olivLaw · European equity research
Helios Towers plc HTWS.L
United Kingdom · London Stock Exchange · ISIN GB00BJVQC708 · Vertical: Listed companies from United Kingdom
Helios Towers is an independent mobile tower operator active in nine markets across Africa and the Middle East, leasing space and power to several mobile operators under long-term contracts. The company has entered a new five-year strategy, IMPACT 2030, after reaching its 2.2x tenancy ratio target a year early, as demand for mobile infrastructure in the region remains strong. Revenue in fiscal 2025 was 854 million USD.
At the close of 05 Nov 2026, Helios Towers plc (HTWS.L) stock was 2.20 GBP (+2.90% on the day), with beta 0.58, 52-week range 1.52–2.45 GBP.
Data as of · AI analysis dated · Source: ESEF annual reports and closing prices, computed by olivLaw.
Price history
Loading chart…
Technical reading
- RSI (14)
- 61.6
- strong (55–70)
- Bollinger (20, 2)
- 1.99 – 2.26
- in the upper half of the band · %B 0.77 · band width 12.4%
- SMA 50 / 200
- 2.09 / 2.03
- uptrend (price > SMA50 > SMA200)
- MACD (12, 26, 9)
- -0.00 / -0.00
- MACD above signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | EURO STOXX 50 | vs EURO STOXX 50 | Vertical median | |
|---|---|---|---|---|
| 1 month | +1.4% | −0.6% | +2.0 pp | — |
| 3 months | +11.1% | −4.2% | +15.2 pp | — |
| 6 months | −5.3% | +4.3% | −9.7 pp | — |
| Year to date | +33.5% | +7.5% | +26.0 pp | — |
| 1 year | +41.8% | +9.9% | +31.9 pp | +5.8% |
| 3 years | +238.2% | +49.8% | +188.3 pp | +26.3% |
| 5 years | +47.5% | +42.8% | +4.7 pp | — |
Price returns, dividends excluded.
Quarterly results
ESEF annual reports carry no quarters: the results are annual (below).
E/P over time
the price (USD) and the reports are in different currencies
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Fiscal years
| Fiscal year | 2023 | 2024 | 2025 |
|---|---|---|---|
| Revenue | 721.0 m | 792.0 m | 854.1 m |
| Revenue YoY | unavailable | +9.8% | +7.8% |
| Net income | -100.1 m | 33.5 m | 39.2 m |
| Net income YoY | unavailable | unavailable | +17.0% |
| Diluted EPS | -0.10 | 0.03 | 0.03 |
| Diluted EPS YoY | unavailable | unavailable | +17.9% |
| net % | -13.9% | 4.2% | 4.6% |
| Free cash flow | -44.4 m | 53.9 m | 88.8 m |
Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 217.3 m USD
- Financial debt
- 51.3 m USD
- Net debt
- -166.0 m USD
- Equity
- 76.4 m USD
- Total assets
- 2.5 bn USD
- Debt / equity
- 0.67x
- Current ratio
- 1.26x
- ROE
- 69.8%
- ROA
- 1.6%
- FCF margin
- 10.4%
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Revenue | 721.0 m | 792.0 m | 854.1 m | esef· 07 Apr 2026verified |
| Cost of revenue | 450.4 m | 408.9 m | 414.2 m | esef· 07 Apr 2026verified |
| Gross profit | 270.6 m | 383.1 m | 439.9 m | esef· 07 Apr 2026verified |
| Operating income | 146.1 m | 242.3 m | 286.0 m | esef· 07 Apr 2026verified |
| Interest expense | 253.5 m | 218.6 m | 163.7 m | esef· 07 Apr 2026verified |
| Pre-tax income | -112.2 m | 44.2 m | 136.0 m | esef· 07 Apr 2026verified |
| Income tax | -400.0 k | 17.2 m | 96.6 m | esef· 07 Apr 2026verified |
| Net income | -100.1 m | 33.5 m | 39.2 m | esef· 07 Apr 2026verified |
| Diluted EPS | -0.10 | 0.03 | 0.03 | esef· 07 Apr 2026verified |
Balance sheet · USD
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Cash | 106.6 m | 161.0 m | 217.3 m | esef· 07 Apr 2026verified |
| Receivables | 297.2 m | 305.3 m | 321.7 m | esef· 07 Apr 2026verified |
