MTN NIGERIA COMMUNICATIONS PLC Q3’23 Earnings: Data income fuels impressive revenue growth

Analyst: Victoria Ejugwu* Target price: ₦315.74 Rating: BUY MTNN’s 9M results largely mirrored our expectations. The company reported a 22% y/y increase in revenue to ₦1.8 trillion (Vetiva estimate: ₦1.8 trillion). The data segment remained the primary driver for topline growth, with data revenue rising 36% y/y to ₦750 billion. Voice services also expanded 11%…

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