Equity Analyst, LightStream Research

Supun Walpola

Equity Analyst

Long-Short Analysis on Japan, Asia and the World

LightStream Research

LightStream conducts quantitatively rigorous and data-driven analysis with a focus on Japan and Asia.

We consistently cover the Tech, Consumer and Industrial sectors, and provide ECM and Events coverage more broadly.

We supplement traditional qualitative insights from company relationships with a robust quantitative foundation that examines as much historical data as is available.
We further refine the accuracy of our insights and calls through the use of alternative data to flesh out current trends, and through a valuation framework that emphasises non-superficial peer group selection and a proper attempt to understand the metrics and changes that have driven security valuations in the past.

Equity Capital Markets

Helios Towers Ltd / Equity Capital Markets

<a href="https://www.smartkarma.com/entities/helios-towers-ltd" target="_blank" data-smartkarma-citation="entities:28332:1" rel="noopener">Helios Towers Ltd (HET UK)</a> (HT) is a leading independent mobile tower operator in Africa. HT has filed for an IPO in the London Stock Exchange (LSE). HT plans to raise $125m floating at least 25% of its ownership. The IPO price range of 115-145 pence per share implies a post-listing market cap of $1.42bn-$1.79bn. IPO books will be closed on (Monday) October 14th and the stock will likely start trading on (Tuesday) October 15th.In our previous note, <a href="https://www.smartkarma.com/insights/helios-towers-ipo-part-i-more-room-for-inorganic-growth-and-a-lot-more-to-like-about" target="_blank" data-smartkarma-citation="insights:33023" rel="noopener">Helios Towers IPO (Part I): More Room for Inorganic Growth and a Lot More to Like About</a>, we were broadly positive about HT’s operations and suggested that there is still room for HT to grow inorganically in its markets.In this note, we present our forecast and take a closer look at HT’s capex plans and valuation.

Helios Towers Ltd (HET UK) (HT) is a leading independent mobile tower operator in Africa. HT has filed for an IPO in the London Stock Exchange (LSE). HT plans to raise $125m floating at least 25% of its ownership. The IPO price range of 115-145 pence per share implies a post-listing market cap of $1.42bn-$1.79bn. IPO books will be closed on (Monday) October 14th and the stock will likely start trading on (Tuesday) October 15th.In our previous note, Helios Towers IPO (Part I): More Room for Inorganic Growth and a Lot More to Like About, we were broadly positive about HT’s operations and suggested that there is still room for HT to grow inorganically in its markets.In this note, we present our forecast and take a closer look at HT’s capex plans and valuation.

Helios Towers IPO (Part II): Attractive at the Lower End of the IPO Range

<a href="https://www.smartkarma.com/entities/helios-towers-ltd" target="_blank" data-smartkarma-citation="entities:28332:1" rel="noopener">Helios Towers Ltd (HET UK)</a> (HT) is a leading independent mobile tower operator in Africa. HT has filed for an IPO in the London Stock Exchange (LSE). HT plans to raise $125m floating at least 25% of its ownership. The IPO price range of 115-145 pence per share implies a post-listing market cap of $1.42bn-$1.79bn. IPO books will be closed on (Monday) October 14th and the stock will likely start trading on (Tuesday) October 15th. 
Our initial thoughts on HT’s operations are broadly positive. HT’s medium-term growth profile looks solid, underpinned by the strong demand for network infrastructure and room for further inorganic growth in Tanzania and DRC, two of HT’s biggest markets. We believe this should offset HT’s not so encouraging prospects in smaller markets like Ghana and Congo. The company’s recent entrance to South Africa is a big positive, where we believe HT could “buy” its way forward over the next few years. The company’s operational philosophies have so far generated tangible results, in the form of substantial margin improvements, and is expected to further strengthen its bottom line going forward.

Helios Towers Ltd (HET UK) (HT) is a leading independent mobile tower operator in Africa. HT has filed for an IPO in the London Stock Exchange (LSE). HT plans to raise $125m floating at least 25% of its ownership. The IPO price range of 115-145 pence per share implies a post-listing market cap of $1.42bn-$1.79bn. IPO books will be closed on (Monday) October 14th and the stock will likely start trading on (Tuesday) October 15th. 
Our initial thoughts on HT’s operations are broadly positive. HT’s medium-term growth profile looks solid, underpinned by the strong demand for network infrastructure and room for further inorganic growth in Tanzania and DRC, two of HT’s biggest markets. We believe this should offset HT’s not so encouraging prospects in smaller markets like Ghana and Congo. The company’s recent entrance to South Africa is a big positive, where we believe HT could “buy” its way forward over the next few years. The company’s operational philosophies have so far generated tangible results, in the form of substantial margin improvements, and is expected to further strengthen its bottom line going forward.

Helios Towers IPO (Part I): More Room for Inorganic Growth and a Lot More to Like About

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Helios Towers Ltd (HET UK)

Helios Towers IPO (Part II): Attractive at the Lower End of the IPO Range

Helios Towers Ltd (HET UK) (HT) is a leading independent mobile tower operator in Africa. HT has filed for an IPO in the London Stock Exchange...

Supun Walpola

Helios Towers IPO (Part I): More Room for Inorganic Growth and a Lot More to Like About

Helios Towers Ltd (HET UK) (HT) is a leading independent mobile tower operator in Africa. HT has filed for an IPO in the London Stock Exchange...

Supun Walpola

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