KE Holdings Inc ADR (BEKE) is overvalued and IHS Holding Ltd (IHS) is undervalued.
Against our estimates of intrinsic value, IHS trades at the wider discount: a margin of safety of +79%, against -56% for BEKE.
Values as of the 19 Oct 2026 close.
Discounting its cash flows at 8.4% (average of 3 methods) values the shares at $11.45; the price of $17.91 is 56% above that value, and 79% of that value comes from beyond year five.
Leak Score 35/100 on 9 of 12 signals
Discounting its cash flows at 7.4% (average of 3 methods) values the shares at $40.18; the price of $8.43 is 79% below that value, and 82% of that value comes from beyond year five.
Leak Score 88/100 on 9 of 12 signals
| Metric | BEKE | IHS |
|---|---|---|
| Verdict | Overvalued | Undervalued |
| Price | $17.91 | $8.43 |
| Intrinsic value | $11.45 | $40.18 |
| Margin of safety | -56% | +79% |
| Leak Score | 35/100 (9/12) | 88/100 (9/12) |
| Market cap | $18.9B | $2.9B |
| Revenue growth, 5 years | 5.2% | 2.4% |
| Operating margin | 5.6% | 33.4% |
| Net margin | 5.4% | 9.2% |
| Return on equity | 7.1% | — |
| Debt to equity | 0.22 | — |
| P/E | 29.5x | 20.1x |
| Forward P/E | 14.0x | 10.0x |
| P/B | 2.1x | — |
| Dividend yield | 2.3% | 2.1% |