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MTN Group (MTNOF) fair value: what the stock is really worth
As of Oct 2, 2026: fair value of MTN Group $14.71, price $11.82, upside +24.5%, quality 61 out of 100. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.
- Fair value above price? Yes
- Good quality? Yes
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Some data
Sep 29, 2026
Some data
Sep 29, 2026
MTN Group
MTNOF · USUndervaluedThe stock appears undervalued with acceptable quality.
✓Fair value $14.71 · Undervalued (+24.5%)
✓Quality 61/100
!Mixed Growth (revenue 5y +4.7 %/yr)
!Thin margins · 8.9% net margin (TTM)
✓Low debt · generates free cash flow
✓Wide moat 70/100
!Evidence only medium, so the estimate is less certain
What runs behind every stock
26
valuation models
8 families, DCF to NCAV
37
quality factors
margins, balance sheet, cashflow, debt
6
AI factors
moat, what no ratio measures
2,000+
data points
verified, per stock, median
69 individual criteria per stock, every one traceable See the method →
Price vs Fair Value
White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Sep 29, 2026.
How to read this chart
60‑month range $1.17 – $14.56 · fair‑value band $11.03 – $18.38 · the $11.82 price screens below the $14.71 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Sep 29, 2026.
Company profile
MTN Group Limited, together with its subsidiaries, provides mobile telecommunications services in South Africa, Nigeria, South and East Africa, West and Central Africa, and the Middle East and North Africa. The company offers data, voice and SMS, interconnect, and roaming services; and sells mobile devices.
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MTN Group Limited, together with its subsidiaries, provides mobile telecommunications services in South Africa, Nigeria, South and East Africa, West and Central Africa, and the Middle East and North Africa. The company offers data, voice and SMS, interconnect, and roaming services; and sells mobile devices. It also provides digital and fintech services, such as value-added services, rich media services, insurance, airtime lending, in-store payments, remittances, prepaid services, and e-commerce services; and MTN Mobile Money fintech platform. In addition, the company offers managed network services, cloud, unified communications, internet of things, and security as a service; network as a services, including subsea cables, terrestrial and metro fibre, data centre and cable landing stations, and towers and radio access network assets; and marketplace solutions for government agencies, insurance firms, banking institutions, and SMEs. MTN Group Limited was incorporated in 1994 and is based in Johannesburg, South Africa.
Stock analysis
MTN Group (MTNOF) currently trades at $11.82, while our model-based Fair Value estimate is $14.71, implying the stock looks roughly 19.6% undervalued today.
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Valuation
Bull case: the Growth DCF group reads highest at a median of $27.10 per share, and 18 of the 26 models we run sit above the $11.82 price.
Bear case: the Asset-Based group reads lowest at $3.16, and 8 of the 26 models stay below the price. Evidence for this calculation is medium.
Scenario range: $11.03 (bear) to $18.38 (bull), the price of $11.82 sits inside it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.
Quality & growth
The Quality Score stands at 61/100 (solid quality), in the Communication Services sector.
Mixed Growth: Revenue is growing, but margins or cash flow do not fully confirm the trend.
MTN Group reported revenue of 225B ZAR in FY2025 versus 182B ZAR in FY2021, a compound +5.5%/yr. Reported net income was 20.1B ZAR in FY2025, compounding +10.0%/yr from FY2021.
Key figures
Market cap $25.9B · P/E ratio 19.5 · P/S ratio 1.75 · EPS (TTM) $0.6800 · Net margin 8.9% · Return on equity 17.8% · Return on assets (EBIT) 21.2% · Operating margin 30.0%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 50 out of 100 (low confidence).
What moves the price
The share trades about 19% below its 52-week high and 34% above its 52-week low, currently above its 200-day average.
For context, the median of 10 Communication Services peers we cover trades at 36% fair-value upside, at 24%, MTNOF screens richer than that median.
Fair Value models
Bear $11.03
Fair Value $14.71
Bull $18.38
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above is their evidence-weighted blend, not the output of a single model.
