MTN Nigeria has posted stronger growth momentum than its closest rival, Airtel Africa, underscoring its resilience in a challenging macroeconomic environment. Recent financial indicators reveal that MTN’s aggressive network expansion, digital service diversification, and strategic cost optimization have helped it capture greater market share and sustain revenue growth, even amid inflationary pressures and rising operational costs.
This is as measured by the revenue growth over the past 12 quarters (a 3-year period), according to research house Chapel Hill Denham Limited.
The research house says based on the customer base, MTNN has grown at a faster rate of +8.6 percent year on year (YOY) on average in the past three quarters compared to +7.5 percent YOY for Airtel.
Underpinned by solid subscriber growth, data and smartphone penetration, MTNN delivered 33.0 percent YOY average revenue growth over the past 12 quarters compared to 21.0 percent YOY for Airtel.
“The result is consistent when considered over the past three quarters as MTNN delivered a more compelling average revenue growth rate of 50.8% YOY vs. 24.1 percent YOY for Airtel,” said analysts at Chapel Hill Denham Limited,” said analysts at Chapel Hill Denham Limited.
They believe that MTNN will maintain the strong growth for sustained solid cash flow generation into the future.
MTNN is one of the most liquid stocks on the NGX and far more liquid than Airtel Africa as MTNN’s value traded year-to-date is over 108 times the value of Airtel trades on the NGX, according to analysts at Chapel Hill Denham.
“Moreover, MTNN has outperformed Airtel and the broad market on the NGX respectively,” said analysts at Chapel Hill Denham.
MTNN has delivered 114.65 percent return YTD (November 11) vs. 5.24 percent and 37.31 percent for Airtel and NGX ASI .
It is important to note that MTNN trades at a price to earnings ratio of 10.41 times, and that compares with Airtel’s valuation of 29.50 times making it a much more attractive stock than its peer rival.
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