olivLaw · US equity research
IHS Holding Limited (IHS Towers) IHS
Radiotelephone Communications · SIC 4812 · Vertical: Radiotelephone Communications (SIC 4812)
IHS Towers is one of the largest independent providers of shared telecom tower infrastructure in emerging markets, leasing sites to mobile operators across Africa and Latin America. Revenue from continuing operations reached 1582.0 million USD in 2025, and the company is now selling its Latin American operations and agreed to a merger with MTN, which changes its investment profile.
The AI analysis may be outdated: new filings came after its sources (see the «AI analysis» section).
At the close of 04 Nov 2026, IHS Holding Limited (IHS Towers) (IHS) stock was 8.48 USD (+0.47% on the day), with market capitalisation 2.8 bn USD, P/E 20.2 on diluted EPS of 0.42 USD over the last 12 months, beta 0.67, 52-week range 6.24–8.73 USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 57.0
- strong (55–70)
- Bollinger (20, 2)
- 8.40 – 8.49
- in the upper half of the band · %B 0.89 · band width 1.0%
- SMA 50 / 200
- 8.43 / 8.22
- uptrend (price > SMA50 > SMA200)
- MACD (12, 26, 9)
- 0.02 / 0.02
- MACD above signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | +0.4% | −1.1% | +1.5 pp | — |
| 3 months | +3.7% | −0.5% | +4.1 pp | — |
| 6 months | +3.8% | +4.4% | −0.6 pp | — |
| Year to date | +13.7% | +12.3% | +1.4 pp | — |
| 1 year | +27.7% | +13.5% | +14.2 pp | +6.6% |
| 3 years | +50.9% | +76.4% | −25.5 pp | +5.8% |
| 5 years | −48.0% | +63.7% | −111.7 pp | — |
Price returns, dividends excluded.
Quarterly results
ESEF annual reports carry no quarters: the results are annual (below).
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Today's P/E sits at the 100 percentile of its own 1-quarter history (min 17.8, median 17.8, max 17.8; quarters with earnings only).
Fiscal years
| Fiscal year | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|
| Revenue | 1.2 bn | 1.4 bn | 1.6 bn | 2.0 bn | 1.9 bn | 1.5 bn | 1.6 bn |
| Revenue YoY | unavailable | +14.0% | +12.6% | +24.2% | −1.8% | −20.7% | +3.6% |
| Net income | -423.5 m | -322.0 m | -25.8 m | -459.0 m | -2.0 bn | -1.6 bn | 143.6 m |
| Net income YoY | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable |
| Diluted EPS | -1.44 | -1.09 | -0.09 | -1.39 | -5.93 | -4.90 | 0.42 |
| Diluted EPS YoY | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable |
| net % | -34.4% | -22.9% | -1.6% | -23.4% | -102.7% | -106.9% | 9.1% |
| Free cash flow | unavailable | 540.5 m | 512.0 m | 528.8 m | 388.6 m | 494.2 m | 718.7 m |
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 825.7 m USD
- Financial debt
- 2.8 bn USD
- Net debt
- 2.0 bn USD
- Equity
- -89.8 m USD
- Total assets
- 4.5 bn USD
- Debt / equity
- unavailable
- Current ratio
- 2.08x
- ROE
- unavailable
- ROA
- 3.3%
- FCF margin
- 45.4%
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Revenue | 1.4 bn | 1.6 bn | 2.0 bn | 1.9 bn | 1.5 bn | 1.6 bn | SEC (XBRL)· 16 Mar 2026verified |
| Cost of revenue | 838.4 m | 907.4 m | 1.2 bn | 1.0 bn | 733.6 m | 705.4 m | SEC (XBRL)· 16 Mar 2026verified |
