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MTNN
MTNN looking for Fibonacci Support? >
4H Update: 10/14/2024 1:40 AM
MTN Nigeria (MTNN), a major subsidiary of MTN Group, continues to perform robustly amidst economic challenges. In its 2023 financial year, the company posted a strong 21.5% growth in service revenue, primarily driven by data and fintech services. Data revenue surged by 48%, reflecting an increased focus on expanding active data users and traffic. Despite a 19.4% decline in fintech revenue, MTNN maintained an impressive EBITDA margin of 53.2%, up by 0.2 percentage points from the previous year.
MTNN has faced headwinds, including the depreciation of the Naira and rising operational costs, especially in energy. However, the company managed to maintain solid financial performance by unlocking operational efficiencies. Capital expenditures for 2023 reached ₦13.7 billion, reflecting their commitment to network expansion, while digital and enterprise business segments posted notable growth.
Looking forward, MTNN remains well-positioned to benefit from Nigeria’s expanding mobile and data market, even as it navigates macroeconomic challenges. Recent strategic initiatives, like the partnership with Mastercard for its fintech business, further position MTNN for long-term growth in digital payments and e-commerce
.
The chart above shows that MTNN has completed wave 1 in Q1 24. The unfolding structure is a correction for the Wave 2, and has unfolded as a three way structure (A)-(B)-(C).
The C wave subdivided ino 3 waves each (a)-(b)-(c) suggesting that the move is an ending diagonal.
If the count is correct then MTNN should hit a wave c target between 155 and 168 before the impulse resumes.
MTNN Can Bulls Feel Safe >
4H Update: 5/31/2025 6:57 PM
We first mentioned MTNN in October 2024 heralding the ending diagonal that shifted the market from bearish to bullish. Since then MTNN has recovered 64% of its share price and continues to do so.
MTN Nigeria has implemented several strategies to maintain its market leadership and drive share price growth. Its P/E ratio of 42.4x reflects a premium valuation compared to the Nigerian market average of 6.8x and telecom peers, driven by strong Q1 2025 profit growth and investor confidence in its data and fintech strategies. With revenue projected to reach ₦4.9 trillion by year-end 2025, supported by tariff increases, network investments, and financial inclusion initiatives, MTN Nigeria is well-positioned for growth. However, forex risks, regulatory challenges, and high debt levels warrant caution.
From the chart Daily chart, MTNN has completed the wave 1 and the bulls are determined to push the price of this stock further.
Target for wave 3 is ₦319. MTNN has done better than many of its rivals, however, MTNN is not a buy-and-forget stock. Retail trading is a cyclicla business which ebbs and flows with the economic cycle. For instance, it took MTNN 8 painful months for the decline and now its recovery has been for 5 months. So while the recent past saw tremendous growth, it is dangerous to extrapolate it into the distant future. Can the bulls feel safe.
If this count is correct, target for the completion of this wave is ₦11.5.
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MTNN looking for Fibonacci Support? >
4H Update: 10/14/2024 1:40 AM
MTN Nigeria (MTNN), a major subsidiary of MTN Group, continues to perform robustly amidst economic challenges. In its 2023 financial year, the company posted a strong 21.5% growth in service revenue, primarily driven by data and fintech services. Data revenue surged by 48%, reflecting an increased focus on expanding active data users and traffic. Despite a 19.4% decline in fintech revenue, MTNN maintained an impressive EBITDA margin of 53.2%, up by 0.2 percentage points from the previous year.
MTNN has faced headwinds, including the depreciation of the Naira and rising operational costs, especially in energy. However, the company managed to maintain solid financial performance by unlocking operational efficiencies. Capital expenditures for 2023 reached ₦13.7 billion, reflecting their commitment to network expansion, while digital and enterprise business segments posted notable growth.
Looking forward, MTNN remains well-positioned to benefit from Nigeria’s expanding mobile and data market, even as it navigates macroeconomic challenges. Recent strategic initiatives, like the partnership with Mastercard for its fintech business, further position MTNN for long-term growth in digital payments and e-commerce
.
The chart above shows that MTNN has completed wave 1 in Q1 24. The unfolding structure is a correction for the Wave 2, and has unfolded as a three way structure (A)-(B)-(C).
The C wave subdivided ino 3 waves each (a)-(b)-(c) suggesting that the move is an ending diagonal.
If the count is correct then MTNN should hit a wave c target between 155 and 168 before the impulse resumes.
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