New Street Research - IHS Plc (IHS.LG) IHS Towers (Buy, TP: $10, +297%) Q4 23: Strong underlying performance; Margins expected to improve in 2024

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New Street Research

Chris Hoare

EUR 9306.00 For Business Accounts Only

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.

13/03/2024 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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IHS Towers (Buy, TP: $10, +297%) Q4 23: Strong underlying performance; Margins expected to improve in 2024

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

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

Softbank Corp (Buy, TP: ¥2,500, +33%) Q4 23 Quick Take: Bottom-line beat; mixed near-term guidance impacted by investments into Generative AI

MTN (Buy, TP: ZAR130, +38%) MTN Uganda – Q1 24 Quick Take: Good start to the year

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