IHS Holding Limited: A Bull Case Theory for Undervalued Emerging Market Cell Tower Owner

IHS Holding Limited, a leading emerging market cell tower owner and operator, has seen its shares fall ~70% since its 2021 IPO due to hyperinflation, currency devaluation, customer concentration, and governance issues. However, these headwinds are reversing, and the company is taking concrete steps to unlock value. With a 2024 strategic review, $500M of asset sales, reduced net leverage, and a 10% net FCF yield, IHS offers a compelling opportunity for rerating and double-digit growth in core markets.