Exactly. The article just happened to mention the revenue, it didn't say how it played into the valuation. And PE is generally on profit, not revenue. PE is usually between 10 and 20. So all you can assume is that their profit is between R50 million and R100 million (on revenue of R400 million).
That's taking the word of the sources that the deal is worth R1 billion... But would MTN say the following about spending R500 million...?
"The deal is not material for MTN, and so it is not required to disclose the deal to its shareholders by way of a statement on the JSE’s Sens news service."
