Below is the summary of the recent MTN Investors Presentation

OVERVIEW
1. Largest mobile operator in Nigeria with 60.3m subscribers
2. 50% market share by revenue
3. 20.4m active data users
4. Largest Fibre Network Coverage of 25,000 km
5. 20 million Nigerians live in places where MTN is sole communication provider
6. Connecting 850+ large corporates, 100+ public sector and 800,000+ small businesses.

INVESTMENT CASE
1. MTN is operating in the largest economy in Africa.
2. Exciting demographic opportunities with fastest growing youth population requiring data.
3. Well positioned for long term with largest fibre network in Nigeria
4. Low banking penetration presents fantastic opportunity in Fintech/digital banking sector as it has obtained a payment service bank license from CBN.

FINANCIALS
1. Total Revenue grew 12% & 17% in 2017 & 2018 respectively.
2. EBITDA Margin has been at least 39% in last 3 years.
3. Very low debt level with net debt to EBITDA at 0.4x & Interest Coverage of 15.4x
4. MTN intends to pay out 80% of distributable income as dividend.
5. Return on Equity is 90%
6. Return on Assets is 17%

OUR OPINION
On the back of what we saw from the presentation, MTN appears to have solid fundamentals and strong growth potential. It is a mature company in a growing market. We would invest in the stock if we had to make the decision today, but the listing price (which is not yet available) might affect that decision.

SOURCE (abridged): Arthur Stevens Asset Management