Disclaimer

Helios Towers plc is covered by research analysts at nine registered investment research firms: BofA Securities, Barclays, Berenberg, Citi Research, EFG Hermes, Jefferies, 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 13 December 2023. The consensus reflects financial forecasts from all registered investment analysts who have released research including updated financial forecasts within the three months prior to the compilation date. Firms contributing to the full-year consensus were: BofA Securities, Barclays, Berenberg, Citi Research, Jefferies, Morgan Stanley and Numis.

Analyst consensus

(In US$m, unless indicated otherwise)FY2023FY2024FY2025
MeanHighLowMeanHighLowMeanHighLow
Sites (#)14,27114,33414,19814,89215,02014,71315,43615,69315,188
Tenancies (#)26,92027,22726,83128,82329,38228,47630,54731,17230,117
Revenues719.8726.2715.5801.4824.0782.8873.3909.0846.4
EBITDA(1)367.7370.1364.5417.0421.7412.0464.0474.0449.5
PFCF(2)261.4264.2255.8289.9302.2283.7322.6339.3313.4

Analyst coverage

InstitutionNamePhoneLast updateRecommendationPrice target
BofA SecuritiesDavid Wrightn.a.02/11/2023Buy190
Barclays CapitalMaurice Patrick+44 20 3134 362203/11/2023Equal weight95
BerenbergRob Chantryn.a.02/11/2023Buy170
Citi ResearchRohit Modin.a.08/11/2023Buy135
EFG HermesOmar Mahern.a.21/08/2022Buy210
JefferiesGiles Thornen.a.02/11/2023Buy150
Morgan StanleyEmmet Kelly+44 20 7425 683013/12/2023Overweight160
Numis SecuritiesJohn Karidis+44 20 7260 131106/11/2023Buy265
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.