| Gross profit | 564.7 m ≈ | 672.3 m ≈ | 804.3 m ≈ | 888.7 m ≈ | 793.6 m ≈ | 876.6 m ≈ | SEC (XBRL)· 16 Mar 2026derived |
| Operating income | 331.9 m | 388.4 m | 312.2 m | 524.4 m | 604.0 m | 821.4 m | SEC (XBRL)· 16 Mar 2026verified |
| Depreciation & amortisation | 408.7 m | 382.9 m | 468.9 m | 435.6 m | 362.7 m | — | SEC (XBRL)· 18 Mar 2025verified |
| EBITDA | 740.6 m ≈ | 771.3 m ≈ | 781.1 m ≈ | 960.0 m ≈ | 966.7 m ≈ | — | SEC (XBRL)· 16 Mar 2026derived |
| Interest expense | 633.8 m | 422.0 m | 872.0 m | 2.4 bn | 2.0 bn | 349.7 m | SEC (XBRL)· 16 Mar 2026verified |
| Pre-tax income | -152.9 m | -8.1 m | -544.0 m | -1.8 bn | -1.4 bn | 690.8 m | SEC (XBRL)· 16 Mar 2026verified |
| Income tax | 169.8 m | 18.0 m | -75.0 m | 102.8 m | 69.3 m | 86.4 m | SEC (XBRL)· 16 Mar 2026verified |
| Net income | -322.0 m | -25.8 m | -459.0 m | -2.0 bn | -1.6 bn | 143.6 m | SEC (XBRL)· 16 Mar 2026verified |
| Diluted EPS | -1.09 | -0.09 | -1.39 | -5.93 | -4.90 | 0.42 | SEC (XBRL)· 16 Mar 2026verified |
| Weighted average diluted shares | 317.3 m | 321.5 m | 331.0 m | 333.2 m | 333.1 m | — | SEC (XBRL)· 18 Mar 2025verified |
≈ computed by olivLaw from the reported lines of the same year: Revenue − Cost of revenue; Operating income + Depreciation & amortisation.
Balance sheet · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Cash | 585.4 m | 916.5 m | 514.1 m | 293.8 m | 578.0 m | 825.7 m | SEC (XBRL)· 16 Mar 2026verified |
| Receivables | 327.2 m | 471.8 m | 663.5 m | 607.8 m | 313.4 m | 181.4 m | SEC (XBRL)· 16 Mar 2026verified |
| Inventories | 49.2 m | 42.0 m | 74.2 m | 40.6 m | 30.6 m | 42.1 m | SEC (XBRL)· 16 Mar 2026verified |
| Current assets | 989.3 m | 1.4 bn | 1.3 bn | 972.6 m | 924.3 m | 2.5 bn | SEC (XBRL)· 16 Mar 2026verified |
| Property, plant & equipment, net | 1.4 bn | 1.7 bn | 2.1 bn | 1.7 bn | 1.3 bn | 816.1 m | SEC (XBRL)· 16 Mar 2026verified |
| Goodwill | 656.3 m | 779.9 m | 763.4 m | 619.3 m | 403.2 m | 262.7 m | SEC (XBRL)· 16 Mar 2026verified |
| Intangibles (excl. goodwill) | 690.8 m | 845.7 m | 1.0 bn | 933.0 m | 674.0 m | 288.9 m | SEC (XBRL)· 16 Mar 2026verified |
| Total assets | 4.4 bn | 5.5 bn | 6.3 bn | 5.3 bn | 4.2 bn | 4.5 bn | SEC (XBRL)· 16 Mar 2026verified |
| Accounts payable | 409.5 m | 499.4 m | 669.1 m | 498.3 m | 377.1 m | 278.0 m | SEC (XBRL)· 16 Mar 2026verified |
| Short-term debt | 186.1 m | 207.6 m | — | — | — | — | SEC (XBRL)· 15 Mar 2022verified |
| Long-term debt | 2.0 bn | 2.4 bn | 2.9 bn | 3.1 bn | 3.2 bn | 2.8 bn | SEC (XBRL)· 16 Mar 2026verified |
| Current liabilities | 683.6 m | 830.6 m | 1.3 bn | 1.2 bn | 648.2 m | 1.2 bn | SEC (XBRL)· 16 Mar 2026verified |
| Total liabilities | 3.2 bn | 3.8 bn | 5.0 bn | 5.0 bn | 4.6 bn | 4.6 bn | SEC (XBRL)· 16 Mar 2026verified |
| Equity | 1.2 bn | 1.7 bn | 1.3 bn | 328.7 m | -314.4 m | -89.8 m | SEC (XBRL)· 16 Mar 2026verified |
| Shares outstanding at year end | — | 327.8 m | 331.9 m | 331.9 m | 333.4 m | 335.5 m | SEC (XBRL)· 16 Mar 2026verified |
