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IHS Holding Ltd (IHS) fair value: what the stock is really worth

As of Sep 23, 2026: fair value of IHS Holding Ltd $8.36, price $8.42, upside -0.7%, quality 59 out of 100. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.

  1. Fair value above price? No
  2. Good quality? Yes
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Real Estate · US · ISIN KYG4701H1092

IH IHS Holding Ltd logo Some data Sep 24, 2026

IHS Holding Ltd

IHS · US

NeutralThe stock looks roughly fairly valued with average quality.

·Fair value $8.36 · Fairly valued (−1%)
!Quality 59/100
!Mixed Growth (revenue YoY −7.6 %/yr)
✓Solidly profitable · 11.6% net margin (TTM)
✓Negative equity (buybacks among others) · generates free cash flow
✓Ranks above peers (7/10)
✓Wide moat 66/100
!Insider activity 42/100
!Evidence only medium, so the estimate is less certain
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What runs behind every stock

26 valuation models 8 families, DCF to NCAV 37 quality factors margins, balance sheet, cashflow, debt 6 AI factors moat, what no ratio measures 2,000+ data points verified, per stock, median

69 individual criteria per stock, every one traceable See the method →

Price vs Fair Value

$17.43 $2.38 Fair Value $8.36 Oct 2021 Sep 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Sep 24, 2026.

How to read this chart

59‑month range $2.38 – $17.43 · fair‑value band $7.04 – $10.86 · the $8.42 price screens above the $8.36 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Sep 24, 2026.

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Company profile

IHS Holding Limited, together with its subsidiaries, develops, owns, and operates shared communications infrastructure in Nigeria, Cameroon, Côte d'Ivoire, South Africa, and Zambia.

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IHS Holding Limited, together with its subsidiaries, develops, owns, and operates shared communications infrastructure in Nigeria, Cameroon, Côte d'Ivoire, South Africa, and Zambia. The company offers colocation and lease amendment services, which allows customers to lease space on existing towers alongside current tenants, install additional equipment on a tower, and request for ancillary services; build-to-suit sites; in-building solutions and distributed antenna systems, which allows customers to lease space in secure locations within large building complexes, such as shopping malls, stadiums, and airports; non-intrusive small cell installation services on commercial premises, lampposts, and poles; fiber-to-the-tower connectivity services; rural telephony services; and managed services, including maintenance, security, and power supply services. It serves communication service providers, mobile network operators, internet service providers, broadcasters, security functions, and private corporations. IHS Holding Limited was founded in 2001 and is based in London, the United Kingdom.

Stock analysis

IHS Holding Ltd (IHS) currently trades at $8.42, while our model-based Fair Value estimate is $8.36, implying the stock looks roughly 0.7% fairly valued today.

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Valuation

Bull case: the DCF Models group reads highest at a median of $13.66 per share, and 13 of the 19 models we run sit above the $8.42 price.

Bear case: the Earnings-Based group reads lowest at $2.94, and 6 of the 19 models stay below the price. Evidence for this calculation is medium.

Scenario range: $7.04 (bear) to $10.86 (bull), the price of $8.42 sits inside it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.

Quality & growth

The Quality Score stands at 59/100 (solid quality), in the Real Estate sector.

Mixed Growth: Spin-off in 2024: revenue and profit before it include the divested business. Growth is measured afresh from 2024.

IHS Holding Ltd reported revenue of $1.6B in FY2025 versus $1.6B in FY2021, a compound +0.0%/yr. Reported net income was $144M in FY2025.

Key figures

Market cap $2.9B · P/E ratio 4.6 · P/S ratio 0.42 · EPS (TTM) $1.83 · Net margin 9.1% · Return on equity −6,380% · Return on assets (EBIT) 7.8% · Operating margin 29.2%.

Competitive moat

Our AI-assisted moat analysis scores the competitive advantage at 44 out of 100 (low confidence).

What moves the price

The share trades about 4% below its 52-week high and 35% above its 52-week low, currently above its 200-day average.

