New Street Research - IHS Plc (IHS.LG) IHS (Buy, TP: $10, +224%) New tenancies and contract extension with Airtel Africa

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New Street Research

Chris Hoare

EUR 9306.00 For Business Accounts Only

IHS (Buy, TP: $10, +224%) New tenancies and contract extension with Airtel Africa

IHS announced today that Airtel Africa has committed to take 3,950 tenancies over the next 5 years and extended the term of c.6,000 of its existing tenancies.

08/02/2024 1 EN

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IHS Plc

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New Street Research

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Chris Hoare

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Airtel Africa (Buy, TP: GBP1.5, +42%) Q4 24: Decent, Solid top line but slower EBITDA; positive message on HoldCo cash

Airtel Africa has published a decent set of Q4 results. Top line performance remained strong, service revenue growth in local currency came in above consensus expectations and above our expectations. EBITDA trends slowed (but remained decent given the macro context in Q1) and margins came in 1pp below consensus and us.

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IHS (Buy, TP: $10, +224%) New tenancies and contract extension with Airtel Africa

IHS Towers (Buy, TP: $8, +153%) What can the company do to crystallise value? Buy, pt US$ 8 from US$10

IHS Towers (Buy, TP: $10, +161%) Feedback from small group call

IHS Towers (Buy, TP: $10, +297%) Q4 23: Strong underlying performance; Margins expected to improve in 2024

CityFibre & Three UK Can they get their deals done by year-end?

SATS: model update

Airtel Africa (Buy, TP: GBP1.5, +42%) Q4 24: Decent, Solid top line but slower EBITDA; positive message on HoldCo cash

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