| Over a week ago | ||||
TD Cowen analyst Gregory… TD Cowen analyst Gregory Williams lowered the firm's price target on IHS Holding to $29 from $30 and keeps an Outperform rating on the shares. The analyst said IHS is tracking ahead of initial guidance which management maintained as it s only 2 months removed but is optimistic. | ||||
Sees 2023 adjusted EBITDA… Sees 2023 adjusted EBITDA $1.2B-$1.22B. | ||||
Reports Q1 revenue… Reports Q1 revenue $602.5M, consensus $569.97M. Sam Darwish, CEO, stated, "We had another strong quarter with growth primarily driven by a sequential step-up from new Lease Amendments, escalations, and FX resets, while growth from power moderated - all as expected. Results also included a $48M one-time benefit to revenue and Adjusted EBITDA from our smallest Key Customer in Nigeria, inclusive of $5M additional withholding tax gross up, and a $43M one-time benefit to RLFCF. Lastly, Q1 results included a $9M FX tailwind vs. rates previously assumed in guidance. We are reiterating our 2023 guidance for all our key metrics including revenue, Adjusted EBITDA, RLFCF, and capex that we issued in March. While we recognize the modest upside from the $5M withholding tax benefit in Q1, and that our updated FX rates now assumed in guidance imply $14M upside vs. rates previously assumed in guidance, given FX rates in emerging markets can be volatile, and that a notable risk of Naira devaluation this year exists, we think it's important we remain prudent in our approach and not increase our guidance. Overall, we remain on track to achieve our goals for 2023." | ||||
Wells Fargo initiated… Wells Fargo initiated coverage of Simon Property (SPG) with an Overweight rating and $415 price target. The firm notes that Simon Property's post-IHS (IHS) merger profile provides balanced end market exposure -- including some torque to eventual issuance rebound, strong synergy opportunities, robust capital return capabilities and potential further portfolio options. | ||||
| Over a month ago | ||||
RBC Capital analyst… RBC Capital analyst Jonathan Atkin raised the firm's price target on IHS Holding to $11 from $10 and keeps an Outperform rating on the shares. The company's Q4 results were "strong" with better-than-expected revenue and EBITDA, the analyst tells investors in a research note. The firm further sees "secular demand drivers" for the company as African markets are some of the lowest penetrated in the world with among the highest subscriber growth rates, and there is a long runway for towercos on future network upgrade cycles as 2G/3G technology is still common. | ||||
Goldman Sachs analyst… Goldman Sachs analyst Brett Feldman raised the firm's price target on IHS Holding to $13 from $12 and keeps a Buy rating on the shares after its Q4 results. The analyst states that the company's operating momentum and liquidity could narrow the stock's valuation gap. | ||||
IHS Holding is up 18.3%,… IHS Holding is up 18.3%, or $1.30 to $8.40. | ||||
Sees FY23 Adjusted… Sees FY23 Adjusted EBITDA: $1.2B - $1.22B. Recurring Levered Free Cash Flow: $430M - $450M. Total Capex: $610M - $650M. | ||||
Reports Q4 revenue… Reports Q4 revenue $526.167M, consensus $486.84M. Sam Darwish, IHS Towers Chairman and Chief Executive Officer, stated, "Today, we announced IHS Towers' results for FY22, our first full year as a public company. During 2022 we accomplished a lot, which we believe demonstrates not just the growth potential within our business, but also its resilience in the challenging global macro-economic environment. In 2022 we focused on organic growth, targeted inorganic growth, de-risking our balance sheet, power and greenhouse gas initiatives and positioning ourselves for 2023. 2022 included two acquisitions that bolstered our size in Brazil and allowed us to enter South Africa as the largest independent tower operator in the country.... And lastly, we announced our Carbon Reduction Roadmap and Project Green - our plan to reduce our reliance on diesel and generate meaningful cost savings. In terms of 4Q, IHS finished the year with a strong quarter with 2022 revenue, Adjusted EBITDA and RLFCF all at the high end or above our guidance. The strength was primarily driven by continued secular demand and to a lesser degree additional power revenue and a $4 million FX tailwind vs. rates previously assumed in guidance. We expect this strength to continue, as reflected in our 2023 guidance that we are introducing today, and which implies organic revenue growth of 23%. Overall, I am very pleased with how we performed in 2022 and the direction our business is heading." | ||||
| Over a quarter ago | ||||
IHS Holding Ltd. is… IHS Holding Ltd. is weighing a bid for South Africa Telkom's tower unit, Loni Prinsloo of Bloomberg reports, citing people familiar with the matter. Deliberations are focused on the structure of the potential deal, although Telkom remains open to offers from other companies, sources told Bloomberg. The Swiftnet business is worth about $472M based on future expected cash flows, according to a research note from Nedbank, reports Prinsloo. Reference Link | ||||
