reports
- Chris Hoare
GEM Telcos: Consolidation – THE theme driving improved trends for EM T...
Earlier this month we published on how Global EM Telco Capex is falling rapidly, in large part driven by consolidation. On average EM Telco markets have fallen from a peak of 7 players to under 3. We expect many to end up with 2, or even a single network. How much further far might this cut capex?
- Chris Hoare
IHS Towers (Buy, TP: $7.7, +41%) – Q1 25: Strong start to the year; Rw...
IHS Towers has reported a strong set of result. Revenue and EBITDA came in above consensus by quite some margin and Q1 numbers trended above the FY25 guide across the board. The company has also announced the sale of its Operations in Rwanda.
- Chris Hoare
IHS (Buy, TP: US$7.7, +80%) - Investor Call Feedback - 31st March 2025
We had a bullish call last week with IHS CFO, Steve Howden, and Head of IR Robert Berg. Despite tariff-related chaos the stock has performed well recently (+50% ytd) reflecting the better environment in Nigeria as well as action the company itself has taken to improve value, but we still think it looks undervalued and retain our Buy recommendation and US$7.7 price target.
- Chris Hoare
- Chris Hoare
- Chris Hoare
- Chris Hoare
Global EM Telcos & Towers NSR GEM Top-10 March ‘25 Update: February a...
February was another good month for our top EM Telcos, now up 15% YTD on average. This note also includes key news & other thoughts in order to help investors generate alpha within the EM Telco space. With performance strong so far, we make no changes to our picks.
- Chris Hoare
Global EM Telcos & Towers – NSR EM Top picks Feb 25 update. Top-8 beco...
We update the NSR GEM Top Picks list. No stocks are dropped, and we add LILAC and TIM Brasil to our list, extending it to a Top-10 list from Top-8. Our picks had a good start, up 12% on average since the start of the year. This note also includes key news & other thoughts in order to help investors generate alpha within the EM Telco space.
- Chris Hoare
- Chris Hoare
- Chris Hoare
- Chris Hoare
EM Towers Q2 CY24 review: Improving trends in China and Africa, Indon...
Revenue and EBITDA trends improved again for China Tower, which alongside stable depreciation supported bottom-line momentum. In Indonesia, MTEL and TOWR continued to perform where the latter benefited from faster growth in its Fibre business thus should act as a buffer should the XL and Smartfren deal were to proceed.
- Chris Hoare
EMEA & African Telcos & Towers - High Yield Review – Initiate Coverage...
Following similar efforts in Europe and LatAm we are launching coverage on the HY Telcos & Towers in EMEA & Africa. New names under coverage include Helios (also initiated on equity, pt GBp140), Axian Telecom and Liquid Intelligent. We also address IHS Towers (pt cut to US$ 6), VEON and Helios’ bonds.
- Chris Hoare
- Chris Hoare
IHS Towers (Buy, TP: $8, +158%) Q2 24: Solid quarter and encouraging ...
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).
- Chris Hoare
MTN (Buy, TP: ZAR130, +73%) IHS Towers (Buy, TP: $8, +167%) MTN and I...
Both MTN Nigeria and IHS Nigeria have announced the renewal and extension of all their MLAs in Nigeria, including new financial terms. This development is materially positive for both companies in our view. This means all MLAs in Africa between MTN and IHS have now been renewed and extended. Separately, MTN has also announced the exit from Guinea-Bissau.
- Chris Hoare
EM Towers Q1 CY24 review: Better overall; trimmed price targets for I...
The outperformer this quarter was China Tower, with stronger trends across the board. Indus continues to grow at a faster pace, but we think the market is too optimistic on Indus’ ability to turn this into cash as it is driven by single tenancy towers. In Indonesia the big news is that XL and Smartfren are in talks which has the potential to be significant for both TBIG and TOWR, and so despite better trends we downgrade price targets
- Chris Hoare
IHS Towers (Buy, TP: $8, +144%) Q1 24: Slower growth (as expected), i...
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.
- Chris Hoare
- Chris Hoare
IHS Towers (Buy, TP: $10, +161%) Feedback from small group call
We hosted a small group zoom call with the IHS CFO, Steve Howden, and Head of IR, Colby Synesael yesterday. The company has had a torrid time over the last 2 years, but operationally has proven relatively resilient to intense pressure in our view. Our takeaway from the call was cautiously positive, though of course lots depends on Nigerian Macro.
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