Disclaimer
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) | FY2023 | FY2024 | FY2025 | ||||||
|---|---|---|---|---|---|---|---|---|---|
| Mean | High | Low | Mean | High | Low | Mean | High | Low | |
| Sites (#) | 14,301 | 14,414 | 14,146 | 14,965 | 15,183 | 14,729 | 15,584 | 15,995 | 15,147 |
| Tenancies (#) | 26,158 | 26,349 | 25,637 | 27,924 | 28,142 | 27,370 | 29,662 | 30,099 | 28,956 |
| Revenues | 676.8 | 695.8 | 669.0 | 739.8 | 760.4 | 726.5 | 805.3 | 825.5 | 781.9 |
| EBITDA(1) | 358.7 | 361.8 | 355.1 | 403.6 | 410.0 | 394.3 | 449.3 | 466.8 | 436.2 |
| PFCF(2) | 241.2 | 244.9 | 232.8 | 274.0 | 280.0 | 260.5 | 309.3 | 328.3 | 292.6 |
Analyst coverage
| Institution | Name | Phone | Last update | Recommendation | Price target |
|---|---|---|---|---|---|
| BofA Securities | Alexandre Roncier | +44 20 7995 1813 | 16/03/2023 | Buy | 190 |
| Barclays Capital | Maurice Patrick | +44 20 3134 3622 | 27/03/2023 | Equal weight | 150 |
| Berenberg | Bharath Nagaraj | +44 20 3753 3044 | 16/03/2023 | Buy | 170 |
| Citi Research | Rohit Modi | n.a. | 23/03/2021 | Buy | 195 |
| EFG Hermes | Omar Maher | n.a. | 21/08/2022 | Buy | 210 |
| Jefferies | Jerry Dellis | +44 20 7029 8517 | 16/03/2023 | Buy | 175 |
| J.P. Morgan Cazenove | Jonathan Kennedy-Good | +27 11 507 0355 | 25/08/2022 | Overweight | 210 |
| Morgan Stanley | Emmet Kelly | +44 20 7425 6830 | 16/12/2022 | Overweight | 160 |
| Numis Securities | John Karidis | +44 20 7260 1311 | 28/03/2023 | Buy | 265 |
| Quest (Canaccord Genuity) | James Congden | +44 20 7523 8437 | 23/05/2022 | Buy | 305 |
(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.