PTCL could become a $5 billion company, argues Chase Securities

Chase Securities, a Karachi-based brokerage, has put forward one of the boldest equity calls on the Pakistan Stock Exchange this year: Pakistan Telecommunication Company Ltd (PTCL) could realistically work its way back to an equity value of around $5.0 billion over the next three to five years – provided its acquisition of Telenor Pakistan is completed and integration is executed with discipline.

In its November 2025 report, titled “PTCL (PTC): From Price Wars to Pricing Power”, Chase initiates coverage with a twelve-month target price of Rs62 per share, implying about 58% upside from the Rs39.2 level at the time of publication and valuing the company at roughly Rs316 billion (just over $1.1 billion) on a one-year view. But the report’s central argument goes beyond that one-year price target: it contends that, as ARPU and margins normalise in a more consolidated market, PTCL’s equity could reasonably move back towards $5.0 billion, a level it last approached in the mid-2000s.

PTCL’s market capitalisation peaked close to $7.7 billion in 2005, followed by a long slide to about $0.7 billion today – only around 7% of the valuation implied when Etisalat bought its strategic stake in 2006. In that sense, Chase is arguing less that PTCL must discover a brand-new growth story, and more that it has a credible path to reclaim a portion of the equity value it has lost over the past two decades.