	Dec'19 Actual	Dec'20 Actual	Dec'21 Actual	Dec'22 Actual	Dec'23 Actual	Dec'24 Estimate	Dec'25 Estimate	Dec'26 Estimate	Dec'27 Estimate	Dec'28 Estimate	Dec'29 Estimate	Dec'30 Estimate	Dec'31 Estimate	Dec'32 Estimate	Dec'33 Estimate	Dec'34 Terminal
Revenue % growth	1,231.1 5.4%	1,403.1 14.0%	1,579.7 12.6%	1,961.3 24.2%	2,125.5 8.4%	1,695.6 (20.2%)	1,706.9 0.7%	1,834.4 7.5%	2,011.5 9.7%	2,003.7 (0.4%)	2,005.6 0.1%	2,017.1 0.6%	2,038.4 1.1%	2,069.8 1.5%	2,111.6 2.0%	2,164.4 2.5%
Operating income (EBIT) % margin	(98.1) (8.0%)	331.9 23.7%	31.0 2.0%	(141.1) (7.2%)	530.7 25.0%	(265.0) (15.6%)	(266.8) (15.6%)	(286.7) (15.6%)	(314.4) (15.6%)	(313.2) (15.6%)	(313.5) (15.6%)	(315.3) (15.6%)	(318.6) (15.6%)	(323.5) (15.6%)	(330.1) (15.6%)	(338.3) (15.6%)
NOPAT % effective tax rate	(101.4) (8.2%)	700.8 49.9%	99.5 6.3%	(122.0) (6.2%)	561.0 26.4%	(280.2) (16.5%)	(282.1) (16.5%)	(303.1) (16.5%)	(332.4) (16.5%)	(331.1) (16.5%)	(331.4) (16.5%)	(333.3) (16.5%)	(336.8) (16.5%)	(342.0) (16.5%)	(348.9) (16.5%)	(357.6) (16.5%)
D&A % of revenue	386.2 31.4%	411.3 29.3%	387.5 24.5%	476.0 24.3%	435.6 20.5%	391.7 23.1%	394.3 23.1%	423.7 23.1%	464.6 23.1%	462.8 23.1%	463.2 23.1%	465.9 23.1%	470.8 23.1%	478.1 23.1%	487.7 23.1%	499.9 23.1%
Capex % of revenue	(258.3) (21.0%)	(229.2) (16.3%)	(402.5) (25.5%)	(559.4) (28.5%)	(598.8) (28.2%)	(464.4) (27.4%)	(467.5) (27.4%)	(502.4) (27.4%)	(550.9) (27.4%)	(548.8) (27.4%)	(549.3) (27.4%)	(552.5) (27.4%)	(558.3) (27.4%)	(566.9) (27.4%)	(578.3) (27.4%)	(592.8) (27.4%)
Change in Working Capital % of revenue	(18.1) (1.5%)	(157.8) (11.2%)	(69.8) (4.4%)	(46.2) (2.4%)	(225.0) (10.6%)	(98.1) (5.8%)	(98.8) (5.8%)	(106.2) (5.8%)	(116.4) (5.8%)	(116.0) (5.8%)	(116.1) (5.8%)	(116.7) (5.8%)	(118.0) (5.8%)	(119.8) (5.8%)	(122.2) (5.8%)	(125.3) (5.8%)
Free Cash Flow to Firm (FCFF) % of revenue	8.4 0.7%	725.1 51.7%	14.7 0.9%	(251.6) (12.8%)	172.8 8.1%	(451.1) (26.6%)	(454.1) (26.6%)	(488.0) (26.6%)	(535.1) (26.6%)	(533.1) (26.6%)	(533.6) (26.6%)	(536.6) (26.6%)	(542.3) (26.6%)	(550.6) (26.6%)	(561.8) (26.6%)	(575.8) (26.6%)
% of FCFF used in calculation
Discount period
Discount factor
Discounted FCFF (DFCFF)

IHS DCF Value

Crunching data... Almost there!

