Berenberg lifts Helios Towers target price after Q3 beat, FY27 guidance boost

(Sharecast News) - Analysts at Berenberg raised their target price on Helios Towers to 310p from 295p on Thursday, citing another quarter of ahead-of-expectations operational performance, upgraded full-year guidance and stronger-than-expected initial forecasts for 2027. Berenberg said Helios delivered a fresh beat on tenancy additions in the third quarter, adding 924 tenancies and taking the total to 35,379 - up 12.2% year-on-year and comfortably exceeding consensus forecasts.

The German bank noted that rising mobile penetration, rapid population growth and increasing data consumption across Helios' markets continued to drive demand for telecoms infrastructure. Record year-to-date tenancy additions of 3,435 were also expected to provide a meaningful boost to earnings in 2027 and beyond.

Berenberg highlighted improving profitability and cash generation, with return on invested capital increasing to 14.2% from 13.8% a year earlier, while net leverage stood at 3.4x, remaining within the group's medium-term target range and below levels typically seen at developed-market tower operators.

Helios also raised its 2026 outlook for a third time this year, guiding towards the top end of previously upgraded ranges, including tenancy additions of 4,000 and adjusted underlying earnings of $535m.

Looking ahead, Berenberg said initial FY27 guidance appeared conservative, with tenancy additions of 3,000 ahead of market expectations and management forecasting double-digit EBITDA growth. As a result, the broker lifted its EBITDA forecasts through FY28 and reiterated its 'buy' recommendation, describing Helios as one of its top picks.





Reporting by Iain Gilbert at Sharecast.com