IHS is the only TowerCo on our Global EM Top-10 pick list and on our HY Top-picks list. We think the steps already taken by the company (value crystallisation, resigning contracts with MTN, cutting capex) have not fully been reflected in the equity. Following the sale of the Kuwait towers we continue to expect significant further results from the Value crystallisation programme, suggesting strong catalysts. The recovery in the Naira recently suggests IHS’ contract renegotiation with MTN was timely. The approval for a price increase in Mobile tariffs in Nigeria also suggests telcos in the country are likely to see easing pressure and therefore likely makes increased investment more attractive. Despite rallying 50% from the lows the stock in no way reflects this improved outlook in our view.
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