For context, the median of 10 Real Estate peers we cover trades at −37% fair-value upside, at −1%, IHS screens cheaper than that median.

Fair Value models

Bear $7.04 Fair Value $8.36 Bull $10.86
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above is their evidence-weighted blend, not the output of a single model. Based on fiscal year 2025 figures (about 9 months old). Earnings retained since then ($1.34 per share) are deliberately not added. Bear ⓘBear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull ⓘBull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. Evidence ⓘEvidence = how well-backed THIS model's estimate is for this stock (0–100): how complete and reliable its input data are, and how well the model fits the company. The final Fair Value is an evidence-weighted blend, so better-evidenced models count more. Green ≥70, amber 50–69, grey below 50.
Highest evidence
FCF DCF $14.41 $25.38 $41.57 76
Growth DCF $14.67 $24.26 $37.53 75
Owner Earnings $9.76 $18.22 $30.72 72
All 21 models by family
DCF Models
FCF DCF $14.41 $25.38 $41.57 76
Owner Earnings $9.76 $18.22 $30.72 72
5Y Revenue Exit $5.75 $10.52 $16.33 69
5Y EBITDA Exit $11.22 $20.82 $31.91 71
5Y P/E Exit $5.37 $9.80 $14.30 67
10Y Revenue Exit $8.58 $13.66 $20.08 64
10Y EBITDA Exit $12.21 $20.68 $31.76 65
10Y P/E Exit $8.55 $13.18 $18.56 62
Earnings-Based
Graham-Dodd $2.90 $9.29 $12.39 62
Lynch FV $2.06 $2.94 $3.82 59
PEG = 1.0 $2.06 $2.94 $3.82 55
EPV n/a n/a $0.2900 68
Multiples
P/E Multiple $7.04 $9.38 $11.73 63
P/S Multiple $5.44 $7.25 $9.06 58
EV/EBIT $3.50 $6.66 $9.82 63
EV/EBITDA $11.33 $17.10 $22.87 66
EV/Revenue $1.20 $4.29 $7.37 49
Growth DCF
Growth DCF $14.67 $24.26 $37.53 75
Rev-Margin DCF $5.75 $10.78 $16.71 69
Economic Profit
ROIC Compounder n/a n/a $1.28 65
Growth Earnings
Growth-Adj P/E $5.85 $8.36 $10.86 65

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Quality Score breakdown

Overall quality 59/100

Of which business quality 57 · Market factors (momentum, volatility) 64

Profitability 33
Margins and returns on capital today
Quality Growth 65
Are margins and returns improving?
Cashflow 86
Earnings quality: real cash, not paper profit
Fin. Strength 33
Balance sheet, leverage, solvency risk
Investment 74
Disciplined investing over empire-building
Low Volatility 78
Calm price path (market factor)
Momentum 50
Price trend over the last 3–12 months (market factor)
52W Momentum 72
Distance to the 52-week high (market factor)
Net Issuance 64
Share count: buybacks or dilution?

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Revenue & earnings trend

Growth Quality ⓘGrowth is valuable only when reinvestment earns attractive returns (Aswath Damodaran): sustainable growth depends on return on capital, reinvestment and efficiency. Basis: total company revenue over the periods shown on the cards (3Y/5Y/all years), not per share, so a merger can show up as a growth jump; per-share earnings growth is in the value-creation card. 55/100
Spin-off in 2024: revenue and profit before it include the divested business. Growth is measured afresh from 2024.
Profit margin (trend) ⓘOperating margin then vs now, from reported annual statements. A falling margin after a boom year is the classic peak-earnings signal: the growth rate then leans on an inflated base.
23.7% (2020) → 16.8% (2025)

