,594 | 189,399,864 | 7.99 |
| OPEX | 162,461,703 | 144,505,766 | 12.43 |
| DEPRECIATION | 105,120,540 | 98,491,084 | 6.73 |
| AMORTISATION | 17,405,199 | 14,476,819 | 20.23 |
| FINANCE COST | 72,550,369 | 57,480,889 | 26.22 |
| NET FINANCE INCOME | (64,965,688) | (46,996,051) | 38.24 |
| PBT | 139,569,906 | 142,403,813 | -1.99 |
| TAX | 44,692,957 | 42,866,424 | 4.26 |
| PAT | 94,876,949 | 99,537,389 | -4.68 |
| TOTAL COMP INCOME | 94,644,484 | 99,510,740 | -4.89 |
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Statement of Financial Position |
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| Current Assets | 466,451,483 | 225,540,423 | 106.82 |
| Non Current Assets | 1,272,787,334 | 1,254,816,663 | 1.43 |
| Total Assets | 1,739,238,817 | 1,480,357,086 | 17.49 |
| Current Liabilities | 636,300,581 | 568,258,655 | 11.97 |
| Non Current Liabilities | 963,594,575 | 810,796,105 | 18.85 |
| Total Liabilities | 1,599,895,156 | 1,379,054,760 | 16.01 |
| Net Assets | 139,343,661 | 101,302,326 | 37.55 |
| Retained Earnings | 121,431,582 | 83,406,805 | 45.59 |
| Shares Outstanding | 20,354,513,050 | 20,354,513,050 | |
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Financial Strength/Solvency Ratio |
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| TICKERS | 2020 | 2019 | %CHG |
| Debt Ratio | 91.99% | 93.16% | -1.25 |
| Total Debt to Equity Ratio (MRQ) | 1148.17% | 1361.33% | -15.66 |
| Equity Ratio | 8.01% | 6.84% | 17.08 |
| TICKERS | 2020 | Industrial Average | %CHG |
| Beta Value | 1.00 | 0.97 | 3.09 |
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DIVIDEND INFORMATION |
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Tickers |
2020 |
2019 |
%Chg |
| Latest Final Dividend | 3.50 | 2.95 | 18.64 |
| Payout Ratio |
75.09% |
60.32% |
24.47 |
| Dividend Yield |
2.97% |
2.34% |
26.80 |
| Sustainable Growth Rate |
16.96% |
38.98% |
-56.49 |
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PROFITABILITY RATIOS |
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TICKERS |
2020 |
2019 |
%CHG |
| EBITDA MARGIN | 32.06% | 33.40% | -4.04 |
| PRE-TAX MARGIN | 21.87% | 25.12% | -12.91 |
| EFFECTIVE TAX RATE | 47.11% | 43.07% | 9.38 |
| CS to TO | 23.28% | 21.19% | 9.89 |
| ROE | 68.09% | 98.26% | -30.70 |
| ROA | 5.46% | 6.72% | -18.87 |
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EFFICIENCY RATIOS |
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2020 |
2019 |
%Chg | |
| OPEX TO TO | 25.46% | 25.49% | -0.10 |
| TO TO TA | 36.69% | 38.30% | -4.21 |
| Working Capital Turnover | (3.76) | (1.65) | 127.07 |
| Working Capital Ratio | 0.73 | 0.40 | 84.70 |
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Investment/Valuation Ratios |
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Tickers |
2020 |
2019 |
%Chg |
| Price at Released | 117.90 | 126.00 | -6.43 |
| EPS | 4.66 | 4.89 | -4.68 |
| TCIP/SHARE | 4.65 | 4.89 | -4.89 |
| P/E-Ratio | 25.29 | 25.77 | -1.83 |
| Earnings Yield | 3.95% | 3.88% | 1.87 |
| BV/Share | 6.85 | 4.98 | 37.55 |
| PBV | 17.22 | 25.32 | -31.97 |
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