Loading…
Independent telecom tower operator leasing tower space to mobile network operators across Africa and Latin America.
Independent telecom tower operator leasing tower space to mobile network operators across Africa and Latin America.
Leases space on towers to mobile operators under long contracts, many with escalators tied to inflation or currency movements. Nigeria is by far its biggest market and MTN its largest customer, so currency moves in Nigeria strongly affect reported results.
In one line: An African American Tower/Crown Castle.
Moat: narrow (installed base, regulatory licence, switching costs). Owning towers that multiple carriers colocate on creates high switching costs and site-acquisition barriers.
Headquarters: London, UK · Founded: 2001 · Employees: 2,762
Size IHS (IHS) is a United States Communication Services company (Engineering & Construction) with a market value of $2.85B, the 1584th largest of 3,117 United States companies the cockpit tracks. Shares closed at $8.42 on 6 Nov 2026.
Performance Over six months the shares gained 2.2%, against -0.9% for the median peer and -1.1% for the United States market (cap-weighted) — 10th highest of 21 in its peer set.
Growth Revenue fell 10.3% over the last twelve months (peer median +5.5%); the operating margin is 33.4% (peer median 3.1%).
Valuation It trades at 7.9× forward earnings against a peer median of 19.7× (cheapest of 14).
Price implies For today's price to make sense, revenue must grow about -8% a year for seven years (Req g). Recent delivered growth is +2%, so the hurdle is -11 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 11.5 points above its cost of capital (6.8% WACC).
Backlog Backlog (remaining performance obligations) was $4.43B at 31 Dec 2025, down 0% on a year earlier — 2.8 years of trailing revenue. Backlog detail →
Credit IHS has 1 bond outstanding ($500M), rated B+ by the agencies and trading like B+ at a weighted spread of 241 bp.
Short interest Short interest is 1.1% of the free float (15 Oct 2026).
Next results Next results expected around 17 Nov 2026 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | $1.55B | $1.58B | $1.53B | $2.13B | $1.96B |
| Revenue growth | — | +4% | -28% | +8% | — |
| Gross profit | $806M | $864M | $789M | $1.00B | $820M |
| EBITDA | $834M | $648M | $616M | $1.05B | $960M |
| Net income | $142M | $144M | -$1.63B | -$1.98B | -$459M |
| Free cash flow | $439M | $418M | $156M | $3.47M | $144M |
| Capital expenditure | $244M | $252M | $269M | $599M | $559M |
| Total debt | $3.49B | $3.51B | $3.90B | $4.11B | $3.95B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| IHS IHS | $2.85B | +2% | -10% | 33% | 7.9× | -8.3% |
| American Tower AMT | $87.6B | +8% | +5% | 44% | 27.8× | n/a |
| Crown Castle CCI | $37.7B | -1% | -16% | 48% | 31.6× | n/a |
| Helios Towers HTWS.L | $3.05B | -8% | +6% | 36% | 30.1× | 13.4% |
Peer set: Sector in the same market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | IHS | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -0.2% | -0.3% | 11th highest of 21 |
| 6-month return | +2.2% | -0.9% | 10th highest of 21 |
| Distance from 52-week high | -5.9% | -21.8% | 4th highest of 21 |
| Revenue growth (TTM) | -10.3% | +5.5% | 4th lowest of 21 |
| Operating margin | 33.4% | 3.1% | highest of 21 |
| Forward P/E | 7.9× | 19.7× | cheapest of 14 |
| Growth the price implies (Req g, 7 yrs) | -8.3% | 5.1% | 2nd least demanding of 14 |
| Growth delivered (Del g) | +2.4% | +8.1% | 6th lowest of 14 |
| Hurdle (Req g minus delivered) | -10.8 pp | -2.8 pp | 5th least demanding of 14 |
| ROIC minus cost of capital | +11.5 pp | -4.0 pp | 3rd highest of 20 |
| EV / EBITDA | 6.3× | 12.3× | 4th cheapest of 17 |
| Net debt / EBITDA | 2.9× | 2.9× | 10th least indebted of 19 |
| Bond spread | 241 bp | 177 bp | 3rd tightest of 5 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| IHS IHS | United States | $2.85B | +2% | -10% | 33% | 7.9× | -8.3% | +2.4% |
| Stagwell STGW | United States | $2.89B | +80% | +8% | 5% | 9.5× | 15.5% | +26.7% |
| AMC Entertainment AMC | United States | $2.80B | +109% | +6% | 5% | n/a | n/a | n/a |
| CarGurus CARG | United States | $3.01B | -3% | +6% | 26% | 12.1× | 2.7% | +10.5% |
| Liberty Global LBTYB | United States | $3.09B | -17% | -27% | -1% | n/a | n/a | n/a |
| Array Digital Infrastructure AD | United States | $2.59B | -46% | -94% | 1% | 27.6× | n/a | n/a |
| John Wiley & Sons WLY | United States | $2.55B | +21% | 0% | 18% | 10.5× | 0.3% | -2.9% |
| Atlanta Braves BATRA | United States | $3.23B | +1% | +6% | -9% | n/a | n/a | n/a |
| Pattern PTRN | United States | $3.24B | +15% | +44% | 1% | 24.0× | 37.8% | +36.2% |
| RUM RUM | United States | $2.44B | -41% | +13% | -101% | n/a | n/a | n/a |
| MSG Rangers MSGR | United States | $2.37B | +1,624% | +2% | -9% | n/a | n/a | n/a |
| Grindr GRND | United States | $2.35B | -10% | +32% | 31% | 19.7× | -6.0% | +31.1% |
| Telephone and Data Systems TDS | United States | $3.54B | -29% | -74% | -3% | 92.2× | n/a | n/a |
| Madison Square Garden Entertainment MSGE | United States | $3.65B | +18% | +16% | 17% | 32.1× | 5.0% | +66.9% |
| IDT IDT | United States | $2.18B | +54% | +5% | 9% | 19.5× | 5.7% | -2.2% |
| PLDT, Inc. Sponsored ADR PHI | United States | $3.88B | -11% | -2% | 22% | 8.7× | -2.9% | +0.8% |
| Manchester United MANU | United States | $3.90B | +15% | +5% | -2% | 142.1× | 18.3% | +6.5% |
| Turkcell Iletisim Hizmetleri A.S. Sponsored ADR TKC | United States | $4.02B | -31% | +16% | 15% | 8.0× | -12.0% | +8.1% |
| Lumen Technologies LUMN | United States | $4.12B | -59% | -8% | -3% | n/a | 5.1% | -9.7% |
| Lionsgate Studios LION | United States | $4.24B | +16% | -8% | 6% | 52.8× | 18.6% | -8.0% |
| Sphere Entertainment SPHR | United States | $4.31B | -10% | +17% | -2% | n/a | 7.0% | +9.8% |
IHS has 1 bond outstanding with $500M face value. The agencies rate it B+; its bonds trade like B+. Weighted yield 6.92%, a spread of 241 bp over government bonds.
IHS reported $4.43B of remaining performance obligations at 31 Dec 2025, down 0% from a year earlier. That is 2.8 years of trailing revenue already under contract.