Cash flow · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Operating cash flow | 635.3 m | 750.2 m | 907.3 m | 853.5 m | 729.4 m | 936.2 m | SEC (XBRL)· 16 Mar 2026verified |
| Capex | 94.8 m | 238.1 m | 378.5 m | 464.9 m | 235.2 m | 217.5 m | SEC (XBRL)· 16 Mar 2026verified |
| Free cash flow | 540.5 m ≈ | 512.0 m ≈ | 528.8 m ≈ | 388.6 m ≈ | 494.2 m ≈ | 718.7 m ≈ | SEC (XBRL)· 16 Mar 2026derived |
| Investing cash flow | -758.5 m | -877.9 m | -1.5 bn | -722.2 m | 63.2 m | -22.3 m | SEC (XBRL)· 16 Mar 2026verified |
| Financing cash flow | -128.1 m | 524.3 m | 398.2 m | -162.3 m | -431.0 m | -644.1 m | SEC (XBRL)· 16 Mar 2026verified |
| Share repurchases | — | — | — | 10.0 m | — | — | SEC (XBRL)· 16 Mar 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
Score: 55 / 100
A scoring methodology on indicators and valuation, not investment advice.
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: 2.8 bn USD
Key indicators
Coverage and freshness
Score by group
- Balance sheet34
- Quality71
- Valuation79
- Growth0
Estimated value range
The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 3.66 – 72.21 USD.
Valuation assumptions are editorial choices, not measured; beta is not measured.
Method ranges (USD per share)
— — Mid · ▏ Price
Valuation methods
- DCF (discounted cash flow)36.47 – 72.21 (Mid 48.75)WACC 7.3% · starting FCFF 1.0 bn USD · terminal value share of EV 79%The WACC × g sensitivity gives the method's bounds; these are not probabilities.Reverse DCF: no growth between −30% and +40% justifies the price
- Peers: EV/EBITDA10.62 – 18.76 (Mid 11.65)3 companies used · median multiple 5.0x · quartiles 4.7x – 7.0xAD, CHT, TMUS
- Peers: P/E3.66 – 5.89 (Mid 4.92)4 companies used · median multiple 11.7x · quartiles 8.7x – 14.0xAD, SPOK, TIGO, TMUS
- Dividend discount (DDM)unavailable · the company pays no dividend: a dividend model needs an explicit initiation assumption
Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Neutral profile · Score 55/100
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | 9.1% | 42 (vs peers) | 9% |
| FCF conversion · Quality | 500.5% | 100 (on a fixed band) | 9% |
| Revenue CAGR 3Y · Growth | -6.9% | 0 (on a fixed band) | 12% |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | 1.7x | 20 (vs peers) | 15% |
| Interest coverage · Balance sheet | 2.3x | 13 (on a fixed band) | 9% |
| Current ratio · Balance sheet | 2.1x | 100 (on a fixed band) | 6% |
| P/E (TTM) · Valuation | 20.2x | 43 (vs peers) | 15% |
| EV/EBITDA · Valuation | 4.1x | 99 (on a fixed band) | 15% |
| FCF yield · Valuation | 25.3% | 100 (on a fixed band) | 12% |
| Shareholder yield (distributions) · Returns | unavailable | unavailable | — |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet34/100 · 3/3 factors with a value
- Growth· partial0/100 · 1/2 factors with a value
- Quality71/100 · 2/3 factors with a value
- Returns· partialunavailable · 0/2 factors with a value
- Valuation79/100 · 3/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
IHS Holding Ltd (IHS). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: revenue 1.6 bn USD in 2025; YoY growth 3.6%; net margin 9.1%; net debt/EBITDA 1.7x.
