Financials MTN Uganda Limited

Equities

MTNU

UG0000001566

Wireless Telecommunications Services

End-of-day quote UGANDA SECURITIES EXCHANGE 06:00:00 2024-05-23 pm EDT 5-day change 1st Jan Change
170 UGX -.--% Intraday chart for MTN Uganda Limited -.--% -0.32%

Valuation

Fiscal Period: December 2021 2022 2023
Capitalization 1 4,365,640 4,030,028 3,818,451
Enterprise Value (EV) 1 5,273,199 5,151,315 5,026,761
P/E ratio 12.8 x 9.92 x 7.74 x
Yield 2.41% 8.83% 10.6%
Capitalization / Revenue 2.12 x 1.76 x 1.43 x
EV / Revenue 2.56 x 2.25 x 1.88 x
EV / EBITDA 5.8 x 5.16 x 4.4 x
EV / FCF 11.9 x 9.55 x 8.4 x
FCF Yield 8.42% 10.5% 11.9%
Price to Book 5.22 x 4.46 x 3.76 x
Nbr of stocks (in thousands) 22,389,044 22,389,044 22,389,044
Reference price 2 195.0 180.0 170.6
Announcement Date 5/5/22 4/27/23 3/26/24
1UGX in Million2UGX
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December 2018 2019 2020 2021 2022 2023
Net sales 1 1,550,767 1,717,574 1,434,274 2,060,087 2,287,079 2,670,256
EBITDA 1 513,460 688,858 563,823 908,919 998,715 1,143,608
EBIT 1 337,977 506,981 390,194 636,276 772,787 929,318
Operating Margin 21.79% 29.52% 27.2% 30.89% 33.79% 34.8%
Earnings before Tax (EBT) 1 308,151 379,452 251,630 490,943 591,029 706,327
Net income 1 219,527 269,250 321,682 340,410 406,050 493,077
Net margin 14.16% 15.68% 22.43% 16.52% 17.75% 18.47%
EPS 2 58,323 71,533 85,463 15.20 18.14 22.02
Free Cash Flow 1 197,364 325,231 -166,876 444,170 539,351 598,350
FCF margin 12.73% 18.94% -11.63% 21.56% 23.58% 22.41%
FCF Conversion (EBITDA) 38.44% 47.21% - 48.87% 54% 52.32%
FCF Conversion (Net income) 89.9% 120.79% - 130.48% 132.83% 121.35%
Dividend per Share 2 33,500 41,000 40,650 4.706 15.90 18.00
Announcement Date 3/18/19 5/7/20 3/11/21 5/5/22 4/27/23 3/26/24
1UGX in Million2UGX
Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December 2023 Q3
Net sales -
EBITDA -
EBIT -
Operating Margin -
Earnings before Tax (EBT) -
Net income 1 12,726
Net margin -
EPS 2 39.77
Dividend per Share -
Announcement Date 10/27/23
1UGX in Million2UGX
Estimates

Balance Sheet Analysis

Fiscal Period: December 2018 2019 2020 2021 2022 2023
Net Debt 1 213,043 712,879 964,592 907,559 1,121,287 1,208,309
Net Cash position 1 - - - - - -
Leverage (Debt/EBITDA) 0.4149 x 1.035 x 1.711 x 0.9985 x 1.123 x 1.057 x
Free Cash Flow 1 197,364 325,231 -166,876 444,170 539,351 598,350
ROE (net income / shareholders' equity) 55.5% 53.9% 27.4% 43.6% 46.7% 51.4%
ROA (Net income/ Total Assets) 18.2% 16.5% 9.75% 13.1% 13.3% 13.4%
Assets 1 1,205,106 1,627,567 3,298,425 2,593,030 3,055,193 3,672,606
Book Value Per Share 2 117,522 148,055 192,868 37.30 40.40 45.30
Cash Flow per Share 2 24,590 29,062 15,720 8.430 8.970 10.70
Capex 1 202,009 208,853 170,114 212,796 295,574 319,028
Capex / Sales 13.03% 12.16% 11.86% 10.33% 12.92% 11.95%
Announcement Date 3/18/19 5/7/20 3/11/21 5/5/22 4/27/23 3/26/24
1UGX in Million2UGX
Estimates

EPS & Dividend

Year-on-year evolution of the PER

Change in Enterprise Value/EBITDA

Sell
Consensus
Buy
Mean consensus
BUY
Number of Analysts
1
Last Close Price
170 UGX
Average target price
195.3 UGX
Spread / Average Target
+14.87%
Consensus

Annual profits - Rate of surprise

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