IHS Holding Ltd

In a Stage 3 distribution phase within a long-term uptrend, the medium-term bias is bearish. Price is trading in extreme oversold territory below key EMAs, making immediate selling unfavorable. We will wait for a rally into the 9/21 EMA zone or the upper distribution range to engage on the sell side with rejection at resistance.

• ↑48% organic revenue growth (6.5% constant currency) driven by lease amendments
• ↑Adjusted EBITDA margin at 57.5% reflects tight cost management
• ↓Negative book-to-price score suggests overvaluation relative to assets