| Inventories | 12.7 m | 10.0 m | 12.9 m | esef· 07 Apr 2026verified |
| Current assets | 459.1 m | 513.2 m | 590.5 m | esef· 07 Apr 2026verified |
| Property, plant & equipment, net | 918.3 m | 981.0 m | 1.1 bn | esef· 07 Apr 2026verified |
| Total assets | 2.2 bn | 2.3 bn | 2.5 bn | esef· 07 Apr 2026verified |
| Accounts payable | 301.7 m | 309.0 m | 384.4 m | esef· 07 Apr 2026verified |
| Short-term debt | 37.7 m | 39.9 m | 51.3 m | esef· 07 Apr 2026verified |
| Current liabilities | 374.9 m | 382.1 m | 470.2 m | esef· 07 Apr 2026verified |
| Total liabilities | 2.2 bn | 2.3 bn | 2.4 bn | esef· 07 Apr 2026verified |
| Equity | -38.5 m | 35.9 m | 76.4 m | esef· 07 Apr 2026verified |
| Shares outstanding at year end | 1.0 bn | 1.0 bn | 1.1 bn | esef· 07 Apr 2026derived |
Cash flow · USD
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Operating cash flow | 147.2 m | 198.3 m | 268.9 m | esef· 07 Apr 2026verified |
| Capex | 191.6 m | 144.4 m | 180.1 m | esef· 07 Apr 2026verified |
| Free cash flow | -44.4 m ≈ | 53.9 m ≈ | 88.8 m ≈ | esef· 07 Apr 2026derived |
| Investing cash flow | -195.8 m | -149.7 m | -182.5 m | esef· 07 Apr 2026verified |
| Financing cash flow | 43.2 m | 4.5 m | -31.2 m | esef· 07 Apr 2026verified |
| Share repurchases | — | 0 | 23.8 m | esef· 07 Apr 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
- indicators available: 4 of at least 6
- score weight coverage: 22.9% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: unavailable
Price and reporting are in different currencies; market indicators are unavailable.
Key indicators
Coverage and freshness
Score by group
23% · Insufficient data
Estimated value range
The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 0.37 – 0.57 USD.
Valuation assumptions are editorial choices, not measured; beta is not measured.
Method ranges (USD per share)
— — Mid · ▏ Price
Valuation methods
- DCF (discounted cash flow)unavailable · input data missing
- Peers: EV/EBITDAunavailable · input data missing
- Peers: P/E0.37 – 0.57 (Mid 0.48)17 companies used · median multiple 14.4x · quartiles 11.3x – 17.4x0EV1.L, ABDN.L, ABF.L, AIRE.L, AJB.L, ALFA.L, AMIF.L, APTD.L, ASHM.L, AUTO.L, BAB.L, BAG.L, BATS.L, BBY.L, BCG.L, BKG.L, BME.L
- Dividend discount (DDM)unavailable · the company pays no dividend: a dividend model needs an explicit initiation assumption
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Insufficient data
Minimum-evidence gate: indicators available: 4 of at least 6; score weight coverage: 22.9% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | 4.6% | 37 (vs peers) | 27% |
| FCF conversion · Quality | 226.5% | 100 (on a fixed band) | 27% |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | 1.7x | 4 (on a fixed band) | 27% |
| Current ratio · Balance sheet | 1.3x | 38 (on a fixed band) | 18% |
| P/E (TTM) · Valuation | unavailable | unavailable | — |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | unavailable | unavailable | — |
| Shareholder yield (distributions) · Returns | unavailable | unavailable | — |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet17/100 · 2/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality69/100 · 2/3 factors with a value
- Returns· partialunavailable · 0/2 factors with a value
- Valuation· partialunavailable · 0/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
HELIOS TOWERS PLC (HTWS.L). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: revenue 854.1 m USD in 2025; YoY growth 7.8%; net margin 4.6%; ROE 174.2%.
