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    MTN   ZAE000042164


End-of-day quote. End-of-day quote Johannesburg Stock Exchange - 10/18
140 ZAR   +0.06%
08:06aMTN : Behind MTN Share Offer
10/15Music streamers turn to telcos to make Africa pay
10/14Tower Operator IHS Set for Trading Debut After IPO Priced at Low End
SummaryMost relevantAll NewsAnalyst Reco.Other languagesPress ReleasesOfficial PublicationsSector news

MTN to Sell Down $2.09 Billion Stake in Towers Company IHS if New York IPO Succeeds

09/17/2021 | 11:04am EDT

By Adam Clark

MTN Group Ltd. intends to shed a stake currently worth around $2.09 billion in telecommunications-infrastructure company IHS Holding Ltd., if IHS successfully carries out its plan for one of the largest ever African listings on a U.S. stock exchange.

South African telecoms company MTN said Friday that IHS had filed a registration document for an initial public offering in New York, although no financial details or timing were confirmed. IHS had been reported last year to be aiming for a valuation of around $8 billion overall, before abandoning the plan.

MTN currently holds a 29% stake in IHS, which operates more than 30,000 towers in Africa, Latin America and the Middle East. A spokesman for MTN said an IPO would allow it to sell down its stake over time.

The company's other major shareholders include listed French investment company Wendel SE and Goldman Sachs Group Inc.

IHS listing itself would continue a trend for telecommunications-tower companies to be spun out separately amid growing data use and investor appetite for infrastructure assets. Vodafone Group PLC raised $2.8 billion when it listed Vantage Towers AG in Germany earlier this year. African company Helios Towers PLC was valued at $1.45 billion when it listed in London in 2019.

Helios Towers' current market capitalization could provide an indication as to IHS's eventual valuation. Helios is valued at around $2.69 billion currently, having reported adjusted earnings before interest, tax, depreciation and amortization of $226.6 million for 2020.

Applying a similar earnings multiple to IHS's adjusted Ebitda of $819 million in 2020 would indicate a valuation of around $9.7 billion. As of June 30, the company had $2.6 billion of debt and lease liabilities and $542 million of cash on its balance sheet.

On Friday, IPO research firm Renaissance Capital said it estimated that IHS could raise up to $1.5 billion from its listing.

Write to Adam Clark at adam.clark@wsj.com

(END) Dow Jones Newswires

09-17-21 1103ET

Stocks mentioned in the article
ChangeLast1st jan.
MTN GROUP LIMITED 0.06% 140 End-of-day quote.132.60%
THE GOLDMAN SACHS GROUP, INC. 1.88% 413.69 Delayed Quote.56.87%
WENDEL -0.77% 116.7 Real-time Quote.19.14%
All news about MTN GROUP LIMITED
08:06aMTN : Behind MTN Share Offer
10/15Music streamers turn to telcos to make Africa pay
10/14Tower Operator IHS Set for Trading Debut After IPO Priced at Low End
10/12MTN : receives recognition on the Fortune's Change the World list
10/11MTN Uganda announces share price for biggest Ugandan IPO
10/11MTN Uganda announces share price for biggest Ugandan IPO
10/07MTN Group Limited Appoints Adekunle Awobodu as CFO for Digital, Fintech Business
10/07MTN : announces appointment of seasoned executive as Digital and Fintech CFO
10/05Telecoms firm MTN Uganda to list 20% stake, boost investment
10/05MTN : To List 20% Of Uganda Unit To Boost Local Ownership
More news
Analyst Recommendations on MTN GROUP LIMITED
More recommendations
Sales 2021 177 B 12 091 M 12 091 M
Net income 2021 16 387 M 1 116 M 1 116 M
Net Debt 2021 77 389 M 5 272 M 5 272 M
P/E ratio 2021 15,8x
Yield 2021 2,56%
Capitalization 252 B 17 185 M 17 193 M
EV / Sales 2021 1,86x
EV / Sales 2022 1,68x
Nbr of Employees -
Free-Float 68,8%
Duration : Period :
MTN Group Limited Technical Analysis Chart | MTN | ZAE000042164 | MarketScreener
Technical analysis trends MTN GROUP LIMITED
Short TermMid-TermLong Term
Income Statement Evolution
Mean consensus OUTPERFORM
Number of Analysts 11
Last Close Price 140,00 ZAR
Average target price 141,10 ZAR
Spread / Average Target 0,79%
EPS Revisions
Managers and Directors
Ralph Tendai Mupita Group President, CEO & Executive Director
L. Tsholofelo Molefe Group Chief Financial Officer & Director
Mcebisi Hubert Jonas Chairman
Charles Molapisi Chief Information & Technology Officer
Jens Schulte-Bockum Group Chief Operating Officer
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