(IHS) IHS Holding - Overview
Sector: Real Estate | Industry: Real Estate Services | Exchange: NYSE (USA) | Market Cap: 2.825m USD | Total Return: 59.6% in 12m
Avg Turnover: 8.51M
Qual. Beats: 0
Rev. Trend: -94.7%
Qual. Beats: 0
Warnings
Earnings expected to drop: P/E 4.6 → Forward 9.3
Altman Z'' -1.91 < 1.0 - financial distress zone
Tailwinds
Confidence
IHS Holding Limited is a London-based provider of shared communications infrastructure, primarily operating across major African markets including Nigeria, South Africa, and Côte dIvoire. The company’s core business involves leasing space on physical towers to mobile network operators and internet service providers through colocation and build-to-suit agreements. Additional service offerings include small cell installations, fiber-to-the-tower connectivity, and managed services such as power supply and site security.
The independent tower company (TowerCo) business model relies on high barriers to entry and long-term, inflation-linked lease contracts that provide predictable cash flows. By hosting multiple tenants on a single structure, IHS improves capital efficiency and supports the expansion of 4G and 5G networks in emerging markets where terrestrial infrastructure is often underdeveloped.
Investors can evaluate the underlying valuation metrics and regional risk profiles of this security on ValueRay. IHS Holding Limited has maintained its position as one of the largest independent owners of telecommunications towers globally since its founding in 2001.
- Nigerian Naira devaluation increases currency volatility and impacts reported dollar revenue
- Rising diesel costs for tower power supply compress operational profit margins
- Expansion of 5G infrastructure deployment drives colocation and lease amendment demand
- High customer concentration with major mobile operators creates significant counterparty risk
- Political instability in African markets threatens long-term infrastructure asset security
| Net Income: 186.3m TTM > 0 and > 6% of Revenue |
| FCF/TA: 0.13 > 0.02 and ΔFCF/TA -0.31 > 1.0 |
| NWC/Revenue: 86.56% < 20% (prev 11.87%; Δ 74.70% < -1%) |
| CFO/TA 0.19 > 3% & CFO 865.1m > Net Income 186.3m |
| Net Debt (2.93b) to EBITDA (964.7m): 3.03 < 3 |
| Current Ratio: 2.01 > 1.5 & < 3 |
| Outstanding Shares: last quarter (343.1m) vs 12m ago 3.66% < -2% |
| Gross Margin: 53.10% > 18% (prev 0.51%; Δ 5.26k% > 0.5%) |
| Asset Turnover: 34.31% > 50% (prev 39.25%; Δ -4.94% > 0%) |
| Interest Coverage Ratio: 2.03 > 6 (EBITDA TTM 964.7m / Interest Expense TTM 311.0m) |
| A: 0.29 (Total Current Assets 2.69b - Total Current Liabilities 1.34b) / Total Assets 4.67b |
| B: -1.44 (Retained Earnings -6.72b / Total Assets 4.67b) |
| C: 0.14 (EBIT TTM 631.3m / Avg Total Assets 4.54b) |
| D: -0.04 (Book Value of Equity -193.3m / Total Liabilities 4.69b) |
| Altman-Z'' = -1.91 = D |
| DSRI: 0.74 (Receivables 192.3m/287.9m, Revenue 1.56b/1.73b) |
| GMI: 0.96 (GM 53.10% / 50.96%) |
| AQI: 0.55 (AQ_t 0.17 / AQ_t-1 0.31) |
| SGI: 0.90 (Revenue 1.56b / 1.73b) |
| TATA: -0.15 (NI 186.3m - CFO 865.1m) / TA 4.67b) |
| Beneish M = -3.76 (Cap -4..+1) = AAA |
As of May 29, 2026, the stock is trading at USD 8.33 with a total of 1,512,750 shares traded.
Over the past week, the price has changed by +0.73%,
over one month by +0.97%,
over three months by +4.13% and
over the past year by +59.58%.
IHS Holding has received a consensus analysts rating of 4.43. Therefore, it is recommended to buy IHS.
