New Street Research - IHS Plc (IHS.LG) IHS Towers (Buy, TP: $6, +140%) Q3 24: Solid quarter, lower capex guide; still waiting for the strategic review – Call feedback included

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New Street Research

Chris Hoare

EUR 9416.00 For Business Accounts Only

IHS Towers (Buy, TP: $6, +140%) Q3 24: Solid quarter, lower capex guide; still waiting for the strategic review – Call feedback included

IHS Towers has reported a solid quarter. Both group revenue and EBITDA came in above consensus expectations (and our expectations) and the company posted strong margins this quarter.

13/11/2024 1 EN

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IHS Plc

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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

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Analysts

Chris Hoare

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Following similar efforts in Europe and LatAm we are launching coverage on the HY Telcos & Towers in EMEA & Africa. New names under coverage include Helios (also initiated on equity, pt GBp140), Axian Telecom and Liquid Intelligent. We also address IHS Towers (pt cut to US$ 6), VEON and Helios’ bonds.

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DLO US (BUY, TP: $14, +50%) Q3 24 - Another nice GP beat; upbeat into FY 25

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Telecom Italia (Buy, €0.33, +37%) Q3 24 – The domestic value is emerging more clearly

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IHS Towers (Buy, TP: $6, +140%) Q3 24: Solid quarter, lower capex guide; still waiting for the strategic review – Call feedback included

EM Towers Q2 CY24 review: Improving trends in China and Africa, Indonesia stable while Indus slowed

EMEA & African Telcos & Towers - High Yield Review – Initiate Coverage on Axian Telecom and Liquid Intelligent Technologies, plus VEON, IHS Towers & Helios

DLO US (BUY, TP: $14, +50%) Q3 24 - Another nice GP beat; upbeat into FY 25

NU US (Neutral, TP: $13, -15%) Q3 24: NuCel the Telco disrupter, diversifying from lending

Telecom Italia (Buy, €0.33, +37%) Q3 24 – The domestic value is emerging more clearly

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