HTWSF - Helios Towers: Too Cheap At 11-12% FCF Yield Despite Africa Discount

2024-04-08 10:30:00 ET

Summary

• Helios Towers is a European tower company with activities in Africa and the Middle East, with a primary listing on the London Stock Exchange.
• The company has experienced strong growth in tenancies and financial performance, with a gross profit increase of almost 40%.
• Helios Towers plans to increase its tenancy ratio and expects to be cash flow neutral this year.

Introduction

I like cell phone towers as a subcategory of investments in infrastructure. Most US-based cell phone tower REITs are well-covered, but there are two European tower companies I am keeping a close eye on. One of them is Helios Towers ( HTWSF ) which focuses on Africa . As you can see below, about 82% of the sites are located in Africa, with Oman accounting for the remaining 18% of the phone tower location....

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