Helios Towers plc is covered by research analysts at ten registered investment research firms: BofA Securities, Barclays, Berenberg, Citi Research, EFG Hermes, Jefferies, J.P. Morgan Cazenove, Morgan Stanley, Numis Securities and Quest (Canaccord Genuity).

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 28 March 2023. The consensus reflects financial forecasts from all registered investment analysts who have released research including updated financial forecasts within the four months prior to the compilation date. Firms contributing to the consensus were: BofA Securities, Barclays, Berenberg, Citi Research, Jefferies, Morgan Stanley and Numis.

Analyst consensus

(In US$m, unless indicated otherwise)FY2023FY2024FY2025
Sites (#)14,30114,41414,14614,96515,18314,72915,58415,99515,147
Tenancies (#)26,15826,34925,63727,92428,14227,37029,66230,09928,956

Analyst coverage

InstitutionNamePhoneLast updateRecommendationPrice target
BofA SecuritiesAlexandre Roncier+44 20 7995 181316/03/2023Buy190
Barclays CapitalMaurice Patrick+44 20 3134 362227/03/2023Equal weight150
BerenbergBharath Nagaraj+44 20 3753 304416/03/2023Buy170
Citi ResearchRohit Modin.a.23/03/2021Buy195
EFG HermesOmar Mahern.a.21/08/2022Buy210
JefferiesJerry Dellis+44 20 7029 851716/03/2023Buy175
J.P. Morgan CazenoveJonathan Kennedy-Good+27 11 507 035525/08/2022Overweight210
Morgan StanleyEmmet Kelly+44 20 7425 683016/12/2022Overweight160
Numis SecuritiesJohn Karidis+44 20 7260 131128/03/2023Buy265
Quest (Canaccord Genuity)James Congden+44 20 7523 843723/05/2022Buy305

(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) Portfolio free cash flow is defined as Adjusted EBITDA less maintenance and corporate capital additions, payments of lease liabilities (including interest and principal repayments of lease liabilities) and tax paid.