Growth Forecast

Little optimism in the price
The price assumes less growth than the company has delivered so far and less than analysts expect.
What the price assumes ⓘThis turns our valuation around: instead of asking what the share is worth, it asks what growth the current price requires. It uses the cash the company keeps after all spending (free cash flow), the same discount rate as our models, five years of growth, then slowing evenly to 2 % a year by year ten. Compared with the analysts' sales forecasts extended to the same five years (at least three analysts, for context only, it does not enter the Fair Value): within 3 percentage points counts as "in line" (amber), below that little optimism (green), above that a lot of optimism (red).
−0.6%
Yearly growth needed for the next five years to justify today's price.
What forecasts expect ⓘAnalysts publish sales forecasts for the next two fiscal years. For the years after that, growth slows evenly to 2 % a year by year ten (2 % is the long-run rate our models use). Projected years are marked as such.
+7.6%
Yearly sales growth analysts expect, extended to five years.
After inflation (USA: IMF forecast 2.4% a year to 2030, 3.1% from 2016 to 2025) that is about −2.9% a year for the price and +5.1% for the forecasts.
Forecast 2026 (sales)+8.5%
Forecast 2027 (sales)+8.5%
Projected 2028 (sales)+7.7%
Projected 2029 (sales)+6.9%
Projected 2030 (sales)+6.1%

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Peer GroupⓘHow this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.Real Estate Services · 546 stocks

Beats the industry median on 7/10 measures
Overall it ranks above its industry peers.
Valuation
Quality Score 60 · Above median
Fair Value upside −1% · Below median
Profitability
Return on equity (TTM) Negative equity ⓘThe company's equity is below zero, for example after large share buybacks. A ratio to negative equity has no meaning, so we show no number here and do not rank it against the peer group.
Return on assets 8% · Top 25%
Net margin (TTM) 12% · Above median
Operating margin (TTM) 29% · Above median
Growth and dividend
Revenue growth 6% · Above median
Balance sheet
Debt / equity Negative equity ⓘThe company's equity is below zero, for example after large share buybacks. A ratio to negative equity has no meaning, so we show no number here and do not rank it against the peer group.

Valuation Multiplesvs Real Estate Services median · lower = cheaper

P/E (TTM) 4.6× · Cheapest 25%
P/B Negative equity ⓘThe company's equity is below zero, for example after large share buybacks. A ratio to negative equity has no meaning, so we show no number here and do not rank it against the peer group.
P/S (TTM) 1.79× · Pricier than median
P/FCF 6.9× · Pricier than median
EV/EBITDA 6.2× · Cheapest 25%

Strength profile in five axes (Snowflake)

VALUEFUTUREPASTHEALTHDIVIDEND
This stock
VALUEFUTUREPASTHEALTHDIVIDEND
Sector peers
VALUE (fair-value potential)32 · sector 37
FUTURE (revenue growth)30 · sector 12
PAST (return on equity)0 · sector 16
HEALTH (low debt)0 · sector 83
DIVIDEND (yield)0 · sector 65

PAST 0: with negative equity (buybacks among others) return on equity is not meaningfully computable.

Context: sector, industry, market

Values & ESG

Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.

None of the checked exposures detected

Similar stocks

10 more Real Estate Services stocks, each showing price versus our Fair Value estimate.

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Vonovia SE VNA €17.37 €36.67 +111%
Cellnex Telecom, S.A CLNX €25.33 €23.78 −6%
KE Holdings 2423 HK$42.78 HK$17.18 −60%
Jones Lang LaSalle Incorporated JLL $335.36 $530.17 +58%
Swire Properties Limited 1972 HK$24.40 HK$13.50 −45%
CoStar Group CSGP $28.77 $6.17 −79%
China Resources Mixc Lifestyle Services Limited 1209 HK$37.44 HK$56.43 +51%
CapitaLand Investment Limited 9CI 2.62 SGD 0.5000 SGD −81%

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IHS Holding Ltd · Fair Value
$8.36 −1%Fair Value
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Cite: Fair Value Calculator (2026). "IHS Holding Ltd Fair Value". https://www.fairvalue-calculator.com/stock/IHS