Bear ⓘBear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull ⓘBull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. If a model's bull case is above four times its base value, the table shows that limit with a > sign (like the overall Bull above): beyond it no assumption holds.
Evidence ⓘEvidence = how well-backed THIS model's estimate is for this stock (0–100): how complete and reliable its input data are, and how well the model fits the company. The final Fair Value is an evidence-weighted blend, so better-evidenced models count more. Green ≥70, amber 50–69, grey below 50.
Highest evidence
FCF DCF
$22.28
$35.73
$56.71
79
Growth DCF
$22.58
$34.32
$51.40
78
Owner Earnings
$15.72
$25.26
$40.14
75
All 26 models by family
DCF Models
FCF DCF
$22.28
$35.73
$56.71
79
Owner Earnings
$15.72
$25.26
$40.14
75
5Y Revenue Exit
$17.21
$27.01
$39.48
72
5Y EBITDA Exit
$27.66
$46.88
$69.59
74
5Y P/E Exit
$13.85
$20.62
$27.66
71
10Y Revenue Exit
$18.33
$27.80
$40.53
66
10Y EBITDA Exit
$25.52
$41.72
$63.87
67
10Y P/E Exit
$16.66
$23.32
$31.37
64
Earnings-Based
Graham-Dodd
$4.49
$15.07
$20.19
64
Lynch FV
$3.43
$4.90
$6.37
61
PEG = 1.0
$3.43
$4.90
$6.37
57
EPV
$17.40
$20.35
$22.93
74
Dividend Discount
Gordon GGM
$1.86
$3.88
$6.15
66
DDM Multi-Stage
$1.86
$3.19
$4.07
66
Multiples
P/E Multiple
$10.89
$14.51
$18.14
63
P/S Multiple
$8.41
$11.22
$14.02
58
P/B Multiple
$8.41
$11.22
$14.02
55
EV/EBIT
$29.82
$39.87
$49.91
66
EV/EBITDA
$34.09
$45.56
$57.03
67
EV/Revenue
$15.19
$21.84
$28.48
53
Asset-Based
NCAV (Graham)
$2.36
$3.16
$4.72
54
Growth DCF
Growth DCF
$22.58
$34.32
$51.40
78
Rev-Margin DCF
$17.21
$27.10
$38.75
72
Economic Profit
Residual Income
$4.61
$5.75
$8.45
75
ROIC Compounder
$18.57
$23.17
$28.25
72
Growth Earnings
Growth-Adj P/E
$9.20
$13.14
$17.08
67
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Set up alert →Quality Score breakdown
Overall quality
61/100
Of which business quality 57 · Market factors (momentum, volatility) 47
Profitability
40
Margins and returns on capital today
Quality Growth
68
Are margins and returns improving?
Cashflow
80
Earnings quality: real cash, not paper profit
Fin. Strength
35
Balance sheet, leverage, solvency risk
Investment
51
Disciplined investing over empire-building
Low Volatility
36
Calm price path (market factor)
Momentum
46
Price trend over the last 3–12 months (market factor)
52W Momentum
59
Distance to the 52-week high (market factor)
Net Issuance
75
Share count: buybacks or dilution?
Revenue & earnings trend
Growth Quality ⓘGrowth is valuable only when reinvestment earns attractive returns (Aswath Damodaran): sustainable growth depends on return on capital, reinvestment and efficiency. Basis: total company revenue over the periods shown on the cards (3Y/5Y/all years), not per share, so a merger can show up as a growth jump; per-share earnings growth is in the value-creation card.
65/100
Revenue is growing, but margins or cash flow do not fully confirm the trend.
