Airtel Africa IPO: Exposure to Growing African Mobile Market with a Healthy Upside

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

Africa Airtel: We See Upside at Top of the Valuation Range

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