MTN Nigeria 2026 Outlook: Still a Buy or Fully Priced?

Just two years ago, MTN Nigeria was in crisis. Forex losses pushed retained earnings and shareholders’ funds deep into the red. Yet revenue and subscriber growth never faltered. A 50% tariff increase in early 2025 and a stabilising naira turned N950 billion of FX losses into N99 billion of gains. MTNN reported a record N1.7 trillion pre-tax profit in 2025 and paid out N20 per share in dividends. In Q1 2026, pre-tax profit jumped 169% year-on-year to N546.4 billion on revenue of N1.498 trillion. At N820 per share, MTNN trades on a P/E of 60 and yields 0.6%. Forward estimates suggest earnings per share could reach around N67.80, compressing the P/E later this year. Analysts maintain a buy rating with an average 12-month target near N800. Key risks remain. Naira volatility could reverse recent FX gains. Rising energy costs may pressure margins. A pullback toward N750 could offer a better entry point. Long-term holders who accept the current valuation can still benefit. Always do your own research.

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