New Street Research - IHS Plc (IHS.LG) New Street: IHS Towers (Buy, TP: $20, +147%) Q2 22: Mixed quarter, decent revenue (and small revenue guidance upgrade) but disappointing EBITDA and FY22 capex likely to be higher than expected

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Chris Hoare ...

David Lopes

EUR 9190.00 For Business Accounts Only

New Street: IHS Towers (Buy, TP: $20, +147%) Q2 22: Mixed quarter, decent revenue (and small revenue guidance upgrade) but disappointing EBITDA and FY22 capex likely to be higher than expected

IHS has reported a mixed set of Q2 results.

17/08/2022 1 EN

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IHS Plc

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New Street Research

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Chris Hoare

David Lopes

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New Street: IHS Towers (Buy, TP: $20, +147%) Q2 22: Mixed quarter, decent revenue (and small revenue guidance upgrade) but disappointing EBITDA and FY22 capex likely to be higher than expected

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

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

Bible 1Q24 – Foundries: leading-edge strong; Trailing-edge correction playing out.

VEON (Buy, TP: $40, +55%) Thoughts after the call

Reddit (RDDT, Neutral, $54 target) Data licensing tracking our base case after OpenAI deal

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