Revenue growth 1 year
+19.8%
Revenue growth 3 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+2.8%
Revenue growth 5 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+4.7%
Start year 2020 (pandemic). Over 10 years: +4.4% a year
Revenue growth 24 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+12.8%
’14
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’21
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’24
’25
What shareholders gained per year (last 5 years), in ZAR ⓘWhat the business itself delivers per year: earnings growth per share plus the dividend yield. This is what you get IF the market keeps valuing the stock the same way: it contains no assumption about the market changing its mind. Computed per share, so buybacks count and a merger does not pass as growth. For a company that pays no dividend it is pure earnings growth per share. Period: earnings growth per share as CAGR over the last 5 reported fiscal years (annual statements), plus the current dividend yield. The start value is the median of the three years around the start, so a single crisis year (a pandemic or a write-down) does not distort the rate. Basis: EBIT basis. Measured in ZAR: this currency has depreciated against the euro and dollar over the long run, so part of the nominal rate is currency erosion that never reaches a EUR/USD investor.
≈ −4.0%
Earnings growth per share plus dividend.
Earnings per share, growth per year−4.0%
Dividend (yield on the price)0.0%
Pace: 5 vs 10 years ⓘTwo data points, not a trend model: earnings growth per share over the last 5 fiscal years against the last 10. Labelled "steady" when both rates are within 3 percentage points of each other, otherwise picking up or flattening. Shown only when ten years of history exist.8.0% vs −2.6%, picking up
Profit margin 2019 to 2025 ⓘOperating margin then vs now, from reported annual statements. A falling margin after a boom year is the classic peak-earnings signal: the growth rate then leans on an inflated base.21% → 34%
Start year 2020 (pandemic)
⚠ Rate on operating basis: 2025 sits 75% above its own trend.
Growth Forecast
Little optimism in the price
The price assumes less growth than the company has delivered so far and less than analysts expect.
What the price assumes ⓘThis turns our valuation around: instead of asking what the share is worth, it asks what growth the current price requires. It uses the cash the company keeps after all spending (free cash flow), the same discount rate as our models, five years of growth, then slowing evenly to 2 % a year by year ten. Compared with the analysts' sales forecasts extended to the same five years (at least three analysts, for context only, it does not enter the Fair Value): within 3 percentage points counts as "in line" (amber), below that little optimism (green), above that a lot of optimism (red).
−7.6%
Yearly growth needed for the next five years to justify today's price.
What forecasts expect ⓘAnalysts publish sales forecasts for the next two fiscal years. For the years after that, growth slows evenly to 2 % a year by year ten (2 % is the long-run rate our models use). Projected years are marked as such.
+14.4%
Yearly sales growth analysts expect, extended to five years.
After inflation (figures in ZAR, South Africa: IMF forecast 3.3% a year to 2030, 4.9% from 2016 to 2025) that is about −10.6% a year for the price and +10.8% for the forecasts.
Forecast 2026 (sales)+13.5%
Forecast 2027 (sales)+17.5%
Projected 2028 (sales)+15.6%
Projected 2029 (sales)+13.6%
Projected 2030 (sales)+11.7%
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Context: sector, industry, market
- P/E, EV/EBITDA and margins by industry (reference tables)
- Undervalued stocks: US Stocks
- Valuation of the USA market
Values & ESG
Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.
None of the checked exposures detected
Similar stocks
10 more Telecom Services stocks, each showing price versus our Fair Value estimate.
| Stock | Price | Fair Value | vs Fair Value |
|---|---|---|---|
| China Mobile Limited 80941 | HK$67.30 | HK$114.85 | +71% |
| Verizon Communications Inc VZ | $45.87 | $70.27 | +53% |
| T-Mobile US, Inc TMUS | $162.98 | $272.88 | +67% |
| AT&T Inc T | $24.48 | $51.11 | +109% |
| Bharti Airtel Limited BHARTIARTL | ₹1,741 | ₹1,883 | +8% |
| China Telecom Corporation 601728 | ¥6.16 | ¥8.36 | +36% |
| Saudi Telecom Company 7010 | 43.22 SAR | 41.80 SAR | −3% |
| Singapore Telecommunications Limited Z74 | 4.28 SGD | 2.16 SGD | −50% |
| Swisscom AG SCMN | CHF 639.00 | CHF 505.18 | −21% |
| Telstra Group TLS | A$4.83 | A$4.43 | −8% |
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Frequently asked questions
Is MTN Group (MTNOF) overvalued or undervalued?
