Disclaimer

Helios Towers plc is covered by research analysts at eight registered investment research firms: BofA Securities, Barclays, Berenberg, Citi Research, Deutsche Numis, Jefferies, Morgan Stanley 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 10 June 2024. The consensus reflects financial forecasts from all registered investment analysts who have released research including updated financial forecasts within the eight months prior to the compilation date. Firms contributing to the full-year consensus were: BofA Securities, Barclays, Berenberg, Citi Research, Deutsche Numis, Jefferies and Morgan Stanley.

Analyst consensus

(In US$m, unless indicated otherwise)FY2024FY2025FY2026
MeanHighLowMeanHighLowMeanHighLow
Sites (#)14,58815,02014,39115,04915,69314,68715,44516,21014,854
Tenancies (#)28,96529,22928,67530,81731,22130,13432,52533,37131,416
Revenues806.2824.0792.8883.2909.0868.8957.6989.1934.8
EBITDA(1)418.2425.2409.3468.3475.4451.7519.4533.5487.6
PFCF(2)289.3305.2279.7327.1344.5313.0365.0383.2348.1
Capex170.9200.1154.3156.6171.9130.8145.1158.4110.3

Analyst coverage

InstitutionNamePhoneLast updateRecommendationPrice target
BofA SecuritiesDavid Wrightn.a.14/03/2024Buy165
Barclays CapitalMaurice Patrick+44 20 3134 362219/03/2024Equal weight100
BerenbergAlex Shortn.a.16/05/2024Buy195
Citi ResearchRohit Modin.a.08/11/2023Buy135
Deutsche NumisJohn Karidis+44 20 7260 131116/05/2024Buy265
JefferiesGraham Huntn.a.16/05/2024Buy158
Morgan StanleyEmmet Kelly+44 20 7425 683010/06/2024Overweight170
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.