Emerging Market LeadershipThe Buy rating is reiterated for IHS, and the target price is increased due to its emerging-market leadership position strengthening through strategic growth, key partnerships, and rising capital returns.
Macroeconomic ConditionsThe improving macroeconomic backdrop in Nigeria with stabilizing inflation, rising economic output, and declining interest rates is seen as beneficial for IHS.
Operational PerformanceStrong operational performance, resilient cash generation, and strategic progress on growth initiatives were highlighted in IHS Holdings' Q3 2025 results, overcoming currency headwinds.