As of Sep 29, 2026, our model estimates a fair value of $14.71 versus a price of $11.82, about +24% upside (undervalued).
What is the fair value of MTNOF?
Our model-based fair value for MTN Group is $14.71 (as of Sep 29, 2026), built from audited fundamentals. The current price: $11.82.
What is the quality score of MTNOF?
MTN Group has a Quality Score of 61/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the price target for MTN Group (MTNOF)?
Our model-based price target is the fair value of $14.71 (as of Sep 29, 2026) from 26 valuation models. Cautious scenario $11.03, optimistic scenario $18.38. It is a calculation from audited fundamentals, not an analyst target.
What is the MTN Group stock forecast for 2026?
Our models put fair value at $14.71, about +24% upside versus a price of $11.82 (undervalued). Cautious scenario $11.03, optimistic scenario $18.38. The calculation is refreshed regularly with new filings.
What is the revenue of MTN Group (MTNOF)?
MTN Group reported trailing-twelve-month revenue of about 227B ZAR (latest available figure, as of Sep 29, 2026).
What growth is priced into MTN Group (MTNOF)?
For today's price to be fair in a discounted-cash-flow model, MTN Group would have to grow free cash flow by -7.6 % per year for five years (discount rate 8.9 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +4.7 % per year. As of Sep 29, 2026.
What discount rate (WACC) does the fair value of MTNOF use?
Our models discount MTN Group at 8.9 %: a base by market capitalisation (large), damped by beta 0.86, country premium for USA. The same rate applies in all 26 models.
What is a reverse DCF?
A reverse DCF turns the usual calculation around. Instead of deriving a value from assumptions, it takes today's price as given and asks: what free-cash-flow growth would a company have to deliver for exactly this price to be fair? The result is not a forecast but the expectation already priced in. For MTN Group that is -7.6 % per year a year over ten years, using the same discount rate (8.9 %) and the same formula as our fair value.
How much growth has MTN Group (MTNOF) delivered so far?
Over the past 5 years revenue at MTN Group grew +4.7 % a year. The price currently implies -7.6 % per year free-cash-flow growth a year. Comparing the two shows how much confidence is in the price: if it demands more than has been delivered, the business has to accelerate for the maths to work.
How fast is the sector of MTN Group (MTNOF) growing?
The median revenue growth in the sector is +3.0 % a year. That is the yardstick for the growth priced into MTN Group (-7.6 % per year a year): it shows whether the expectation is within the usual range or beyond it.
What is the free cash flow yield of MTN Group (MTNOF)?
The free-cash-flow yield on the price is 12.37 %: that much free cash flow MTN Group produces per unit of market value. When it exceeds the discount rate of our models (8.9 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of MTN Group (MTNOF)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For MTN Group it is $14.71 per share (as of Sep 29, 2026), against a price of $11.82. It is the blended result of 26 valuation models (cash flow, earnings, asset, dividend).
Is MTN Group stock overvalued or undervalued in 2026?
As of Sep 29, 2026, MTNOF trades below its calculated fair value: price $11.82, fair value $14.71, a gap of about +24% (undervalued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of MTNOF?
No. The price is what the market pays today ($11.82); the fair value is what the company's own numbers justify ($14.71). For MTN Group the two are $2.89 per share apart. That gap is exactly why we show both numbers side by side.
How much is MTN Group worth?
The market values MTN Group at about $25.9B (market capitalisation, as of Sep 29, 2026). Per share that is $11.82; our models calculate a fair value of $14.71 per share.
What do the bullish and bearish scenarios say about MTNOF?
Our models span a range for MTN Group: cautious scenario $11.03, base $14.71, optimistic $18.38 per share (as of Sep 29, 2026, price $11.82). The range comes from different growth and margin assumptions, not from analyst opinions.
How far is MTNOF from its 52-week high?
