Cordros Securities has increased its year-end target price for MTN Nigeria to N616.07 per share after reviewing the telecom operator’s nine-month results, which showed stronger revenue performance and improved margins driven by rapid data consumption.
The investment firm announced the upgrade in a newly released equity report, noting that MTN’s operating recovery and expanding profitability supported a higher valuation range. The MTN valuation shows a 4.6% uplift from its previous target of N588.74.
Cordros said MTN recorded 57.5% revenue growth for the period, supported by rising data traffic and improved service line contributions. The company’s EBITDA margin expanded by 15.1 percentage points year-on-year to 51.4%, while Earnings Per Share reached N35.77.
Reaffirming its BUY recommendation, the firm said the revised target implies a potential 29.7% upside from MTN’s closing price of N475.00 on 18 November.
“Following our review, we raise our year-end target price by 4.6% to N616.07,” the report stated, indicating a positive MTN valuation.
ALSO READ
Cordros also highlighted MTN’s interim dividend of N5.00 per share, representing a 3.3% yield at the time of release. With the payout in view, analysts now project a total dividend of N15.50 for the 2025 financial year, assuming stable cash generation and continued earnings momentum.
Looking ahead, the firm forecasts improved operating efficiency and a more predictable macroeconomic environment in 2025. Net finance costs are expected to fall sharply—by 70.7% to N389.84 billion—due to higher finance income and easing debt pressures.
Data revenue is projected to rise 71.2% year-on-year, while voice revenue is expected to grow by 52.5%. Cordros now places MTN’s 2025 EBITDA margin at 51.6%. Average revenue per user is projected to increase by 45.0% to N5,053.55, with the subscriber base reaching 86.61 million. A net foreign-exchange gain of N84.53 billion is anticipated, reversing earlier currency losses.
Overall, the firm forecasts full-year Earnings Per Share of N53.31 for 2025, compared with a loss of N19.10 in 2024.
MTN’s latest financials show a strong rebound, with pre-tax profit rising to N1.12 trillion for the nine months to 30 September 2025, after a N713.6 billion loss in the same period last year. Third-quarter profit also surged to N504.2 billion, supported by broad revenue growth led by data, which contributed N1.97 trillion—more than half of total earnings.
Analysts say MTN’s improving fundamentals position the company for 2026, though currency movements and regulatory conditions will remain key to its long-term growth outlook.