Frequently asked questions

Is IHS Holding Ltd (IHS) overvalued or undervalued?
As of Sep 24, 2026, our model estimates a fair value of $8.36 versus a price of $8.42, about −1% upside (fairly valued).
What is the fair value of IHS?
Our model-based fair value for IHS Holding Ltd is $8.36 (as of Sep 24, 2026), built from audited fundamentals. The current price: $8.42.
What is the quality score of IHS?
IHS Holding Ltd has a Quality Score of 59/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the price target for IHS Holding Ltd (IHS)?
Our model-based price target is the fair value of $8.36 (as of Sep 24, 2026) from 21 valuation models. Cautious scenario $7.04, optimistic scenario $10.86. It is a calculation from audited fundamentals, not an analyst target.
What is the IHS Holding Ltd stock forecast for 2026?
Our models put fair value at $8.36, about −1% upside versus a price of $8.42 (fairly valued). Cautious scenario $7.04, optimistic scenario $10.86. The calculation is refreshed regularly with new filings.
What is the revenue of IHS Holding Ltd (IHS)?
IHS Holding Ltd reported trailing-twelve-month revenue of about $1.6B (latest available figure, as of Sep 24, 2026).
What growth is priced into IHS Holding Ltd (IHS)?
For today's price to be fair in a discounted-cash-flow model, IHS Holding Ltd would have to grow free cash flow by -0.6 % per year for five years (discount rate 9.1 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +2.4 % per year. As of Sep 24, 2026.
What discount rate (WACC) does the fair value of IHS use?
Our models discount IHS Holding Ltd at 9.1 %: a base by market capitalisation (mid), damped by beta 0.74, country premium for USA. The same rate applies in all 26 models.
What is a reverse DCF?
A reverse DCF turns the usual calculation around. Instead of deriving a value from assumptions, it takes today's price as given and asks: what free-cash-flow growth would a company have to deliver for exactly this price to be fair? The result is not a forecast but the expectation already priced in. For IHS Holding Ltd that is -0.6 % per year a year over ten years, using the same discount rate (9.1 %) and the same formula as our fair value.
How much growth has IHS Holding Ltd (IHS) delivered so far?
Over the past 5 years revenue at IHS Holding Ltd grew +2.4 % a year. The price currently implies -0.6 % per year free-cash-flow growth a year. Comparing the two shows how much confidence is in the price: if it demands more than has been delivered, the business has to accelerate for the maths to work.
How fast is the sector of IHS Holding Ltd (IHS) growing?
The median revenue growth in the sector is +1.6 % a year. That is the yardstick for the growth priced into IHS Holding Ltd (-0.6 % per year a year): it shows whether the expectation is within the usual range or beyond it.
What is the free cash flow yield of IHS Holding Ltd (IHS)?
The free-cash-flow yield on the price is 14.51 %: that much free cash flow IHS Holding Ltd produces per unit of market value. When it exceeds the discount rate of our models (9.1 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of IHS Holding Ltd (IHS)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For IHS Holding Ltd it is $8.36 per share (as of Sep 24, 2026), against a price of $8.42. It is the blended result of 21 valuation models (cash flow, earnings, asset, dividend).
Is IHS Holding Ltd stock overvalued or undervalued in 2026?
As of Sep 24, 2026, IHS trades above its calculated fair value: price $8.42, fair value $8.36, a gap of about −1% (fairly valued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of IHS?
No. The price is what the market pays today ($8.42); the fair value is what the company's own numbers justify ($8.36). For IHS Holding Ltd the two are $0.0600 per share apart. That gap is exactly why we show both numbers side by side.
How much is IHS Holding Ltd worth?
The market values IHS Holding Ltd at about $2.9B (market capitalisation, as of Sep 24, 2026). Per share that is $8.42; our models calculate a fair value of $8.36 per share.
What do the bullish and bearish scenarios say about IHS?
Our models span a range for IHS Holding Ltd: cautious scenario $7.04, base $8.36, optimistic $10.86 per share (as of Sep 24, 2026, price $8.42). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of IHS?
IHS Holding Ltd trades at a price-to-earnings ratio of 4.6 (as of Sep 24, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of $8.36 is built from several models across several years. Other multiples: P/S 1.8, EV/EBITDA 6.2.
How solid is the balance sheet of IHS Holding Ltd (IHS)?
Balance-sheet figures for IHS Holding Ltd (as of Sep 24, 2026): negative equity, so no return on equity and no debt-to-equity ratio. They feed the Quality Score of 59/100, which measures business quality independently of the share price.
How far is IHS from its 52-week high?
IHS Holding Ltd trades at $8.42, about 4% below its 52-week high of $8.73 and 35% above the low of $6.24 (as of Sep 23, 2026). Distance from the high says nothing about value: that is what the fair value of $8.36 is for.
Which stocks are comparable to IHS Holding Ltd?
From the same area (Real Estate) we also value Vingroup Joint Stock Company, CBRE Group, Vonovia SE, Cellnex Telecom, S.A, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.
Is IHS Holding Ltd stock attractive at the current price?
The data as of Sep 24, 2026: price $8.42, calculated fair value $8.36 (−1%), Quality Score 59/100, from 21 models. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
How is the fair value of IHS calculated?
We run IHS Holding Ltd through 21 models from four families: discounted cash flow, earnings models, asset and balance-sheet models, and dividend models. Every model gets the same audited fundamentals; the result is the weighted average of $8.36, with the spread shown as a cautious and an optimistic scenario.
Is it still worth investing in stocks now?
The global stock market currently sits 14.1 % above its aggregate fair value. IHS Holding Ltd itself currently trades above fair value. An expensive market is no reason to stay out and no reason to buy everything at once: keep a broad savings plan running, buy single stocks only with money you can do without, and hold part of your money liquid while the market is high. The full picture including sectors is on is it worth investing now.
What is the share price of IHS Holding Ltd (IHS)?
The closing price on Sep 23, 2026 was $8.42. Our model-based fair value is $8.36, about −1% upside (fairly valued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with IHS Holding Ltd right now?
The price sits close to our fair value, market and models broadly agree here, little valuation tension. As a real-estate business, asset- and dividend-based methods carry more weight here than a standard DCF.

