MTN Nigeria Becomes Most Valuable Brand
Mobile network operator, MTN Nigeria Plc, has become the most valuable brand on the Nigerian Exchange, according to trading data from the local bourse on Tuesday. The top rank had been tasted by Dangote Cement Plc and Airtel Africa.
Nigeria’s telecom giant now leads brands like Airtel Africa (N4.5trn), Dangote Cement (N4.59trn), BUA Cement (3.314trn) and BUA Foods (N1.836trn) in the trillion valuations category.
With strong earnings performance and strong market fundamentals, MTN Nigeria takes over the largest valuation ranking after large selloffs in its immediate rival- Airtel Africa.
In the past, equity analysts were watching with curiosity as the gap between Airtel and MTN Nigeria market valuations was in trillions before the price correction that swooped more than N1 trillion in 7-trading sessions.
There is no indication that Airtel Africa’s share was marked down for dividend payment by the exchange. Mostly, there is an insinuation that the telecom stock was overpriced, higher than MTN Nigeria despite the earnings performance gap.
Traded at N240, MTN Nigeria is now worth N4.885 trillion, higher in billions of naira when compared with Airtel Africa’s N4.5 trillion market valuation.
Year to date, MTN Nigeria has raised its shareholders’ wealth by 11.63% following sustained positive share price movements.
In the last 6-month, it has delivered more than 20% gain, though it has lost 3.34% in the last one month due to selling rallies in the stock market.
In its audited financial statement, MTN Nigeria saw revenue above N2 trillion while profit after tax settled at more than N358 billion.
Last year, MTN Nigeria announced that European Investment Bank has agreed to invest 100 million euros to support the company’s telecommunication network expansion.
The biggest Nigerian mobile telecoms company said the investment would be the largest ever EIB financing for high-speed telecom in Africa.
Management said the investment will benefit more than 74 million users and will expand 4G network coverage in Lagos and Ogun states, the company said #MTN Nigeria Becomes Most Valuable Brand
