Ihs Holding Ltd. (IHS)
NYSE:IHS
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IHS Holding
(NYSE:IHS)
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Rating:55Neutral
Price Target:
$8.50
▲(3.03% Upside)
Action:Reiterated
Date:05/15/26
The score is primarily supported by improved profitability and strong free cash flow, but it is capped by balance-sheet fragility (high debt and negative equity). Technicals are neutral-to-slightly supportive, while valuation is weakened by a negative P/E and no dividend yield data.
Positive Factors
Strong cash generation
Consistently strong trailing-twelve-month operating cash flow (~$865M) and FCF (~$615M) indicate durable internal funding for maintenance capex, debt service and strategic disposals. Reliable cash conversion supports deleveraging and shields operations from short-term revenue volatility.
Negative Factors
High leverage and negative equity
Material debt (~$3.5B) combined with negative shareholder equity indicates a thin capital cushion. This elevates refinancing and covenant risk, constrains strategic flexibility, and makes the business more sensitive to cash-flow shocks despite positive FCF.
Read all positive and negative factors
Positive Factors
Negative Factors
Strong cash generation
Consistently strong trailing-twelve-month operating cash flow (~$865M) and FCF (~$615M) indicate durable internal funding for maintenance capex, debt service and strategic disposals. Reliable cash conversion supports deleveraging and shields operations from short-term revenue volatility.
Read all positive factors
IHS Holding (IHS) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$2.79B
Dividend YieldN/A
Average Volume (3M)1.06M
Price to Earnings (P/E)15.0
Beta (1Y)0.92
Revenue Growth-10.11%
EPS GrowthN/A
CountryUS
Employees2,864
SectorReal Estate
Sector Strength53
IndustryTelecommunications Services
Share Statistics
EPS (TTM)0.56
Shares Outstanding335,521,200
10 Day Avg. Volume1,422,905
30 Day Avg. Volume1,055,184
Financial Highlights & Ratios
PEG Ratio-0.16
Price to Book (P/B)-9.95
Price to Sales (P/S)1.58
P/FCF Ratio5.99
Enterprise Value/Market Cap1.91
Enterprise Value/Revenue3.43
Enterprise Value/Gross Profit6.46
Enterprise Value/Ebitda5.54
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)0.92
Revenue Forecast (FY)$1.76B
IHS Holding Business Overview & Revenue Model
Company Description
IHS Holding Limited, together with its subsidiaries, owns, operates, and develops shared telecommunications infrastructure in Africa, Latin America, Europe, and the Middle East. It offers colocation and lease agreement, build-to-suit, fiber connec...
How the Company Makes Money
IHS primarily makes money by leasing space and providing access to its tower sites and related passive infrastructure to mobile network operators (MNOs) and other wireless service providers under long-term service contracts. The core revenue strea...
IHS Holding Earnings Call Summary
Earnings Call Date:Nov 12, 2025
(Q3-2025)
| % Change Since: |
Next Earnings Date:Aug 18, 2026
Earnings Call Sentiment Positive
The earnings call presented a generally positive outlook with strong revenue and growth metrics, increased profitability, and successful deleveraging efforts. Expansion in Brazil and favorable macroeconomic conditions in key markets further bolster the positive sentiment. However, there were challenges such as tenancy churn and increased costs that slightly tempered the overall positive outlook.Positive Updates
Strong Revenue and Growth
Revenue for Q3 2025 came in at $455 million, with constant currency revenue growth of almost 9% driven by CPI escalators, colocation lease amendments, and new sites.
Negative Updates
Tenancy Churn Impact
Tenancy churn of 2,576 sites from an updated agreement with Nine Mobile and ongoing impact of site churn linked to renewed contracts with MTN Nigeria.
Read all updates
Q3-2025 Updates
Positive
Negative
Strong Revenue and Growth
Revenue for Q3 2025 came in at $455 million, with constant currency revenue growth of almost 9% driven by CPI escalators, colocation lease amendments, and new sites.
Read all positive updates
Company Guidance
During the IHS Holding Limited third quarter 2025 earnings call, the company reported robust performance across key metrics, including a revenue of $455 million, a 9% constant currency revenue growth, and an adjusted EBITDA of $261 million with a margin of 57.5%. The adjusted leverage free cash flow (ALFCF) was $158 million, reflecting an 81% increase year-on-year. The total capital expenditure (CapEx) amounted to $77 million, up 16% from the previous year. The company's consolidated net leverage ratio improved to 3.3 times, down 0.6x year-on-year. IHS raised its full-year 2025 outlook, projecting revenue between $1.72 to $1.75 billion, adjusted EBITDA between $995 million to $1.015 billion, and ALFCF in the range of $400 million to $420 million. The company highlighted strong macroeconomic conditions in key markets like Nigeria and Brazil, driving organic growth and profitability.IHS Holding Financial Statement Overview
Summary
Income Statement
68
Positive
Balance Sheet
29
Negative
Cash Flow
74
Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 1.56B | 1.58B | 1.71B | 2.13B | 1.96B | 1.58B |
| Gross Profit | 827.25M | 864.20M | 820.69M | 1.04B | 804.30M | 672.34M |
| EBITDA | 964.67M | 647.80M | -794.75M | -998.47M | 252.65M | 591.49M |
| Net Income | 186.30M | 143.60M | -1.63B | -1.98B | -459.01M | -25.83M |
Balance Sheet | ||||||
| Total Assets | 4.67B | 4.49B | 4.28B | 5.36B | 6.32B | 5.54B |
| Cash, Cash Equivalents and Short-Term Investments | 940.50M | 825.70M | 577.96M | 293.82M | 514.08M | 916.49M |
| Total Debt | 3.50B | 3.51B | 3.90B | 4.11B | 3.95B | 2.99B |
| Total Liabilities | 4.69B | 4.58B | 4.57B | 5.02B | 4.96B | 3.80B |
| Stockholders Equity | -193.30M | -251.30M | -454.58M | 109.85M | 1.13B | 1.52B |
Cash Flow | ||||||
| Free Cash Flow | 615.02M | 417.50M | 460.29M | 254.68M | 347.93M | 347.71M |
| Operating Cash Flow | 865.10M | 669.50M | 729.30M | 853.45M | 907.30M | 750.19M |
| Investing Cash Flow | -32.30M | -64.60M | 63.18M | -722.25M | -1.52B | -877.95M |
| Financing Cash Flow | -491.73M | -335.10M | -431.00M | -162.30M | 398.24M | 524.26M |
IHS Holding Technical Analysis
Positive
8.25
Price Trends
8.25
Positive
8.13
Positive
7.54
Positive
Market Momentum
0.03
Negative
54.65
Neutral
53.39
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For IHS, the sentiment is Positive. The current price of 8.25 is below the 20-day moving average (MA) of 8.26, above the 50-day MA of 8.25, and above the 200-day MA of 7.54, indicating a bullish trend. The MACD of 0.03 indicates Negative momentum. The RSI at 54.65 is Neutral, neither overbought nor oversold. The STOCH value of 53.39 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for IHS.
