New Street Research - IHS Plc (IHS.LG) IHS Towers (Buy, TP: $8, +144%) Q1 24: Slower growth (as expected), improving OpFCF margins; Guidance maintained

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New Street Research

Chris Hoare

EUR 8975.00 For Business Accounts Only

IHS Towers (Buy, TP: $8, +144%) Q1 24: Slower growth (as expected), improving OpFCF margins; Guidance maintained

IHS Towers has reported a slower quarter as expected. Top line performance was solid and came in ahead of expectations, but EBITDA growth was below expectations. Capex this quarter is well below historic levels as the company is now focused on cash generation and rebuilding the balance sheet. As a result, OpFCF margins improved.

14/05/2024 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.

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Pan European Telecom Services and Cable

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Chris Hoare

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IHS Towers (Buy, TP: $8, +144%) Q1 24: Slower growth (as expected), improving OpFCF margins; Guidance maintained

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

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Tesla Deliveries: China drives growth; steady share gains in the rest of the world

Verizon & AT&T Model and Valuation Updates

Telia (Neutral, SEK33, -4%) Supportive CMD, but not enough to sustain another significant rally – downgrade to Neutral

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