The estimated value range is 0.37–0.57 USD per share (median of 1 methods, agreement: single method); assumptions are illustrative. The range is the median of the methods' low, central and high values, not a probability interval.
Insufficient data for a verdict (indicators available: 4 of at least 6; score weight coverage: 22.9% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- FCF conversion: 226.5%
What contradicts it
- Interest coverage: 1.7x
Not assessed (insufficient data or a ratio without meaning): ROIC, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, P/E (TTM), EV/EBITDA, FCF yield, Shareholder yield (distributions), Payout ratio (FCF).
Versus the vertical median
Listed companies from United Kingdom · same country · compared with 39 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| BATS.LBritish American Tobacco P.L.C. | 104.3 bn | 13.5 | 16.5% | 30.3% | −1.0% | +7% / +88% |
| ABF.LAssociated British Foods PLC | 14.7 bn | 14.3 | 9.2% | 5.3% | −3.1% | −5% / −15% |
| 0EV1.LCarnival PLC | 5.5 bn | 4.1 | 46.7% | 13.4% | +6.4% | unavailable / unavailable |
| BAB.LBabcock International Group PLC | 5.1 bn | 24.7 | 34.7% | 4.1% | +7.2% | −10% / +158% |
| AUTO.LAutotrader Group PLC | 4.8 bn | 16.4 | 60.2% | 47.1% | +3.9% | −13% / −23% |
| BBY.LBalfour Beatty PLC | 4.2 bn | 16.3 | 23.2% | 2.8% | +15.2% | +20% / +160% |
| ABDN.LAberdeen Group PLC | 4.1 bn | 10.8 | 8.0% | 28.9% | −2.1% | +11% / +41% |
| BKG.LThe Berkeley Group Holdings PLC | 3.6 bn | 11.3 | 8.8% | 13.4% | −4.2% | −0% / −22% |
| BME.LB&M European Value Retail PLC | 2.9 bn | 17.4 | 21.2% | 2.8% | +3.7% | +68% / −51% |
| AJB.LAj Bell PLC | 2.4 bn | 22.8 | 49.9% | 33.1% | +18.0% | +8% / +128% |
| ASHM.LAshmore Group PLC | 1.4 bn | 13.9 | 13.1% | 71.6% | −0.1% | +28% / +18% |
| BCG.LBaltic Classifieds Group PLC | 1.2 bn | 23.2 | 15.8% | 57.6% | +6.9% | −99% / −99% |
| APN.LApplied Nutrition PLC | 763.6 m | 36.2 | 41.2% | 19.7% | +24.2% | +71% / unavailable |
| BAG.LA.G. Barr P.L.C. | 671.9 m | 14.4 | 14.4% | 10.8% | +4.0% | −7% / +26% |
| ASC.LAsos PLC | 494.5 m | — | -81.3% | -12.0% | −14.7% | +71% / +8% |
| ALFA.LAlfa Financial Software Holdings PLC | 486.8 m | 16.3 | 61.5% | 23.8% | +15.3% | −28% / +10% |
| AML.LAston Martin Lagonda Global Holdings PLC | 344.3 m | — | -93.4% | -39.2% | −20.6% | −45% / −85% |
| APTD.LAptitude Software Group PLC | 111.3 m | 28.5 | 7.2% | 6.2% | −7.3% | −30% / −23% |
| AMGO.LAmigo Holdings PLC | 9.9 m | — | — | — | −81.9% | +325% / +844% |
| ASBE.LAssociated British Engineering PLC | 605.3 k | — | -19.1% | — | unavailable | unavailable / unavailable |
| AMIF.LAmicorp Fs (uk) PLC | 221.6 k | 0.1 | 27.5% | 9.1% | +8.1% | unavailable / unavailable |
| AAF.LAirtel Africa PLC | — | — | 24.1% | 10.6% | +29.5% | −7% / +164% |
| AAL.LAnglo American PLC | — | — | -19.3% | -20.2% | +4.5% | +30% / +76% |
| ACG.LAcg Metals Limited | — | — | -80.3% | -32.0% | +134.8% | +60% / +63% |
| AEP.LAnglo-Eastern Plantations PLC | — | — | 16.1% | 19.5% | +25.0% | +5% / +113% |
1- and 3-year price returns: for HTWS.L from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Scenarios are not available. input data missing
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
In brief