MTN Group trades at $11.82, about 19% below its 52-week high of $14.56 and 34% above the low of $8.81 (as of Oct 2, 2026). Distance from the high says nothing about value: that is what the fair value of $14.71 is for.
Which stocks are comparable to MTN Group?
From the same area (Communication Services) we also value China Mobile Limited, Verizon Communications Inc, T-Mobile US, Inc, AT&T Inc, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.
Is MTN Group stock attractive at the current price?
The data as of Sep 29, 2026: price $11.82, calculated fair value $14.71 (+24%), Quality Score 61/100, from 26 models. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
How is the fair value of MTNOF calculated?
We run MTN Group through 26 models from four families: discounted cash flow, earnings models, asset and balance-sheet models, and dividend models. Every model gets the same audited fundamentals; the result is the weighted average of $14.71, with the spread shown as a cautious and an optimistic scenario.
Is it still worth investing in stocks now?
The global stock market currently sits 14.5 % above its aggregate fair value. MTN Group currently trades 20 % below its own fair value, and the market average says nothing about that. An expensive market is no reason to stay out and no reason to buy everything at once: keep a broad savings plan running, buy single stocks only with money you can do without, and hold part of your money liquid while the market is high. The full picture including sectors is on is it worth investing now.
What is the share price of MTN Group (MTNOF)?
The closing price on Oct 2, 2026 was $11.82. Our model-based fair value is $14.71, about +24% upside (undervalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with MTN Group right now?
Solid quality (61/100) at a price below fair value, the discount is the argument here, not the business quality. The price sits in the lower half of our model range, the side with the larger margin of safety. Read the verdict with care: some models are missing inputs, so the estimate scatters more than usual.
Where does the earnings growth of MTN Group (MTNOF) come from?
Earnings per share at MTN Group grew −7.8 % a year from 2014 to 2025. Broken into its drivers: revenue per share +4.5 %, EBIT margin +4.2 %, tax rate −3.9 %, residual (interest, one-offs) −11.9 %. The four rates multiply to the earnings growth rate, they do not add up. Start and end are three-year averages so a single exceptional year does not distort the result.
Key figures of MTN Group
How large is the market capitalisation of MTN Group (MTNOF)?
The market capitalisation of MTN Group is $25.9B. The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What is the P/E ratio of MTN Group (MTNOF)?
The price-to-earnings ratio of MTN Group is 19.5 (as of Jun 22, 2026). Price to earnings: how many years of current profit you pay for the stock. A P/E of 10 means ten years of profit.
What is the P/S ratio of MTN Group (MTNOF)?
The price-to-sales ratio of MTN Group is 1.75 (P/E × margin). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of MTN Group (MTNOF)?
Earnings per share at MTN Group are $0.6800 (price ÷ EPS = P/E 19.5). Earnings per share over the last twelve months: total profit spread across every single share.
What is the net margin of MTN Group (MTNOF)?
The net margin of MTN Group is 8.9% (fiscal year 2025). How much of every unit of revenue ends up as profit. 10% means 10 cents of profit per dollar of sales.
What is the return on equity of MTN Group (MTNOF)?
The return on equity (ROE) of MTN Group is 17.8% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.
What is the EBIT return on assets of MTN Group (MTNOF)?
On an EBIT basis the return on assets of MTN Group is 21.2% (avg 5y). Operating profit (EBIT) relative to everything the company owns, as a multi-year average. It describes the business model rather than one good or bad year.
What is the operating margin of MTN Group (MTNOF)?
The operating margin of MTN Group is 30.0% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at MTN Group (MTNOF)?
Revenue at MTN Group is growing +20.5% versus a year earlier (3y avg +2.8%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How fast are earnings growing at MTN Group (MTNOF)?
Earnings per share at MTN Group are growing +15.7% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net debt does MTN Group (MTNOF) carry?
The net debt of MTN Group is 103B ZAR (fiscal year 2025, ≈ 2.3 yrs of FCF). Debt minus cash on hand. The note shows how many years of free cash flow could in theory pay it off.
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