The estimated value range is 10.62–18.76 USD per share (median of 3 methods, agreement: low); assumptions are illustrative. Against the central value of 11.65 USD, the price of 8.48 USD leaves a potential of 37.4% (value / price − 1) and a margin of safety of 27.2% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
olivLaw score 55/100, methodological classification: neutral profile (score, margin of safety and method agreement together; not a judgement of the right price). Groups assessed only in part: growth, returns. Not investment advice.
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- FCF conversion: 500.5%
- Current ratio: 2.1x
- EV/EBITDA: 4.1x
- FCF yield: 25.3%
- The price is below the estimated value range
What contradicts it
- Revenue CAGR 3Y: -6.9%
- Net debt / EBITDA: 1.7x
- Interest coverage: 2.3x
- The valuation methods diverge
Not assessed (insufficient data or a ratio without meaning): ROIC, EPS CAGR 3Y, Shareholder yield (distributions), Payout ratio (FCF).
Versus the vertical median
Radiotelephone Communications (SIC 4812) · same industry (4-digit SIC) · compared with 12 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| CHTChunghwa Telecom Co., Ltd. | 380.0 bn | 326.5 | 9.4% | 16.2% | −3.8% | +17% / +29% |
| TMUST-Mobile Us, Inc. | 168.6 bn | 15.4 | 19.4% | 12.0% | +8.5% | −24% / +6% |
| VEONVEON Ltd. | 146.1 bn | 263.4 | 48.5% | 13.4% | +9.9% | +48% / +294% |
| TIGOMillicom International Cellular SA | 13.0 bn | 9.8 | 36.2% | 22.6% | +0.3% | +45% / +357% |
| KYIVKyivstar Group Ltd. | 3.1 bn | 23.9 | 10.4% | 10.7% | +25.9% | −4% / unavailable |
| ADArray Digital Infrastructure, Inc. | 2.9 bn | 5.4 | 18.3% | 250.8% | +58.3% | −32% / −27% |
| IHSIHS Holding Ltd | 2.8 bn | 20.2 | — | 9.1% | +3.6% | +28% / +51% |
| SPOKSpok Holdings, Inc. | 252.6 m | 13.6 | 12.8% | 13.9% | +1.5% | −9% / −28% |
| SIDUSidus Space, Inc. | 18.7 m | — | -27.0% | -970.3% | −27.6% | +49% / −82% |
| CHAICore Ai Holdings, Inc. | 3.6 m | — | -1,196.1% | -57.2% | +58.6% | −93% / −100% |
| VODVodafone Group Public Ltd Co | — | — | -7.4% | -11.1% | +2.0% | +31% / +80% |
| SKMSK Telecom Co., Ltd. | — | — | 10.8% | 7.0% | +1.9% | +55% / +39% |
| TUTelus Corp | — | — | 7.1% | 5.4% | +0.6% | −30% / −49% |
1- and 3-year price returns: for IHS from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (USD)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | 4.62 Total return -46% · Per year -46% | 8.21 Total return -3% · Per year -3% | 12.42 Total return 46% · Per year 46% |
| 3 years | 3.67 Total return -57% · Per year -24% | 7.41 Total return -13% · Per year -4% | 12.42 Total return 46% · Per year 14% |
| 5 years | 2.91 Total return -66% · Per year -19% | 6.69 Total return -21% · Per year -5% | 12.42 Total return 46% · Per year 8% |
- Exit P/E± 1.85
- Net margin± 1.30
- Annual revenue growth± 1.17
- Annual dilution± 0.11
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 16 Mar 2026; since then the company filed 6-K (08 Oct 2026), 6-K (09 Sept 2026), 6-K (01 Sept 2026), 6-K (25 Aug 2026), 6-K (11 Aug 2026).
