IHS Holding (IHS)
NYSE:IHS
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IHS Holding
(NYSE:IHS)
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Rating:55Neutral
Price Target:
$8.50
▲(2.91% Upside)
Action:ReiteratedDate:04/15/26
The score is held back primarily by balance-sheet risk (high leverage and negative equity) and uneven profitability/recent revenue contraction, partially offset by consistently positive cash generation and a mildly constructive technical setup. Valuation appears reasonable but not meaningfully discounted based on the provided P/E.
Positive Factors
Cash generation
Consistently positive operating and free cash flow provide durable internal funding for interest, capex and working capital needs. This cash generation underpins the company's ability to service debt, fund site maintenance and support deleveraging or strategic transactions over the medium term.
Negative Factors
High leverage / negative equity
Elevated debt and negative shareholders' equity constrain financial flexibility and raise refinancing and covenant risk. The strained capital structure increases reliance on asset sales or external financing to restore balance-sheet health and limits capacity for organic investment.
Read all positive and negative factors
Positive Factors
Negative Factors
Cash generation
Consistently positive operating and free cash flow provide durable internal funding for interest, capex and working capital needs. This cash generation underpins the company's ability to service debt, fund site maintenance and support deleveraging or strategic transactions over the medium term.
Read all positive factors
IHS Holding (IHS) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$2.77B
Dividend YieldN/A
Average Volume (3M)1.78M
Price to Earnings (P/E)17.4
Beta (1Y)0.95
Revenue Growth-0.97%
EPS GrowthN/A
CountryUS
Employees2,864
SectorReal Estate
Sector Strength53
IndustryTelecommunications Services
Share Statistics
EPS (TTM)-0.23
Shares Outstanding335,521,200
10 Day Avg. Volume913,543
30 Day Avg. Volume1,776,656
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 Cap1.97
Enterprise Value/Revenue3.45
Enterprise Value/Gross Profit6.63
Enterprise Value/Ebitda5.14
Forecast
1Y Price Target
$8.50Price Target Upside2.91% Upside
Rating ConsensusHold
Number of Analyst Covering1
EPS Forecast (FY)0.75
Revenue Forecast (FY)$1.78B
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 on its towers and related passive infrastructure to mobile network operators under long-term service contracts. The core revenue stream is recurring colocation revenue: customers pay to install and operat...
IHS Holding Earnings Call Summary
Earnings Call Date:Nov 12, 2025
(Q3-2025)
| % Change Since: |
Next Earnings Date:May 19, 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
42
Neutral
Balance Sheet
18
Very Negative
Cash Flow
64
Positive
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 1.58B | 1.71B | 2.13B | 1.96B | 1.58B |
| Gross Profit | 864.20M | 820.69M | 1.04B | 804.30M | 672.34M |
| EBITDA | 647.80M | -794.75M | -998.47M | 252.65M | 591.49M |
| Net Income | 143.60M | -1.63B | -1.98B | -459.01M | -25.83M |
Balance Sheet | |||||
| Total Assets | 4.49B | 4.28B | 5.36B | 6.32B | 5.54B |
| Cash, Cash Equivalents and Short-Term Investments | 825.70M | 577.96M | 293.82M | 514.08M | 916.49M |
| Total Debt | 3.51B | 3.90B | 4.11B | 3.95B | 2.99B |
| Total Liabilities | 4.58B | 4.57B | 5.02B | 4.96B | 3.80B |
| Stockholders Equity | -251.30M | -454.58M | 109.85M | 1.13B | 1.52B |
Cash Flow | |||||
| Free Cash Flow | 417.50M | 460.29M | 254.68M | 347.93M | 347.71M |
| Operating Cash Flow | 669.50M | 729.30M | 853.45M | 907.30M | 750.19M |
| Investing Cash Flow | -64.60M | 63.18M | -722.25M | -1.52B | -877.95M |
| Financing Cash Flow | -335.10M | -431.00M | -162.30M | 398.24M | 524.26M |
IHS Holding Technical Analysis
Positive
8.26
Price Trends
8.18
Positive
7.79
Positive
7.23
Positive
Market Momentum
0.04
Positive
55.88
Neutral
34.61
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 8.26 is above the 20-day moving average (MA) of 8.24, above the 50-day MA of 8.18, and above the 200-day MA of 7.23, indicating a bullish trend. The MACD of 0.04 indicates Positive momentum. The RSI at 55.88 is Neutral, neither overbought nor oversold. The STOCH value of 34.61 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 |
|---|---|---|---|---|---|---|---|
78 Outperform | $1.27B | 14.58 | 26.17% | 0.47% | 2.52% | 10.02% | |
73 Outperform | $3.99B | 16.30 | 24.01% | 3.30% | 7.30% | 21.31% | |
65 Neutral | $2.17B | 12.19 | 3.79% | 4.94% | 3.15% | 1.96% | |
62 Neutral | $3.62B | 6.97 | 40.63% | ― | 6.42% | ― | |
60 Neutral | $5.41B | -36.64 | -2.67% | 0.40% | 15.38% | -292.52% | |
56 Neutral | $1.18B | -8.36 | -842.48% | 13.93% | -6.48% | -588.01% | |
55 Neutral | $2.77B | 17.41 | -56.86% | ― | -0.97% | ― |
* Real Estate Sector Average
IHS
IHS Holding
8.26
3.32
67.21%
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18.69%
IHS Holding Corporate Events
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...
IHS Towers Confirms MTN Approach for Potential Full Takeover
Feb 5, 2026
On February 5, 2026, IHS Holding Limited confirmed that it has been approached by MTN Group Limited regarding a potential acquisition of all the remaining shares in IHS Towers that MTN does not already own, following a cautionary announcement issu...
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.