Analyst coverage & consensus
Disclaimer
Helios Towers plc is covered by research analysts at seven registered investment research firms: BofA Securities, Berenberg, Citi Research, Deutsche Numis, Jefferies, Morgan Stanley and New Street.
These forecasts are not endorsed by Helios Towers plc, nor does Helios Towers plc assume any obligation to update or revise the consensus to reflect circumstances arising after the date below.
This consensus has been compiled by Helios Towers plc as of the 10th February 2026 and excludes estimates published prior to 7th November 2025. Firms contributing to the full-year consensus were: Berenberg, Citi Research, Deutsche Numis, Morgan Stanley and Jefferies.
Analyst consensus
| (In US$m, unless indicated otherwise) | FY2025 | FY2026 | FY2027 | ||||||
|---|---|---|---|---|---|---|---|---|---|
| Mean | High | Low | Mean | High | Low | Mean | High | Low | |
| Sites (#) | 14,795 | 14,829 | 14,752 | 15,291 | 15,336 | 15,173 | 15,785 | 15,985 | 15,573 |
| Tenancies (#) | 31,882 | 32,081 | 31,633 | 34,272 | 34,620 | 33,978 | 36,494 | 37,140 | 36,078 |
| Adj. EBITDA(1) | 469.1 | 470.1 | 467.9 | 520.1 | 523.0 | 514.2 | 573.4 | 581.0 | 564.4 |
| RFCF(2) | 178.3 | 183.6 | 173.1 | 206.7 | 214.7 | 198.4 | 240.4 | 251.2 | 229.1 |
| FCF(3) | 58.9 | 62.4 | 49.8 | 95.7 | 105.7 | 84.7 | 131.0 | 136.5 | 124.6 |
| Capex | 167.2 | 170.9 | 164.8 | 161.9 | 175.5 | 155.0 | 163.2 | 171.0 | 155.4 |
Analyst coverage
| Institution | Name | Phone | Last update | Recommendation | Price target |
|---|---|---|---|---|---|
| BofA Securities | David Wright | n.a. | 06/11/2025 | Buy | 186 |
| Berenberg | Alex Short | n.a. | 13/11/2025 | Buy | 215 |
| Citi Research | Rohit Modi | n.a. | 17/11/2025 | Buy | 200 |
| Deutsche Numis | John Karidis | +44 20 7260 1311 | 12/11/2025 | Buy | 245 |
| Jefferies | Graham Hunt | n.a. | 09/12/2025 | Buy | 254 |
| Morgan Stanley | Emmet Kelly | +44 20 7425 6830 | 30/01/2026 | Overweight | 230 |
| New Street | Chris Hoare | n.a. | 29/09/2025 | Buy | 180 |
(1) Adjusted EBITDA is defined as loss for the period, adjusted for tax expenses, finance costs, gain/(loss) on derivative financial instruments, interest receivable, loss on disposal of property, plant and equipment, amortisation of intangible assets, depreciation and impairment of property, plant and equipment, depreciation of right-of-use assets, recharged depreciation, deal costs, share-based payments and long-term incentive plan charges, and exceptional items. Exceptional items are material items that are considered exceptional in nature by management by virtue of their size and/or incidence.
(2) RFCF - Recurring free cash flow (RFCF) is defined as a measure of the Company’s cash flow generation available for (i) discretionary capital expenditure, and other exceptional items, and (ii) capital providers and investor distributions.
(3) FCF - Free cash flow (FCF) is defined as a measure of the cash generation available for capital providers and investor distributions.