Key figures of IHS Holding Ltd

How large is the market capitalisation of IHS Holding Ltd (IHS)?
The market capitalisation of IHS Holding Ltd is $2.9B. The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What is the P/S ratio of IHS Holding Ltd (IHS)?
The price-to-sales ratio of IHS Holding Ltd is 0.42 (P/E × margin). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of IHS Holding Ltd (IHS)?
Earnings per share at IHS Holding Ltd are $1.83 (price ÷ EPS = P/E 4.6). Earnings per share over the last twelve months: total profit spread across every single share.
What is the net margin of IHS Holding Ltd (IHS)?
The net margin of IHS Holding Ltd is 9.1% (fiscal year 2025). How much of every unit of revenue ends up as profit. 10% means 10 cents of profit per dollar of sales.
What is the return on equity of IHS Holding Ltd (IHS)?
The return on equity (ROE) of IHS Holding Ltd is −6,380% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.
What is the EBIT return on assets of IHS Holding Ltd (IHS)?
On an EBIT basis the return on assets of IHS Holding Ltd is 7.8% (avg 5y). Operating profit (EBIT) relative to everything the company owns, as a multi-year average. It describes the business model rather than one good or bad year.
What is the operating margin of IHS Holding Ltd (IHS)?
The operating margin of IHS Holding Ltd is 29.2% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at IHS Holding Ltd (IHS)?
Revenue at IHS Holding Ltd is growing +5.9% versus a year earlier (3y avg −6.9%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How fast are earnings growing at IHS Holding Ltd (IHS)?
Earnings per share at IHS Holding Ltd are growing +145% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net debt does IHS Holding Ltd (IHS) carry?
The net debt of IHS Holding Ltd is $2.7B (fiscal year 2025, ≈ 6.4 yrs of FCF). Debt minus cash on hand. The note shows how many years of free cash flow could in theory pay it off.
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