Leading Nigerian investment firm, CSL Stockbrokers, has spotlighted 10 high-performing equities with promising upside potential for 2025. The selections span major sectors including banking, telecoms, FMCG, and industrials. Here’s an in-depth look at these stocks and what makes them attractive to investors.
Access Holdings Plc (ACCESSCORP) – BUY | Target Price: ₦43.88
Access Holdings Plc, Nigeria’s largest financial services conglomerate by asset base, stands out as a strong buy for investors, backed by solid financial health and a strategic expansion model. The company’s Capital Adequacy Ratio (CAR) was reported at 20.46% in FY 2024, well above regulatory requirements.
Its Q1 2025 cost of risk remained low at 0.8%, though analysts anticipate a marginal increase with the expiration of the regulatory forbearance window. With an attractive price-to-book ratio of 0.40x and a stellar 29.6% annualised return on average equity, Access Holdings continues to meet the Central Bank of Nigeria’s single obligor limit and is on track to comply with all regulatory provisions by mid-2025.
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Guaranty Trust Holding Company Plc (GTCO) – BUY | Target Price: ₦115.43
GTCO’s transformation into a diversified holding company has amplified its revenue streams across banking, pensions, asset management, and payments. The group boasts an impressive capital adequacy ratio of 39.3%, with asset quality remaining strong – evidenced by a Q1 2025 cost of risk at 1.7% and a 5.2% non-performing loan (NPL) ratio.
GTCO operates with one of the lowest cost-to-income ratios in Nigeria’s financial sector (28.1% in Q1 2025). Its strong corporate governance, consistent dividend policy, and recent listing on the London Stock Exchange elevate its appeal to global investors.
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Wema Bank Plc (WEMABANK) – Not Rated
Wema Bank has emerged as a notable Tier-2 bank with impressive year-on-year performance. The bank’s H1 2025 results show a 64.76% rise in interest income to ₦240.66 billion and a 229.12% surge in pre-tax profit to ₦100.60 billion, highlighting operational efficiency and momentum in earnings.
SEO Focus Keyphrase: Wema Bank profit growth 2025
Lafarge Africa Plc (WAPCO) – BUY | Target Price: ₦199.14
Lafarge Africa (WAPCO) continues to gain from strong cement demand and strategic cost optimization. The company reported a 328.3% year-on-year increase in pre-tax profit to ₦199.74 billion in H1 2025. Its EV/EBITDA valuation of 6.30x remains significantly lower than the industry average of 10.30x, suggesting ample growth headroom.
SEO Focus Keyphrase: WAPCO cement stock forecast
Cadbury Nigeria Plc (CADBURY) – BUY | Target Price: ₦83.08
Cadbury Nigeria Plc has made substantial operational gains through effective cost control and optimization of its balance sheet. The company posted a 50.2% increase in revenue to ₦77.25 billion and a 204.7% growth in pre-tax profit to ₦14.54 billion in H1 2025. Its valuation remains attractive at 8.8x EV/EBITDA.
SEO Focus Keyphrase: Cadbury Nigeria 2025 outlook
Nestle Nigeria Plc (NESTLE) – BUY | Target Price: ₦2,327.22
Nestle Nigeria sustained its performance momentum from late 2024 into the first half of 2025, driven by increased consumer demand and tight cost control. Revenue grew by 42.8% year-on-year to ₦581.12 billion, while pre-tax profit soared by 135% to ₦88.40 billion. Nestle trades at a compelling EV/EBITDA of 8.1x, below both local and EMEA averages.
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Airtel Africa Plc (AIRTELAFR) – BUY | Target Price: ₦3,230.33
Airtel Africa has benefitted significantly from tariff increases across major African markets, contributing to a 22.4% jump in Q1 2026 revenue to US$1.42 billion. Pre-tax profit also spiked by 268.9% to US$273 million. Cost-cutting measures and efforts to localize debt have further strengthened its financial standing.
SEO Focus Keyphrase: Airtel Africa earnings forecast
MTN Nigeria Communications Plc (MTNN) – BUY | Target Price: ₦555.33
MTN Nigeria has seen a turnaround in profitability due to recent tariff hikes and strategic renegotiation of tower lease agreements. The company posted revenue growth of 54.5% year-on-year to ₦2.38 trillion and swung from a ₦751.29 billion loss in H1 2024 to a ₦622.26 billion pre-tax profit in H1 2025.
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Nigerian Aviation Handling Company Plc (NAHCO) – Not Rated
NAHCO’s performance continues to be boosted by the resurgence in air travel and rising cargo traffic. In H1 2025, the company reported a 111.41% increase in revenue to ₦32.33 billion and a 96.07% jump in pre-tax profit to ₦11.79 billion, reflecting its diversified growth strategy and improved operational efficiency.
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Custodian Investment Plc (CUSTODIAN) – Not Rated
Custodian Investment Plc’s strong showing in H1 2025 includes a 50.2% rise in gross revenue to ₦124.28 billion and a 17.8% increase in post-tax profit to ₦26.39 billion. With diverse interests across insurance, pensions, and real estate, the group projects gross revenue of ₦175.81 billion and profit of ₦49.41 billion by Q3 2025. It trades at a price-to-book ratio of 1.72x—undervalued against the EMEA peer average of 1.96x.
