Event: MTN Nigeria (MTNN) delivered stellar results in its FY22 financials, becoming the first company listed on the NGX to cross the N2tr revenue mark. Service revenue (N2.0tr) grew by 21.5% from prior year (RMBNSe:N1.88tr) and in line with the company’s medium-term guidance. The company reported earnings per share (EPS) of N17.79, better than our estimate of N17.15. The earnings reported represents a 21.3% increase on a y/y basis. On the back of the result, the company has proposed a final dividend of N10 per share which adds up to a total dividend of N15.6 (inclusive of N5.6 interim dividend), translating to a dividend yield of 6.6% based on the stock’s last close price. The dividend per share proposed represents a 18.9% increase from that of last year and translates to a dividend payout ratio of 87.7%.
