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MTN Group Valuation Multiples

Discover revenue and EBITDA valuation multiples for MTN Group and similar public comparables like Jordan Telecom, e&, and Space42.

MTN Group Overview

About MTN Group

MTN Group Ltd is a mobile telecommunications provider operating across South Africa, Nigeria, Ghana, Cameroon, Ivory Coast, Uganda, Syria, and Sudan. most of the company's revenue is earned in South Africa and Nigeria. The company also has a joint venture in Iran. From a product perspective, most of its revenue is from voice and data. Other contributors include SMS and sale of devices revenue. MTN also provides enterprise services to small/midsize enterprises and corporate clients. The company owns the mobile infrastructure and data centers. Its segments include Network services, Mobile devices, Inter– connect and roaming, Digital and fintech and others.


Founded

1994

HQ

South Africa
Employees

17.8K+

Website

mtn.com

Financials

LTM Revenue $10.7B

LTM EBITDA $3.8B

EV

$14.0B

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MTN Group Financials

MTN Group has a last 12-month revenue of $10.7B and a last 12-month EBITDA of $3.8B.

In the most recent fiscal year, MTN Group achieved revenue of $10.3B and an EBITDA of $2.7B.

MTN Group expects next 12-month revenue of  XXX    and NTM EBITDA of  XXX

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MTN Group P&L

FY 2023 FY 2024 FY 2025 LTM NTM
Revenue $12.1B $10.3B XXX XXX XXX
Gross Profit $8.2B $8.6B XXX XXX XXX
Gross Margin 68% 84% XXX XXX XXX
EBITDA $4.0B $2.7B XXX XXX XXX
EBITDA Margin 33% 27% XXX XXX XXX
Net Profit $1.1B $224M XXX XXX XXX
Net Margin 9% 2% XXX XXX XXX
Net Debt $2.1B $2.6B XXX XXX XXX

Financial data powered by Morningstar, Inc.

MTN Group Stock Performance

As of April 15, 2025, MTN Group's stock price is ZAR 110 (or $6).

MTN Group has current market cap of ZAR 199B (or $10.9B), and EV of ZAR 256B (or $14.0B).

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MTN Group Stock Data

EV Market Cap Price 1D Price 1M Price 3M Price 12M EPS
$14.0B $10.9B XXX XXX XXX XXX $0.20

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MTN Group Valuation Multiples

As of April 15, 2025, MTN Group has market cap of $10.9B and EV of $14.0B.

MTN Group's trades at 1.3x LTM EV/Revenue multiple, and 3.7x LTM EBITDA.

Analysts estimate MTN Group's 2025E EV/Revenue multiple at  XXX and 2025E EV/EBITDA multiple at  XXX

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MTN Group Financial Valuation Multiples

FY 2024 FY 2025E FY 2026E FY 2027E
EV $14.0B XXX XXX XXX
EV/Revenue 1.4x XXX XXX XXX
EV/EBITDA 5.1x XXX XXX XXX
P/E -20.8x XXX XXX XXX
P/E/Growth n/a XXX XXX XXX
EV/FCF 16.9x XXX XXX XXX

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MTN Group Valuation Multiples

MTN Group's NTM/LTM revenue growth is 13%

MTN Group's revenue per employee for the last fiscal year averaged $0.6M, while opex per employee averaged $0.3M for the same period.

Over next 12 months, MTN Group's ratio of sales and marketing spend to revenue is estimated to be  XXX , while its R&D spend to revenue to be  XXX .

Analysts estimate MTN Group's 2025E EV/Revenue multiple at  XXX and 2025E EV/EBITDA multiple at  XXX

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MTN Group Operational Valuation Multiples

FY 2024 NTM FY 2025E FY 2026E FY 2027E
Revenue Growth -15% XXX XXX XXX XXX
EBITDA Margin 27% XXX XXX XXX XXX
EBITDA Growth -32% XXX XXX XXX XXX
Rule of 40 (SaaS-only) 39% XXX XXX XXX XXX
Revenue per Employee $0.6M XXX XXX XXX XXX
Opex per Employee $0.3M XXX XXX XXX XXX
S&M Expenses to Revenue 13% XXX XXX XXX XXX
G&A Expenses to Revenue n/a XXX XXX XXX XXX
R&D Expenses to Revenue n/a XXX XXX XXX XXX
Opex to Revenue 50% XXX XXX XXX XXX

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MTN Group Public Comps

See public comps and valuation multiples for Telecom Service Providers and Internet Service Providers comps
EV/Revenue EV/EBITDA
2025E 2026E 2027E 2025E 2026E 2027E
XXX XXX XXX XXX XXX XXX
e& XXX XXX XXX XXX XXX XXX
Space42 XXX XXX XXX XXX XXX XXX
Jordan Telecom XXX XXX XXX XXX XXX XXX
KPN XXX XXX XXX XXX XXX XXX
XXXXXXXX XXX XXX XXX XXX XXX XXX
XXXXXXXX XXX XXX XXX XXX XXX XXX

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MTN Group M&A and Investment Activity

MTN Group acquired  XXX companies to date.

Last acquisition by MTN Group was  XXXXXXXX, XXXXX XXXXX XXXXXX . MTN Group acquired  XXXXXXXX for  XXX (EV/Revenue multiple of  XXX ).

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Latest Acquisitions by MTN Group

Acquired Company EV EV/Revenue EV/EBITDA
XXXXXXXXX XXX XXX XXX
XXXXXXXXX XXX XXX XXX
XXXXXXXXX XXX XXX XXX
XXXXXXXXX XXX XXX XXX
XXXXXXXXX XXX XXX XXX

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About MTN Group

When was MTN Group founded? MTN Group was founded in 1994.
Where is MTN Group headquartered? MTN Group is headquartered in South Africa.
How many employees does MTN Group have? As of today, MTN Group has 17.8K+ employees.
Is MTN Group publicy listed? Yes, MTN Group is a public company listed on JSE.
What is the stock symbol of MTN Group? MTN Group trades under MTN ticker.
When did MTN Group go public? MTN Group went public in 1995.
Who are competitors of MTN Group? Similar companies to MTN Group include e.g. , e&, Space42, Jordan Telecom.
What is the current market cap of MTN Group? MTN Group's current market cap is $10.9B
What is the current revenue of MTN Group? MTN Group's last 12-month revenue is $10.7B.
What is the current EBITDA of MTN Group? MTN Group's last 12-month EBITDA is $3.8B.
What is the current EV/Revenue multiple of MTN Group? Current revenue multiple of MTN Group is 1.3x.
What is the current EV/EBITDA multiple of MTN Group? Current EBITDA multiple of MTN Group is 3.7x.
What is the current revenue growth of MTN Group? MTN Group revenue growth between 2023 and 2024 was -15%.
Is MTN Group profitable? Yes, MTN Group is EBITDA-positive (as of the last 12 months).

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