Cordros Securities has raised its year-end target price for MTN Nigeria Communications Plc from N588.74 to N616.07 per share, suggesting a potential upside of about 4.6%. The firm maintained its BUY recommendation, noting that the new target represents nearly 30% upside from MTN’s share price of N475 as of 18 November 2025.
The upgrade follows MTN Nigeria’s strong nine-month financial performance. The company recorded revenue growth of 57.5% year-on-year, while its EBITDA margin improved significantly to 51.4%. Earnings per share for the period stood at N35.77. Cordros expects full-year 2025 EPS to reach N53.31, a major turnaround from the loss recorded in 2024.
According to the analysis, MTN’s growth will be driven mainly by data revenue, projected to expand by over 70% year-on-year, and voice revenue, which is expected to grow by more than 50%. The firm also anticipates an EBITDA margin of about 51.6% and a sharp reduction in net finance costs due to an expected rise in finance income. MTN Nigeria’s average revenue per user is projected to rise to N5,053.55, supported by a growing subscriber base estimated at 86.6 million. The company is also expected to post a net foreign-exchange gain of N84.53 billion, reversing last year’s losses.
Cordros highlighted MTN’s interim dividend of N5.00 per share, which translates to a yield of 3.3% at the current share price. For the full year, the firm estimates a total dividend payout of N15.50 per share.
Overall, MTN Nigeria appears positioned for a stronger 2025, supported by solid revenue growth, improved cost structure, and a more favourable FX environment. The upgraded target price and dividend outlook reflect renewed confidence in the company’s performance trajectory.