Disclaimer
Helios Towers plc is covered by research analysts at nine registered investment research firms: BofA Securities, Barclays, Berenberg, Citi Research, Deutsche Numis, Jefferies, Morgan Stanley, New Street Research 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 March 2025. 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 full-year consensus were: BofA Securities, Barclays, Berenberg, Citi, Deutsche Numis, Jefferies and Morgan Stanley.
Analyst consensus
| (In US$m, unless indicated otherwise) | FY2024 | FY2025 | FY2026 | ||||||
|---|---|---|---|---|---|---|---|---|---|
| Mean | High | Low | Mean | High | Low | Mean | High | Low | |
| Sites (#) | 14,730 | 14,507 | 14,228 | 14,730 | 14,955 | 14,393 | 15,071 | 15,503 | 14,485 |
| Tenancies (#) | 29,379 | 29,434 | 29,330 | 31,299 | 31,541 | 30,761 | 32,007 | 33,566 | 31,976 |
| EBITDA(1) | 420.7 | 422.3 | 418.6 | 469.4 | 473.3 | 463.7 | 519.9 | 535.6 | 505.0 |
| RLFCF(2) | 289.4 | 294.2 | 283.6 | 168.2 | 182.9 | 155.9 | 209.7 | 232.7 | 192.4 |
| FCF(3) | 17.2 | 37.7 | 2.9 | 49.7 | 59.6 | 19.3 | 104.8 | 124.4 | 80.4 |
| Capex | 166.8 | 174.5 | 155.0 | 163.3 | 187.3 | 150.8 | 155.3 | 172.0 | 130.9 |
Analyst coverage
| Institution | Name | Phone | Last update | Recommendation | Price target |
|---|---|---|---|---|---|
| BofA Securities | David Wright | n.a. | 07/11/2024 | Buy | 165 |
| Barclays Capital | Maurice Patrick | +44 20 3134 3622 | 14/01/2025 | Equal weight | 120 |
| Berenberg | Alex Short | n.a. | 17/01/2025 | Buy | 175 |
| Citi Research | Rohit Modi | n.a. | 11/02/2025 | Buy | 145 |
| Deutsche Numis | John Karidis | +44 20 7260 1311 | 28/02/2025 | Buy | 255 |
| Jefferies | Graham Hunt | n.a. | 21/01/2025 | Buy | 192 |
| Morgan Stanley | Emmet Kelly | +44 20 7425 6830 | 10/03/2025 | Overweight | 160 |
| New Street | Chris Hoare | n.a. | 26/09/2024 | Buy | 140 |
| Quest (Canaccord Genuity) | James Congden | +44 20 7523 8437 | 23/05/2022 | Buy | 305 |
(1) Adjusted EBITDA is defined by management as profit/ loss before tax for the period, adjusted for finance costs, other gains and losses, interest receivable, loss on disposal of property, plant and equipment, amortisation of intangible assets, depreciation and impairments of property, plant and equipment, depreciation of right-of-use assets, deal costs for aborted acquisitions, deal costs not capitalised, share-based payments and long-term incentive plan charges, and other adjusting items. Adjusting items are material items that are considered one-off by management by virtue of their size and/or incidence.
(2) Recurring levered free cash flow is the cash generated that management can allocate towards discretionary capex, debt paydowns and/or shareholder distributions.
(3) Free cash flow is defined as levered portfolio free cash flow less discretionary capital additions and cash paid for exceptional and one-off items, and proceeds on disposal assets. Levered portfolio free cash flow means portfolio free cash flow less net payment of interest and net change in working capital.