Helios Towers is an independent mobile tower operator active in nine markets across Africa and the Middle East, leasing space and power to several mobile operators under long-term contracts. The company has entered a new five-year strategy, IMPACT 2030, after reaching its 2.2x tenancy ratio target a year early, as demand for mobile infrastructure in the region remains strong 1. Revenue in fiscal 2025 was 854 million USD 1.
SWOT
Strengths
Weaknesses
- Dependence on a limited number of large customers means losing any one would have a significant financial impact, as the company itself states 1.
- Some sites may not always operate with all required permits, especially those acquired from third parties, which can lead to sanctions 1.
- Reliance on diesel in many locations, where grid power is available only part of the day, remains a source of cost and emissions 1.
Opportunities
- Population growth and rising smartphone penetration could support new tenancies on existing sites and new sites 1.
- The IMPACT 2030 strategy targets higher ROIC and shareholder distributions, which could add value if the targets are met 1.
- The move to 5G could bring a new phase of network densification, according to forecasts cited by the company 1.
Threats
- Political and security instability in several markets could disrupt operations and demand 1.
- Technologies that make networks more efficient or reduce traffic on towers could lower the need for additional tower infrastructure 1.
- Pricing pressure from competition or sector consolidation could weigh on margins 1.
Risks
- Loss of a major customerhigh
A limited number of large customers generates a significant share of revenue, and losing any of them could materially affect finances and growth prospects 1.
- Economic and political instabilityhigh
Political unrest, security issues and ethnic or regional tensions in the markets where the company operates could reduce demand and disrupt operations 1.
- Exchange rate and interest rate movementsmedium
Devaluation of local currencies or sudden interest rate moves could affect results, the availability of hard currency and the ability to upstream cash 1.
- Non-compliance with permit requirementsmedium
Some sites could operate without all required approvals, and regulatory requirements change frequently, which can lead to sanctions 1.
- Technologies reducing tower demandlow
Technological advances that reduce the need for tower-based infrastructure could lower tenancies and revenue over the longer term 1.
Investment thesis
What would need to be true (bull case)
- If demand in Africa and the Middle East keeps growing as the cited forecasts suggest, the company could benefit from a sustained pace of additional tenancies on existing infrastructure with largely fixed costs 1.
- Long-term contracted revenue, mostly in hard currency, could provide a stable base for the shareholder distribution plan within IMPACT 2030 1.
- The 2.2x tenancy ratio target was reached a year early, which shows the management's ability to execute earlier strategies and could support confidence in the new plan 1.
What would break the thesis
- If political or security instability worsens in several markets, demand or operations could be hit harder than currently expected 1.
- Concentration of revenue in a few large customers could make results vulnerable if one of them reduces investment or changes strategy 1.
- Technologies that make networks more efficient could reduce demand for tower space over a longer horizon than currently anticipated 1.