IHS Earnings Power Value and Enterprise Value

Annual

LTM

Enterprise Value Breakdown

EPV and MIVoG as % of EV

IHS Reverse DCF

Implied FCF growth

Implied Revenue growth

Reverse DCF Assumptions and Outputs

as of Sep 30, 2024

LTM Free Cash Flow

19.3M

Long-Term growth rate

2.5%

Discount rate

N/A

FX rate

1.0

Reverse DCF Value

N/A

Last share price

3.0

Implied FCF growth 1-10Y

0.0%

Implied Free Cash Flow growth vs Historical average vs Industry growth

Competing with IHS Intrinsic Value

Overview

Ratings

Intrinsic Value

Valuation

Growth

Profitability

Health

Capital allocation

Momentum

Earnings

Dividends

Company name	Market Cap	Enterprise Value	Intrinsic Value	DCF Value	Relative value	Ben Graham Revised fair value	Peter Lynch fair value	Earnings Power Value (EPV), % of EV	Market-Implied Value of Growth (MIVoG), % of EV	Reverse DCF (implied FCF growth)	Reverse DCF (implied Revenue growth)
IHS Holding LimitedIHS IHS	$1,174.7M	$4,916.1M	$2.0 45.2% overvalued	N/A 0.0% overvalued	$2.0 45.2% overvalued	Negative 368.2% overvalued	N/A 0.0% overvalued	N/A	N/A	0.0%	0.0%
T-Mobile US, Inc.TMUS TMUS	$301.6B	$410.1B	$57.8 77.5% overvalued	$25.1 90.0% overvalued	$90.6 64.7% overvalued	$140.5 45.2% overvalued	$153.1 40.4% overvalued	70.1%	29.9%	(1.0%)	(1.6%)
AT&T Inc.T T	$187.9B	$325.6B	$25.1 3.6% overvalued	$28.3 9.0% undervalued	$21.8 16.0% overvalued	$53.1 104.3% undervalued	$37.1 42.5% undervalued	112.7%	(12.7%)	(19.6%)	(20.5%)
Verizon Communications Inc.VZ VZ	$182.3B	$346.4B	$111.2 156.1% undervalued	$176.5 306.0% undervalued	$45.9 5.7% undervalued	$70.1 61.3% undervalued	$60.0 38.2% undervalued	158.9%	(58.9%)	(19.5%)	(19.2%)
Comcast CorporationCMCSA CMCSA	$137.5B	$229.3B	$90.8 152.7% undervalued	$132.0 267.0% undervalued	$49.6 38.1% undervalued	$40.2 11.8% undervalued	$47.5 32.1% undervalued	126.7%	(26.7%)	(11.7%)	(10.3%)
Charter Communications, Inc.CHTR CHTR	$51.6B	$145.1B	$516.8 45.2% undervalued	$678.7 91.0% undervalued	$354.8 0.3% overvalued	$366.8 3.1% undervalued	$348.2 2.1% overvalued	177.9%	(77.9%)	(13.5%)	(14.8%)
América Móvil, S.A.B. de C.V.AMX AMX	$44.9B	$82.2B	$65.9 354.2% undervalued	$41.4 186.0% undervalued	$90.3 522.6% undervalued	$35.9 147.7% undervalued	$241.8 1,567.5% undervalued	96.3%	3.7%	(4.0%)	(4.3%)
Chunghwa Telecom Co., Ltd.CHT CHT	$30.2B	$30.2B	$44.4 14.7% undervalued	$36.5 6.0% overvalued	$52.4 35.1% undervalued	$76.9 98.3% undervalued	$208.0 436.7% undervalued	48.2%	51.8%	2.5%	3.1%
Orange S.A.ORAN ORAN	$27.4B	$22.9B	$26.7 159.5% undervalued	$13.5 31.0% undervalued	$39.9 287.8% undervalued	$38.4 273.3% undervalued	$40.5 293.9% undervalued	N/A	N/A	0.0%	0.0%
Telefónica, S.A.TEF TEF	$25.8B	$64.9B	$17.1 271.0% undervalued	$24.3 428.0% undervalued	$9.8 113.8% undervalued	$40.6 781.6% undervalued	N/A 0.0% overvalued	57.8%	42.2%	(22.5%)	(21.7%)
TELUS CorporationTU TU	$23.4B	$44.0B	$14.4 6.2% overvalued	$21.3 38.0% undervalued	$7.6 50.8% overvalued	$5.7 63.0% overvalued	$6.7 56.6% overvalued	89.6%	10.4%	(5.2%)	(5.6%)