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IHS Holding Limited

IHS Holding Limited

NYSE•IHS
CEO: Engineer Sam Darwish
Sector: Communication Services
Industry: Telecommunications Services
Listing Date: 2021-10-14
IHS Holding Limited, together with its subsidiaries, develops, owns, and operates shared communications infrastructure in Nigeria, Sub-Saharan Africa, the Middle East and North Africa, and Latin America. It offers colocation and lease agreement, build-to-suit, in-building, small cell, fiber connectivity, and rural telephony solutions to mobile network operators, internet service providers, security functions, and private corporations. IHS Holding Limited was founded in 2001 and is based in London, the United Kingdom.
Contact Information
1 Cathedral Piazza, 123 Victoria Street, London, SW1E 5BP, United Kingdom
44-20-8106-1600
www.ihstowers.com
Market Cap
$2.46B
P/E (TTM)
21.3
10.8
Dividend Yield
--
52W High
$8.00
52W Low
$2.90
52W Range
87%
Rank53Top 63.7%
3.2
F-Score
Modified Piotroski Analysis
Based on 10-year fundamentals
Weak • 3.2 / 9 points
Scoring Range (0-9)
8-9: Excellent Value
6-7: Strong Fundamentals
4-5: Average Quality
0-3: Weak Performance
Data Period: 2015-2024

Financial Dashboard

Q3 2025 Data

Revenue

$455.10M+8.28%
4-Quarter Trend

EPS

$0.45-173.77%
4-Quarter Trend

FCF

$176.90M+57.10%
4-Quarter Trend

2024 Annual Earnings Highlights

Key Highlights

Revenue and EBITDA Decline Total revenue $1.71B USD, down 19.5%; Adjusted EBITDA $928.4M USD, down 18.0% for the year.
Margin Improvement Noted Adjusted EBITDA Margin increased to 54.3% in 2024 from 53.3% in 2023, despite revenue translation impacts.
Portfolio Deconsolidation Complete Completed Kuwait disposal in December 2024, realizing $83.9M USD net gain; Peru disposal finalized in April 2024.
Capital Spending Reduced Total capital expenditure $255.9M USD, reflecting a 56.3% decrease compared to prior year spending levels.

Risk Factors

Extreme Customer Concentration Top three MNO customers accounted for 99% of consolidated revenue in 2024; non-renewal poses material adverse effect risk.
Foreign Exchange Translation Risk Naira devaluation caused $1.39B USD non-core revenue impact; foreign exchange volatility remains a key financial uncertainty.
Internal Control Material Weakness Material weakness identified due to lack of key accounting personnel for complex transactions like goodwill impairment assessment.
High Power Cost Exposure Power generation, heavily reliant on diesel, accounted for 39.2% of 2024 cost of sales, eroding margins.

Outlook

Strategic Review Underway Review targets shareholder value creation via contract renewals, governance improvements, higher Adjusted EBITDA, and debt reduction initiatives.
Organic Growth Focus Maintained Growth driven by Colocation (1.51x rate) and Lease Amendments (39,671 total), leveraging existing asset utilization capacity.
ESG Emissions Reduction Goal Carbon Reduction Roadmap aims for 50% reduction in Scope 1 and 2 emissions intensity by 2030 baseline year 2021.
Debt Reduction Priority Excess cash flow following strategic initiatives is expected to be primarily utilized to reduce outstanding debt obligations.

Peer Comparison

Revenue (TTM)

Charter Communications, Inc.CHTR
$55.10B
+0.4%
SK Telecom Co., Ltd.SKM
$12.34B
-3.4%
Perusahaan Perseroan (Persero) PT Telekomunikasi Indonesia TbkTLK
$9.06B
-1.9%

Gross Margin (Latest Quarter)

Anterix Inc.ATEX
91.3%
-8.7pp
PLDT Inc.PHI
86.5%
-1.0pp
Perusahaan Perseroan (Persero) PT Telekomunikasi Indonesia TbkTLK
67.3%
-0.3pp

Key Metrics

Symbol
Market Cap
P/E (TTM)
ROE (TTM)
Debt to Assets
CHTR$28.70B5.432.3%62.3%
TLK$21.27B15.216.4%26.6%
TIMB$10.43B14.015.9%28.5%

Long-Term Trends

Last 4 Quarters
Revenue
Net Income
Operating Cash Flow
4Q Revenue CAGR
1.3%
Moderate Growth
4Q Net Income CAGR
-15.1%
Declining Profitability
Cash Flow Stability
100%
Strong Cash Flow

Research & Insights

Next earnings:Mar 17, 2026
|
EPS:$0.17
|
Revenue:-
Reports
All Years

  • Form 20-F - FY 2024

    Period End: Dec 31, 2024|Filed: Mar 18, 2025|
    Revenue: $1.71B-19.5%
    |
    EPS: $-4.90+17.4%
    Miss

  • Form 20-F - FY 2023

    Period End: Dec 31, 2023|Filed: Mar 12, 2024|
    Revenue: $2.13B+8.4%
    |
    EPS: $-5.93-317.6%
    Miss

  • Form 20-F - FY 2022

    Period End: Dec 31, 2022|Filed: Mar 28, 2023|
    Revenue: $1.96B+24.2%
    |
    EPS: $-1.42-1681.7%
    Miss

  • Form 20-F/A - FY 2021

    Period End: Dec 31, 2021|Filed: Aug 16, 2022|
    Revenue: $1.58B+12.6%
    |
    EPS: $-0.08+91.9%
    Miss

  • Form 20-F - FY 2021

    Period End: Dec 31, 2021|Filed: Mar 15, 2022|Refer to amended data