What to watch
- Progress toward the 2.5x tenancy ratio target under IMPACT 20302030
- Recurring free cash flow against the target of over 1.3 billion USD cumulative for 2026-20302026-2030
- Pace of shareholder distributions against the target of over 400 million USDnext 10-K
- Political and security developments in eastern DRC and other markets2027
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
The business
Helios Towers builds, acquires, leases and operates mobile towers that can host several tenants at once, offering passive infrastructure including site selection, maintenance, security, power management and hosting of active equipment 1. Its model rests on contracts with blue-chip mobile operators, with 5.3 billion USD of contracted revenue and an average remaining life of 6.6 years 1. At the end of fiscal 2025 the company operated 14,746 sites and 31,944 tenancies, and 158 million people had network coverage 1.
Growth rests on building new build-to-suit sites with an expected day-1 site ROIC of 12%, adding tenants to existing towers (colocation) and operational improvements, especially in power 1. The company states that Adjusted EBITDA has grown at a 24% CAGR since 2015 and that most of its Adjusted EBITDA is hard-currency, which reduces exposure to local currency swings 1.
Segments
Colocation and space leasing
Colocation, meaning adding tenants to existing towers, is the main driver of revenue growth, with largely fixed operating costs. The source cites colocation Adjusted EBITDA margins of about 80% and site ROIC of 25% and 34% for towers with 2 and 3 tenants respectively 1.
Tower construction and acquisition
The company builds build-to-suit sites only after receiving a contractual order from at least one operator with an initial contract life of over 10 years, and also acquires existing towers with potential for additional tenants 1.
Operational improvements and power
Investments in power, such as grid connections, hybrid systems and solar, reduce diesel dependence, lower carbon intensity and support targeted returns above 33% on operational initiatives 1.
Market context
The source points to population growth in Africa and the Middle East of more than one billion people between 2025 and 2050, unique mobile subscriber growth of 800 million by 2050, and smartphone adoption that could add 1.7 billion devices by 2050 1. Independent forecasts estimate over 28 thousand market tenancies in the next five years, while data consumption could quadruple by 2030 1.
Mobile penetration remains low in the region, which according to the source sustains demand for new sites and denser coverage, and 4G remains the leading technology, with 5G possibly accelerating densification 1.
Trends
- Population and mobile subscriber growthtailwind
A young population and low mobile penetration support long-term demand for coverage and densification, according to sources cited by the company 1.
- Cheaper smartphones and rising data usetailwind
Falling smartphone prices and the move to 4G and 5G could extend data consumption and the number of tenants per tower 1.
- Network efficiency technologiesheadwind
Technologies that raise spectrum efficiency or offload traffic from tower-based networks could reduce the need for additional infrastructure, a risk the company explicitly names 1.
- Economic and political instabilitymixed
Instability in the region, including eastern DRC, and currency moves could affect demand and cash flow, although the company points to hard-currency exposure and USD or EUR-linked contracts 1.
Competitive position
The source indicates that Helios Towers is the leading or sole independent tower company in several of its markets, but the provided text does not name competitors. The company notes that pricing pressure from competition or sector consolidation could affect results 1.
According to the source, mitigation relies on monitoring KPIs against competitors, a fair pricing structure and continuous capex to meet customer needs quickly 1.
- Other independent tower companies in Africa and the Middle East
The source does not name competitors; the company only cites the risk of pricing pressure from competition or consolidation.
- Mobile operators building their own towers
Operator-owned infrastructure is the implicit alternative to space leasing, referenced indirectly in the source through the comparison with the traditional model.
- Spectrum efficiency technology providers
The source mentions that new technologies could reduce the need for towers, without naming providers.
- Satellite infrastructure providers
The company monitors satellite technology developments, without identifying a specific competitor.
News & filings
In the press
No news in our archive over the last 180 days.
Annual reports (ESEF)
- Annual report 202507 Apr 2026
- Annual report 202415 Apr 2025
Sources
- [1] Annual report, fiscal year ended 2025-12-31 (ESEF) · SEC / Helios Towers plc · 31 Dec 2025
Figures computed by olivLaw from ESEF annual reports and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.