New Street Research - IHS Plc (IHS.LG) IHS Towers (Buy, TP: $10, +161%) Feedback from small group call

Report

New Street Research

Chris Hoare

EUR 9344.00 For Business Accounts Only

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

We hosted a small group zoom call with the IHS CFO, Steve Howden, and Head of IR, Colby Synesael yesterday. The company has had a torrid time over the last 2 years, but operationally has proven relatively resilient to intense pressure in our view. Our takeaway from the call was cautiously positive, though of course lots depends on Nigerian Macro.

27/03/2024 1 EN

Underlying

IHS Plc

See profile

Provider

New Street Research

Provided by our team of experienced analysts, our work is idea driven, based on independence of thought, sector expertise, and firmly focussed on fundamentals and valuation.

New Street Research is an independent, partner-owned, research firm specialising in equity and debt research. Our equity research embraces the following sectors:

Pan European Telecom Services and Cable
US Telecoms, Cable, Satellite and Towers
Global Emerging Market Telecoms
Japan Telecoms
Asian Internet
Pan European Healthcare
Global healthcare thematic research

We provide debt research on:

Pan European Telecom Services and Cable

See profile

Analysts

Chris Hoare

Other Reports on these Companies

New Street Research

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

Given the exceptionally weak share price performance since IPO IHS has initiated a value crystallization programme. In this note we look at what the company can do.

EUR 9344.00

April 17, 2024 April 17, 2024 1 EN

New Street Research

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

IHS Towers has reported another strong top line performance on an underlying basis with margins improving sequentially and YoY. The company has also provided FY24 guidance.

EUR 9344.00

March 13, 2024 March 13, 2024 1 EN

Charter Model Update

This note focuses mostly on model changes. Please see separate notes reviewing results and on thoughts following the earnings call. We lowered broadband adds, revenue and EBITDA. We also expect leverage to approach 4.25x by the end of the year. This likely rules out further repurchases this year, unless EBITDA is stronger than we expect. No change to thesis, though we expect Broadband stocks to be challenged for at least next few quarters. Price target is $431 (+69%).

EUR 9344.00

10h / 25m 10h / 25m 1 EN

Jonathan Chaplin

Jonathan Chaplin

CHTR: quick thoughts following the call

What's new: in this note we cover the change to leverage and what it means for management’s confidence in the business, our evolving thoughts on broadband market growth, our outlook for 2Q24 for broadband adds, ARPU, and EBITDA, and thoughts on long-term pricing strategy.

EUR 9344.00

16h / 11m 16h / 11m 1 EN

Russell Waller

Russell Waller

Altice France (SFR)/Orange/Iliad/Bouygues ARCEP 2023 customer survery results

ARCEP published its 2023 customer satisfaction data today. It makes for interesting reading for all the French operators. We show the key conclusion in this report. It is perhaps of particular interest to SFR investors: our view is that SFR’s troubles are mainly customer related as opposed to do with network or price (although all three are inter-linked obviously).

EUR 9344.00

16h / 54m 16h / 54m 1 EN

Sign-up for free to access full reports immediately

Email Address*

Choose Password* ( 6 or more characters )

Due to regulatory restrictions regarding the distribution of financial research, this report is restricted to a specific region or investor type. Get access to exclusive reports by answering the questions below.

Select your country*

Get financial insights straight to your inbox

By clicking "register" you accept the Terms and Conditions & Privacy Policy

Already on ResearchPool?

Almost there...

Are you a professional investor?

Select your country

REGISTER

Create a free ResearchPool account to access full reports, get a personalised dashboard and follow providers or companies

In order to access this report please create an account.

LOGIN

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

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, +297%) Q4 23: Strong underlying performance; Margins expected to improve in 2024

Charter Model Update

CHTR: quick thoughts following the call

Altice France (SFR)/Orange/Iliad/Bouygues ARCEP 2023 customer survery results

Create a free ResearchPool account to access full reports, get a personalised dashboard and follow providers or companies

Sign-up for free to access full reports immediately

ResearchPool Subscriptions

Get the most out of your insights

Why subscribe?

How to subscribe

ResearchPool Subscriptions

This report is only available to subscribers

Why subscribe?

How to subscribe