Analysts' Consensus

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 6 January 2020 from forecasts provided by 6 registered investment analysts. Firms contributing to the consensus were: Jefferies, Bank of America, Standard Bank Group, EFG Hermes, Renaissance Capital and Barclays.

(In US$m, unless indicated otherwise)   FY19     FY20     FY21  
Mean High Low Mean High Low Mean High Low
Sites(#) 7,067 7,170 6,915 7,579 7,754 7,103 7,976 8,266 7,413
Tenancies(#) 14,479 14,640 14,311 15,633 15,887 14,971 16,783 17,186 15,701
Revenues 387.5 388.9 386.2 425.5 433.0 413.5 466.6 486.0 438.0
EBITDA(1) 204.1 206.0 202.4 234.5 241.0 231.0 266.5 286.0 251.0
Capex 125.3 130.0 120.0 113.5 123.7 108.9 98.5 104.8 89.0

Note (1): “Adjusted EBITDA” is defined as loss for the period, adjusted for tax expenses, finance costs, other gains and losses, 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 for aborted acquisitions, deal costs not capitalised, sharebased 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.