A report by Karachi‑based brokerage Chase Securities argues that PTCL could reach an equity value of about US $5 billion within the next three to five years, assuming a smooth and disciplined integration of Telenor Pakistan into PTCL.
The bullish forecast comes on the heels of PTCL’s recent acquisition of 100% of Telenor Pakistan and related assets, a deal valued around PKR 108 billion. Regulatory approval was secured in October 2025, clearing a key hurdle.
Chase Securities sets a 12‑month target price of Rs 62 per share, implying roughly 58% upside from recent trading levels. The rationale: the merger would shrink competition in the telecom market, enable cost‑cutting through consolidation of towers and overlapping infrastructure, and help PTCL restore profitability.
Specifically, the brokerage highlights potential annual savings and improved earnings from rationalizing tower count, merging IT and distribution operations, and reducing operating costs. As a result, PTCL’s mobile market share could jump from about 14% to nearly 36%, creating scale and pricing power that were previously absent.
At its peak in the mid-2000s, PTCL’s market value approached $7.7 billion; the new projection does not aim to fully reclaim that level, but signals a return to more robust valuation territory. For investors and industry watchers, this marks a significant moment, the consolidation under PTCL could reshape the competitive dynamics of Pakistan’s telecom sector.