In brief
IHS Towers is one of the largest independent providers of shared telecom tower infrastructure in emerging markets, leasing sites to mobile operators across Africa and Latin America. Revenue from continuing operations reached 1582.0 million USD in 2025 1, and the company is now selling its Latin American operations and agreed to a merger with MTN, which changes its investment profile.
SWOT
Strengths
- A young tower portfolio with high colocation and long-term contracts with large operators gives relatively predictable revenue.
- Leading position in several markets, often as the only independent operator of scale, which strengthens negotiations with customers.
- Inflation-linked escalators and power pass-through clauses in contracts partly reduce cost risk.
Weaknesses
- Dependence on a small number of customers, which generate nearly all revenue, makes the company exposed to non-payment or non-renewal.
- Exposure to volatile currencies and unstable economies in emerging markets remains significant.
- Overdue receivables and impairment provisions show collection problems with some customers.
Opportunities
- Selling the Latin American operations could release capital for debt reduction and investment in African markets.
- Growing data traffic and 5G rollouts may create new demand for tower space and small cell sites.
- Fiber connectivity, although some assets are being sold, remains an area of expansion for operators in Africa.
Threats
- Failure to complete the MTN merger or the Latin American sale could disrupt strategic plans and the financial structure.
- Currency devaluations and economic instability in Nigeria or other countries could reduce short-term revenue.
- Competition and consolidation among mobile operators building their own infrastructure could reduce market share.
Risks
- Dependence on a few customershigh
A small number of mobile operators generate nearly all revenue, so a payment failure or non-renewal would have a major effect.
- Completion of transactionshigh
The MTN merger and the Latin American sale depend on approvals, shareholder votes and financing; failure to complete them would change the company's plans.
- Currency and political riskmedium
Emerging markets bring devaluation, restrictions on repatriating profits and regulatory changes that can affect dollar-denominated revenue.
- Overdue receivablesmedium
Amounts uncollected from customers in financial difficulty can raise provisions and slow cash flow.
- Contract disputeslow
Disputes over contract interpretation or equipment invoicing can lead to terminations or costly renegotiations.
Investment thesis
What would need to be true (bull case)
- If the merger is completed, shareholders would receive a fixed cash amount per share, which would limit operating risk for investors.
- A leading position in several emerging markets and long-term contracts could support stable revenue over the medium term.
- Selling Latin American assets could reduce debt and allow the company to focus on African markets with stronger growth.
What would break the thesis
- If the transactions are not completed by the November 2026 outside date, uncertainty could affect the share price and the company's plans.
- Customer concentration and payment problems at some operators could reduce revenue if a major customer cuts spending.
- Currency devaluations and economic instability in Nigeria could reduce dollar-reported revenue, even though reset mechanisms partly compensate.
What to watch
- Completion of the sale of Latin American operations to Macquarie2026
- Shareholder vote and regulatory approvals for the MTN merger2026
- Trend in overdue receivables and impairment provisionsnext 10-K
- Colocation rate and renewals of contracts with the largest operatorsnext 10-K
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 16 Mar 2026; since then the company filed 6-K (08 Oct 2026), 6-K (09 Sept 2026), 6-K (01 Sept 2026), 6-K (25 Aug 2026), 6-K (11 Aug 2026).
