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IHS Holding
(NYSE:IHS)
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Rating:58Neutral
Price Target:
$8.50
▲(3.28% Upside)
Action:Reiterated
Date:08/17/26
The score is held back primarily by elevated balance-sheet risk (high debt and negative equity) and a steep TTM revenue decline, despite solid cash generation. Technicals are supportive with the stock trading above key moving averages and moderate momentum. Valuation appears middle-of-the-road with a ~19.6 P/E and no dividend yield data to bolster the case.
Positive Factors
Recurring tower leasing model
Long-term colocation contracts provide recurring revenue visibility, while adding tenants to existing towers can increase revenue with relatively low incremental costs and support durable operating leverage.
Negative Factors
High leverage and negative equity
High debt combined with negative equity limits financial flexibility and increases exposure to refinancing, currency and operating volatility, potentially constraining investment capacity and amplifying downside during weaker periods.
Read all positive and negative factors
Positive Factors
Negative Factors
Recurring tower leasing model
Long-term colocation contracts provide recurring revenue visibility, while adding tenants to existing towers can increase revenue with relatively low incremental costs and support durable operating leverage.
Read all positive factors
IHS Holding (IHS) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$2.80B
Dividend YieldN/A
Average Volume (3M)1.10M
Price to Earnings (P/E)19.6
Beta (1Y)0.89
Revenue Growth-10.28%
EPS Growth27.67%
CountryUS
Employees2,344
SectorReal Estate
Sector Strength53
IndustryTelecommunications Services
Share Statistics
EPS (TTM)0.42
Shares Outstanding336,671,000
10 Day Avg. Volume560,519
30 Day Avg. Volume1,103,214
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 Cap<0.01
Enterprise Value/Revenue<0.01
Enterprise Value/Gross Profit<0.01
Enterprise Value/Ebitda<0.01
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)0.91
Revenue Forecast (FY)$1.80B
IHS Holding Business Overview & Revenue Model
Company Description
IHS Holding Limited, through its subsidiaries, is a leading provider in the telecommunications industry, specializing in the ownership, operation, and development of shared infrastructure across a wide geographic footprint including Africa, Latin ...
How the Company Makes Money
IHS makes money primarily by leasing space on its tower sites to telecommunications operators and other wireless customers under long-term service contracts. The core revenue model is “colocation”: multiple tenants (typically mobile network operat...
IHS Holding Earnings Call Summary
Earnings Call Date:Nov 12, 2025
(Q3-2025)
| % Change Since: |
Next Earnings Date:Nov 17, 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
58
Neutral
Balance Sheet
27
Negative
Cash Flow
64
Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 1.55B | 1.58B | 1.71B | 2.13B | 1.96B | 1.58B |
| Gross Profit | 812.05M | 864.20M | 820.69M | 1.04B | 804.30M | 672.34M |
| EBITDA | 1.16B | 1.39B | -794.75M | -998.47M | 252.65M | 591.49M |
| Net Income | 142.10M | 143.60M | -1.63B | -1.98B | -459.01M | -25.83M |
Balance Sheet | ||||||
| Total Assets | 4.36B | 4.49B | 4.28B | 5.36B | 6.32B | 5.54B |
| Cash, Cash Equivalents and Short-Term Investments | 1.07B | 825.70M | 577.96M | 293.82M | 514.08M | 916.49M |
| Total Debt | 3.49B | 3.51B | 3.90B | 4.11B | 3.95B | 2.99B |
| Total Liabilities | 4.54B | 4.58B | 4.57B | 5.02B | 4.96B | 3.80B |
| Stockholders Equity | -181.70M | -251.30M | -454.58M | 109.85M | 1.13B | 1.52B |
Cash Flow | ||||||
| Free Cash Flow | 536.32M | 417.50M | 460.29M | 254.68M | 347.93M | 347.71M |
| Operating Cash Flow | 777.40M | 669.50M | 729.30M | 853.45M | 907.30M | 750.19M |
| Investing Cash Flow | 163.30M | -64.60M | 63.18M | -722.25M | -1.52B | -877.95M |
| Financing Cash Flow | -366.93M | -335.10M | -431.00M | -162.30M | 398.24M | 524.26M |
IHS Holding Technical Analysis
Positive
8.23
Price Trends
8.24
Positive
8.25
Positive
7.90
Positive
Market Momentum
0.03
Negative
58.00
Neutral
90.03
Negative
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 8.23 is below the 20-day moving average (MA) of 8.27, below the 50-day MA of 8.24, and above the 200-day MA of 7.90, indicating a bullish trend. The MACD of 0.03 indicates Negative momentum. The RSI at 58.00 is Neutral, neither overbought nor oversold. The STOCH value of 90.03 is Negative, 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 |
|---|---|---|---|---|---|---|---|
81 Outperform | $1.65B | 20.39 | 24.73% | 0.40% | 4.24% | -14.30% | |
70 Outperform | $6.03B | 12.37 | 9.66% | 0.33% | 33.24% | ― | |
70 Outperform | $3.66B | 83.57 | 4.15% | ― | 14.60% | -94.13% | |
68 Neutral | $5.30B | 56.88 | 20.12% | 1.31% | 3.10% | -12.30% | |
65 Neutral | $2.17B | 12.19 | 3.79% | 4.94% | 3.15% | 1.96% | |
58 Neutral | $2.80B | 19.65 | -74.58% | ― | -10.28% | 27.67% | |
47 Neutral | $550.57M | -6.04 | 140.52% | 9.06% | -4.54% | 79.01% |
* Real Estate Sector Average
IHS
IHS Holding
8.33
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22.32%
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IHS Holding Corporate Events
IHS Holding Posts Q2 2026 Growth as Shareholders Approve MTN Takeover
Aug 11, 2026
On 11 August 2026, IHS Holding reported second-quarter 2026 results showing revenue from continuing operations up 10.4% year-on-year to $428.6 million, aided by a 13.5% foreign exchange tailwind from a stronger Nigerian naira and modest organic gr...
IHS Holding Files Q2 2026 Results and Amends Loan Facility
Aug 11, 2026
On August 11, 2026, IHS Holding filed a Form 6-K with U.S. regulators, reporting its unaudited condensed consolidated interim financial statements for the three and six months ended June 30, 2026, along with management’s discussion and analy...
IHS Towers Exits Latin America With Sale of 9,000-Site Portfolio to Macquarie
Aug 7, 2026
On August 7, 2026, IHS Towers completed the previously announced sale of its Latin America tower operations, including IHS Brazil and IHS Colombia and roughly 9,000 sites as of March 31, 2026, to Macquarie Asset Management. The transaction, advise...
IHS Holding Shareholders Approve Merger Deal at August 4 EGM
Aug 4, 2026
On August 4, 2026, IHS Holding Limited held an Extraordinary General Meeting of shareholders to vote on proposals tied to a previously announced Agreement and Plan of Merger dated February 17, 2026. The merger would see Sub-Merger Co, a Cayman Isl...
IHS Holding Releases 2025 Sustainability Report Highlighting ESG Gains
May 26, 2026
On May 26, 2026, London-based IHS Holding Limited published its 2025 Sustainability Report, detailing environmental, social and governance performance for the period from January 1 to December 31, 2025 and underscoring its four-pillar strategy spa...
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.