MTN’s N515 share price and the road ahead
For the first time in its trading history, MTN Nigeria’s share price crossed the N500 mark on October 22, 2025. Two days later, it climbed even higher to N515, reaching a new all-time high on the Nigerian Exchange (NGX).
The milestone reflects renewed investor confidence in the telecom giant. Since its listing on the NGX in May 2019 at N90 per share, MTN Nigeria has gained 472 per cent in value. On a compounded basis, its annual growth rate of 33.7 per cent nearly matches the NGX All-Share Index’s 33.9 per cent growth rate over the same period.
Still, MTN’s journey on the exchange has not been without turbulence. From its N90 debut in 2019, the stock ended that year at N105. It rose another 89 per cent in 2020 to close at N169.90. In November 2021, MTN deepened its local participation through a public offer, raising N111.75 billion from retail and institutional investors.
The company enjoyed strong performance year after year, until 2024. The naira devaluation and record-high inflation severely hit earnings, dragging MTN into a net loss of N400.4 billion. That came after a N137 billion loss in 2023. In total, the company recorded N458 billion in accumulated losses over two years.
Investors reacted sharply. MTN’s share price plunged 24.2 per cent in 2024, closing the year at N200. At one point, the stock nearly fell back to its 2021 public offer price of N169.
However, 2025 has marked a dramatic comeback. In the first half of the year, MTN reported its best-ever half-year financial performance. Revenue hit N2.38 trillion, while net profit stood at N414.9 billion. Analysts expect the company to reach N5 trillion in full-year revenue, the first listed company in Nigeria’s history to achieve that.
Investor enthusiasm has followed. The stock has appreciated 158 per cent year-to-date, making MTN one of the best-performing equities in 2025.
The road ahead for MTN
Despite the rally, analysts believe there’s more to come, but with caution.
Abigael Adesina, Research and Insights Analyst at Norrenberger, said MTN’s share price still trades below their projection. “The share price is a bit away from our target,” she noted. “Although it’s closing in fast, we’re projecting that it will surpass our nearly N700 target price.”
Meristem, however, has taken a more conservative stance. The firm maintained a “hold” recommendation after MTN surpassed its N470 target price. CardinalStone Securities also placed its target at N526.94, implying limited short-term upside but strong long-term potential.
At the current price, MTN trades at a price-to-earnings ratio of 13.02x, roughly half of Airtel Africa’s 26.33x multiple. The comparison suggests that MTN remains undervalued relative to peers, leaving room for re-rating if earnings momentum continues.
The next big moment for investors will come with MTN’s third-quarter 2025 results, expected in the coming days. It is anticipated that the report could help the company erase its N42.5 billion accumulated losses. If that happens, MTN may resume dividend payments, a move likely to boost investors’ sentiment further.
Operationally, the company remains highly efficient. MTN posted an EBITDA margin of 50.5 per cent in the first half of 2025. CardinalStone projects that the figure will rise to 51.7 per cent for the full year, and average 53.7 per cent over the next five years.
Such performance underscores MTN’s strength in managing costs and maintaining profitability, even in tough macroeconomic conditions.
Yet, challenges persist. Vandalism is a major problem, with MTN reporting over 5,700 optic fibre cable cuts between January and July. However, MTN’s expanding fintech and data segments, coupled with heavy investments in digital infrastructure, are positioning it for sustained growth.
With the share price at N515, the telecom giant stands at a new crossroads. Whether the rally marks the beginning of a sustained re-rating or just another peak in its eventful NGX journey will depend on how it navigates the quarters ahead.