The business
IHS Towers, called IHS Holding Limited in filings, provides shared communications infrastructure, meaning towers and other sites on which mobile operators install their equipment. The company operated 37590 towers across five African countries and two Latin American countries at the end of 2025 1. Its primary customers are mobile network operators, and its typical master lease agreements (MLAs) run 5 to 10 years with inflation-linked escalators 1. Revenue comes mainly from colocation, lease amendments, new site construction and, in Nigeria, fiber-to-the-tower connectivity 1.
In February 2026 the company agreed to sell its Latin American operations to Macquarie Asset Management at an enterprise value of about 952 million USD 1. The same month it signed a merger agreement with MTN Group under which shares would be delisted from the New York Stock Exchange and the company would become private at 8.50 USD in cash per share 1. Completion depends on regulatory approvals, shareholder approval and the sale of the Latin American operations 1.
The customer base is concentrated: the top three mobile operators in each market account for nearly all consolidated revenue 1. Part of revenue is linked to the US dollar and the euro, and some contracts include adjustments tied to exchange rates and energy costs 1.
Segments
Nigeria
The Nigeria segment is the largest in the group, with revenue of 1068.8 million USD in 2025, up from 998.5 million USD in 2024 1. It is also the market where the company operates the most towers, holding a leading market position 1.
Sub-Saharan Africa
The SSA segment, covering Cameroon, Côte d'Ivoire, South Africa and Zambia, generated 513.2 million USD in 2025 1. Rwanda left this segment in October 2025 1.
Latin America
Operations in Brazil and Colombia are now reported as discontinued operations, with revenue of 193.5 million USD in 2025, and are subject to the sale to Macquarie 1.
Market context
The company says it is the largest independent multinational emerging-market-only tower operator and one of the largest independent multinational tower operators globally by tower count 1. The filing indicates a leading market position in five of the seven markets where it operates 1.
The market is shaped by mobile operators increasingly outsourcing infrastructure to independent tower companies; demand for tower space depends on subscriber growth and data traffic in each country 1.
Trends
- Consolidation through strategic transactionsmixed
Selling the Latin American operations and merging with MTN could simplify the group if completed by the November 2026 outside date 1.
- Local currency devaluationmixed
Currency reset mechanisms in contracts partly offset devaluation, but with a lag between the devaluation and the next adjustment 1.
- Rising colocationtailwind
A colocation rate above one tenant per tower suggests operators are adding equipment to existing infrastructure, which can support revenue without new construction 1.
- Late paymentsheadwind
Receivables more than 90 days overdue and payment failures from customers such as Oi Brazil or T2 put pressure on cash flow 1.
Competitive position
Competition comes from other independent tower companies active in emerging markets, as well as from mobile operators that build their own infrastructure or move contracts to other providers 1.
In Nigeria, MTN selected another provider in 2023 to replace services on roughly 2500 sites, and only part of the affected contracts was later renewed after negotiation 1.
- American Tower CorporationAMT
Named in the filing as one of the largest independent multinational tower companies; it also operates in African markets and took over some sites from a major IHS customer in Nigeria.
- Cellnex Telecom
Named in the filing among the largest independent multinational tower companies in the world.
- SBA CommunicationsSBAC
Named in the filing among large independent tower operators with presence in several markets.
- Helios Towers
Named in the filing as a tower operator in Africa competing directly in the same emerging markets.
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
Loading the links…
News & filings
In the press
No news in our archive over the last 180 days.
SEC filings
- Current report (foreign issuer)08 Oct 2026
- Current report (foreign issuer)09 Sept 2026
- Current report (foreign issuer)01 Sept 2026
- Current report (foreign issuer)25 Aug 2026
- Current report (foreign issuer)11 Aug 2026
- Current report (foreign issuer)11 Aug 2026
- Current report (foreign issuer)07 Aug 2026
- Current report (foreign issuer)04 Aug 2026
- Current report (foreign issuer)26 May 2026
- Current report (foreign issuer)12 May 2026
Sources
- [1] Form 20-F, fiscal year ended 2025-12-31 · SEC / IHS Holding Limited (IHS Towers) · 16 Mar 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.