Analysts Raise MTN Nigeria's Profit Expectation, Target Pric

WSTC Securities analysts have raised MTN Nigeria Plc.’s profit expectation and a target price (TP) upgrade to N200 per share after a beautiful earnings outing in the first quarter (Q1) of 2021.
In Q1-2021, MTN Nigeria Plc. increased its 4G coverage to 62%. This resulted in increased earnings from its data business as Nigerians delve into over-the-top calls with Whatsapp, Skype, etc. The financial performance showed the Group reported a 17% year-on-year revenue growth from N329.17 billion in Q1-2020 to N385.32 billion.
Analysts said the topline growth was driven by strong sales from the telecommunication company’s data business. Specifically, data revenue rose by 43% year on year from N74.01 billion in Q1-2020 to N105.70 billion in Q1-2021. Hence, the revenue growth from the data accounted for 56% of the Group’s total revenue growth in Q1 2021.

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