Earnings ReportFeatured

MTN-Nigeria Announces N3.50 Interim Cash Dividend; Period Ended 30th June, 2020

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)

MTNN-H1 2020 RATINGS: HOLD

Statement of Comprehensive Income

 

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

Statement of Financial Position

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  

Financial Strength/Solvency Ratio

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

DIVIDEND INFORMATION

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

PROFITABILITY RATIOS

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

EFFICIENCY RATIOS

 

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

Investment/Valuation Ratios

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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Earnings ReportFeatured

MTN-Nigeria Announces N3.50 Interim Cash Dividend; Period Ended 30th June, 2020

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)

MTNN-H1 2020 RATINGS: HOLD

Statement of Comprehensive Income

 

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

Statement of Financial Position

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  

Financial Strength/Solvency Ratio

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

DIVIDEND INFORMATION

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

PROFITABILITY RATIOS

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

EFFICIENCY RATIOS

 

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

Investment/Valuation Ratios

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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