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MTN Group Valuation Multiples

Discover revenue and EBITDA valuation multiples for MTN Group and similar public comparables like KPN, Jordan Telecom, 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

14.5K+

Website

mtn.com

Financials

LTM Revenue $11.0B

LTM EBITDA $4.1B

EV

$15.7B

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MTN Group Financials

MTN Group has a last 12-month revenue (LTM) of $11.0B and a last 12-month EBITDA of $4.1B.

In the most recent fiscal year, MTN Group achieved revenue of $10.5B and an EBITDA of $2.8B.

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

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MTN Group P&L

LTM NTM Last FY FY 2025 FY 2026 FY 2027
Revenue $11.0B XXX $10.5B XXX XXX XXX
Gross Profit $11.0B XXX $7.3B XXX XXX XXX
Gross Margin 100% XXX 70% XXX XXX XXX
EBITDA $4.1B XXX $2.8B XXX XXX XXX
EBITDA Margin 37% XXX 27% XXX XXX XXX
EBIT $2.1B XXX $2.1B XXX XXX XXX
EBIT Margin 19% XXX 20% XXX XXX XXX
Net Profit $154M XXX -$533M XXX XXX XXX
Net Margin 1% XXX -5% XXX XXX XXX
Net Debt XXX XXX $2.8B XXX XXX XXX

Financial data powered by Morningstar, Inc.

MTN Group Stock Performance

As of May 30, 2025, MTN Group's stock price is ZAR 125 (or $7).

MTN Group has current market cap of ZAR 226B (or $12.6B), and EV of ZAR 282B (or $15.7B).

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MTN Group Stock Data

EV Market Cap Price 1D Price 1M Price 3M Price 12M EPS
$15.7B $12.6B XXX XXX XXX XXX $0.27

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MTN Group Valuation Multiples

As of May 30, 2025, MTN Group has market cap of $12.6B and EV of $15.7B.

MTN Group's trades at 1.5x EV/Revenue multiple, and 5.6x EV/EBITDA.

Equity research analysts estimate MTN Group's 2025E EV/Revenue multiple at  XXX and 2025E EV/EBITDA multiple at  XXX

MTN Group has a P/E ratio of 81.6x.

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MTN Group Financial Valuation Multiples

LTM NTM Last FY FY 2025 FY 2026 FY 2027
Market cap (current) $12.6B XXX $12.6B XXX XXX XXX
EV (current) $15.7B XXX $15.7B XXX XXX XXX
EV/Revenue 1.4x XXX 1.5x XXX XXX XXX
EV/EBITDA 3.9x XXX 5.6x XXX XXX XXX
EV/EBIT 7.5x XXX 7.5x XXX XXX XXX
EV/Gross Profit 1.4x XXX n/a XXX XXX XXX
P/E 81.6x XXX -23.5x XXX XXX XXX
EV/FCF 12.7x XXX 18.6x XXX XXX XXX

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MTN Group Margins & Growth Rates

MTN Group's last 12 month revenue growth is 13%

MTN Group's revenue per employee in the last FY averaged $0.7M, while opex per employee averaged $0.4M for the same period.

MTN Group's rule of 40 is 46% (metric relevant for SaaS companies only, counted as combined revenue growth rate and EBITDA margin).

MTN Group's rule of X is 69% (created by Bessemer, rule of X is another metric relevant for SaaS companies only, ~1.5x stronger vs. the traditional Rule of 40, counted as revenue growth rate multiplied by 2.5 plus EBITDA margin).

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MTN Group Operational Valuation Multiples

LTM NTM Last FY FY 2025 FY 2026 FY 2027
Revenue Growth 13% XXX 13% XXX XXX XXX
EBITDA Margin 37% XXX 27% XXX XXX XXX
EBITDA Growth 27% XXX 9% XXX XXX XXX
Rule of 40 46% XXX 39% XXX XXX XXX
Bessemer Rule of X XXX XXX 69% XXX XXX XXX
Revenue per Employee XXX XXX $0.7M XXX XXX XXX
Opex per Employee XXX XXX $0.4M XXX XXX XXX
S&M Expenses to Revenue XXX XXX 13% XXX XXX XXX
G&A Expenses to Revenue XXX XXX n/a XXX XXX XXX
R&D Expenses to Revenue XXX XXX n/a XXX XXX XXX
Opex to Revenue XXX XXX 50% 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

Valuation data powered by FactSet, Inc.

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 14.5K+ 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 $12.6B
What is the current revenue of MTN Group? MTN Group's last 12 months revenue is $11.0B.
What is the current revenue growth of MTN Group? MTN Group revenue growth (NTM/LTM) is 13%.
What is the current EV/Revenue multiple of MTN Group? Current revenue multiple of MTN Group is 1.4x.
Is MTN Group profitable? Yes, MTN Group is EBITDA-positive (as of the last 12 months).
What is the current EBITDA of MTN Group? MTN Group's last 12 months EBITDA is $4.1B.
What is MTN Group's EBITDA margin? MTN Group's last 12 months EBITDA margin is 37%.
What is the current EV/EBITDA multiple of MTN Group? Current EBITDA multiple of MTN Group is 3.9x.
What is the current FCF of MTN Group? MTN Group's last 12 months FCF is $1.2B.
What is MTN Group's FCF margin? MTN Group's last 12 months FCF margin is 11%.
What is the current EV/FCF multiple of MTN Group? Current FCF multiple of MTN Group is 12.7x.

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