New Street Research - IHS Plc (IHS.LG) IHS Towers (Buy, TP: $8, +158%) Q2 24: Solid quarter and encouraging message on margins; still waiting for the strategic review – Call feedback included

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New Street Research

Chris Hoare

EUR 8931.00 For Business Accounts Only

IHS Towers (Buy, TP: $8, +158%) Q2 24: Solid quarter and encouraging message on margins; still waiting for the strategic review – Call feedback included

IHS Towers has reported a solid set of Q2 results. Organic top line growth has seen a strong acceleration, driven by Nigeria, while margins improved nicely too. There was no new news regarding the strategic review. However, the company made a key announcement last week about the contract renewals with MTN Nigeria (HERE).

13/08/2024 1 EN

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IHS Plc

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Chris Hoare

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IHS Towers (Buy, TP: $8, +158%) Q2 24: Solid quarter and encouraging message on margins; still waiting for the strategic review – Call feedback included

IHS Towers (Buy, TP: $8, +170%) Investor call feedback

MTN (Buy, TP: ZAR130, +73%) IHS Towers (Buy, TP: $8, +167%) MTN and IHS contract renewals in Nigeria – Our thoughts and implications

NSR Policy: The DBS Deal and the 12 GHz Band

Apple: iPhone 16 – We expect a 10% miss on shipments

IHS Towers (Buy, TP: $8, +170%) Investor call feedback

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