- StrongBuy: 4
- Buy: 2
- Hold: 1
- Sell: 0
- StrongSell: 0
| Analysts Target Price | 9 | 8% |
P/E Trailing = 4.5847
P/E Forward = 9.311
P/S = 1.7596
P/B = 1.9644
Revenue TTM = 1.56b USD
EBIT TTM = 631.3m USD
EBITDA TTM = 964.7m USD
Long Term Debt = 2.81b USD (from longTermDebt, last quarter)
Short Term Debt = 385.2m USD (from shortTermDebt, last quarter)
Debt = 3.87b USD (from shortLongTermDebtTotal, last quarter) + Leases 366.0m
Net Debt = 2.93b USD (calculated: Debt 3.87b - CCE 940.5m)
Enterprise Value = 5.75b USD (2.82b + Debt 3.87b - CCE 940.5m)
Interest Coverage Ratio = 2.03 (Ebit TTM 631.3m / Interest Expense TTM 311.0m)
EV/FCF = 9.35x (Enterprise Value 5.75b / FCF TTM 615.0m)
FCF Yield = 10.69% (FCF TTM 615.0m / Enterprise Value 5.75b)
FCF Margin = 39.48% (FCF TTM 615.0m / Revenue TTM 1.56b)
Net Margin = 11.96% (Net Income TTM 186.3m / Revenue TTM 1.56b)
Gross Margin = 53.10% ((Revenue TTM 1.56b - Cost of Revenue TTM 730.5m) / Revenue TTM)
Gross Margin QoQ = 55.68% (prev 62.03%)
Tobins Q-Ratio = 1.23 (Enterprise Value 5.75b / Total Assets 4.67b)
Interest Expense / Debt = 8.04% (Interest Expense 311.0m / Debt 3.87b)
Taxrate = 42.75% (50.1m / 117.2m)
NOPAT = 361.4m (EBIT 631.3m * (1 - 42.75%))
Current Ratio = 2.01 (Total Current Assets 2.69b / Total Current Liabilities 1.34b)
Debt / Equity = -20.01 (negative equity) (Debt 3.87b / totalStockholderEquity, last quarter -193.3m)
Debt / EBITDA = 3.03 (Net Debt 2.93b / EBITDA 964.7m)
Debt / FCF = 4.76 (Net Debt 2.93b / FCF TTM 615.0m)
Total Stockholder Equity = -212.8m (last 4 quarters mean from totalStockholderEquity)
RoA = 4.10% (Net Income 186.3m / Total Assets 4.67b)
RoE = 2.86% (Net Income TTM 186.3m / Total Stockholder Equity 6.51b)
RoCE = 6.77% (EBIT 631.3m / Capital Employed (Equity 6.51b + L.T.Debt 2.81b))
RoIC = 10.29% (NOPAT 361.4m / Invested Capital 3.51b)
WACC = 6.31% (E(2.82b)/V(6.69b) * Re(8.65%) + D(3.87b)/V(6.69b) * Rd(8.04%) * (1-Tc(0.43)))
Discount Rate = 8.65% (= CAPM, Blume Beta Adj.)
Shares (quarterly) Correlation: 34.92 | Cagr: 0.13%
[DCF] Terminal Value 75.86% ; FCFF base≈607.3m ; Y1≈626.2m ; Y5≈699.4m
[DCF] Fair Price = 23.44 (EV 10.8b - Net Debt 2.93b = Equity 7.89b / Shares 336.7m; r=8.35% [WACC [floored]]; 5y FCF grow 3.23% → 2.50% )
EPS Correlation: N/A | EPS CAGR: N/A | SUE: 0.01 | # QB: 0
Revenue Correlation: -94.68 | Revenue CAGR: -11.31% | SUE: -0.10 | # QB: 0
EPS current Quarter (2026-06-30): EPS=0.12 | Chg30d=N/A | Revisions=N/A | Analysts=1
EPS next Quarter (2026-09-30): EPS=0.33 | Chg30d=N/A | Revisions=N/A | Analysts=1
EPS current Year (2026-12-31): EPS=1.09 | Chg30d=N/A | Revisions=N/A | GrowthEPS=+159.5% | GrowthRev=+17.0%
EPS next Year (2027-12-31): EPS=0.85 | Chg30d=N/A | Revisions=N/A | GrowthEPS=-21.9% | GrowthRev=+5.6%