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

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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

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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

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

Alphabet (GOOGL, Buy, $213 target) Forget Chrome, 3P payments are the heart of the issue

SATS: DBS merger breaks

3Q24 Broadband Trends: FWA capacity limits; FWA demand limits

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