Company Overview
MTN Nigeria Communications Plc is Nigeria’s largest telecommunications company. A subsidiary of South Africa’s MTN Group, it Nigeria’s largest telecommunications operator by subscriber base (over 51%), market share, revenue, and network infrastructure coverage. The company provides voice, data, digital services, fintech, enterprise, cloud, and infrastructure services across Nigeria.
MTN Nigeria operates one of the country’s most extensive mobile networks and has evolved from a traditional telecom operator into a digital platform business focused on connectivity, financial services, cloud infrastructure, and enterprise solutions
Current price: N760.10
Rating: Buy
Price projection: N815.31 (7.26%), N1022.42 (34.51%), and 1208.69 (59.02%)
Technical Analysis
In this report, we shall use the following tools and analysis methods:
Elliott’s wave theory to understand the overall market sentiment
Fibonacci tools to determine support and resistance levels
The Relative Strength Index and volume to evaluate the market’s strength
The Money Flow Index to determine the market liquidity
Moving average and MACD to understand the nature of the trend
Top-down analysis to know the best investment position
Elliott wave analysis
Weekly chart: Market overview
On the weekly chart, MTN just completed wave A within its corrective phase of Wave IV. The stock is expected to correct in a zig-zag pattern (5-3-5). Thus for wave B, investors should expect a brief 3-wave bullish momentum before the final correction wave C.
Daily chart: Investment opportunity
Wave B in a corrective phase offers several investment opportunities. Currently, the stock trades about its moving average, signaling a strong market recovery. Thus, investment opportunities should emerge at pullbacks.
In line with this sentiment, investors should watch the following prices as potential support levels: N720.15, N771.79, and N761.46. The price projections for MTNN include N815.31 (7.26%), N1022.42 (34.51%), and 1208.69 (59.02%)
Indicator analysis
Weekly chart: Market overview
The stock liquidity and momentum remain strong despite low bullish volume. This performance suggests MTN is in its early recovery phase. On the other hand, MACD’s bearish signal remains strong, offering investor time to buy into value.
Daily chart: Investment opportunity
On the daily chart, the stock’s liquidity is high with a solid market momentum and volume. Also, MACD’s bearish momentum is weak, signaling a potential bullish rally. These performances offer favorable short-term and long-term investment conditions.
Fundamental Analysis
Full-year financial report for 2025
Key insight: The financial rating for MTNN is 100%, making it suitable for long-term investment
Key Highlights
Revenue increased by 54.92%, indicating strong top-line growth.
Profit After Tax improved from a ₦400.44 million loss in FY2024 to a ₦1.11 billion profit in FY2025, representing a significant earnings turnaround. Because the base year was negative, a conventional percentage change is not meaningful, so it is best reported as a turnaround from loss to profit.
Total assets grew by 28.75%, reflecting expansion in the company’s asset base.
Total liabilities rose modestly by 4.29%, much slower than asset growth, suggesting an improvement in the balance sheet.
Operating cash flow surged by 154.56%, indicating substantially stronger cash generation from core operations.
SWOT analysis