IHS Holding Risk Analysis
IHS Holding disclosed 81 risk factors in its most recent earnings report. IHS Holding reported the most risks in the "Finance & Corporate" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 3 New Risks
1.
We may consider selling certain assets or businesses; however we may not be successful achieving a sale and if we do it may not be on terms similar or higher to the valuation in which we bought or constructed the assets or at levels investors would view as attractive. Q4, 2023
2.
We face a number of risks related to our strategic transactions. Q4, 2023
3.
Increased attention to, and evolving expectations for, sustainability and environmental, social, and governance ("ESG") initiatives and disclosures could increase our costs, harm our reputation, or otherwise adversely impact our business. Q4, 2023
IHS Holding Peers Comparison
UnderperformOutperform
Sector (65)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
79 Outperform | $1.36B | 16.92 | 26.17% | 0.47% | 3.31% | 2.91% | |
73 Outperform | $5.42B | 51.88 | 22.76% | 3.30% | 4.05% | -6.99% | |
71 Outperform | $6.25B | 24.70 | 5.46% | 0.40% | 61.86% | -115.00% | |
65 Neutral | $2.17B | 12.19 | 3.79% | 4.94% | 3.15% | 1.96% | |
63 Neutral | $3.92B | 7.34 | 38.73% | ― | 12.63% | 19.58% | |
55 Neutral | $2.79B | 14.96 | -87.55% | ― | -10.11% | ― | |
45 Neutral | $992.54M | -5.00 | 422.83% | 13.93% | -4.83% | 11.31% |
* Real Estate Sector Average
IHS
IHS Holding
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43.35%
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IHS Holding Corporate Events
IHS Holding Posts Solid Q1 2026 Results as It Advances Asset Sales and MTN Deal
May 12, 2026
On May 12, 2026, IHS Holding reported first‑quarter 2026 results showing revenue from continuing operations up 6% year on year to $415.4 million and adjusted EBITDA up 6.4% to $268.7 million, with income for the period rising to $77 million ...
IHS Holding Files First-Quarter 2026 Interim Results on Form 6-K
May 12, 2026
On May 12, 2026, IHS Holding filed a Form 6-K with the U.S. Securities and Exchange Commission reporting its condensed consolidated interim financial statements for the three months ended March 31, 2026, together with management’s discussion...
IHS Towers Completes Sale of Majority Stake in Brazil’s I-Systems to TIM
May 7, 2026
On May 7, 2026, IHS Fiber Brasil, a unit of IHS Holding Limited, completed the previously announced sale of its 51% stake in Brazilian shared optical fiber network provider I-Systems Soluções de Infraestrutura S.A. to TIM S.A., which alr...
IHS Holding Appoints Co‑Founder William Saad to Board After Director Resignation
Apr 30, 2026
IHS Holding Limited has adjusted its board composition, appointing co-founder William Saad as an executive director effective April 29, 2026. Saad, who already serves as Executive Vice President and Group Chief Operating Officer, will now combine ...
IHS Holding Posts Strong 2025 Results and Accelerates Portfolio Reshaping Ahead of MTN Deal
Mar 16, 2026
On March 16, 2026, IHS Holding reported its fourth-quarter and full-year 2025 results, posting 3.6% revenue growth from continuing operations to $1.58 billion and a 9.0% rise in adjusted EBITDA to $1.01 billion. The group generated $448.1 million ...
IHS Holding to Be Acquired by MTN Group in $6.2 Billion All-Cash Deal
Feb 17, 2026
On February 17, 2026, IHS Holding Limited announced it had entered into a merger agreement to be acquired by South Africa’s MTN Group Limited in an all-cash deal valuing the tower company at about $6.2 billion. The transaction will see IHS s...
IHS Towers to Exit Latin America With $952 Million Sale of Regional Tower Portfolio
Feb 17, 2026
On February 17, 2026, IHS Towers agreed to sell its Latin American tower operations, comprising IHS Brazil (excluding I-Systems) and IHS Colombia and around 8,860 sites, to Latam Towers Infrastructure, backed by Macquarie Asset Management. The sto...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.