Helios Towers: Guiding to 3,500 Extra Tenancies, With 44% Upside Still in Sight

Helios Towers is guiding higher after a record first half

Helios Towers still looks more like a stock playing catch-up than one setting the tape. After record tenancy growth in the first half, management has raised the bar again, guiding to 3,000 to 3,500 expected tenancy additions for 2026, up from the prior 2,000 to 2,500. Rather than simply defend the old growth path, the company is widening it.

The updated outlook also comes alongside continued capital return. Management said it has continued its share buyback programme and announced its inaugural dividend, adding another layer to the bull case if execution holds.

The real debate: faster growth or already-fulled expectations?

The bullish argument is straightforward: Helios is pairing stronger operations with more visible shareholder returns. Investors are no longer underwriting tenancy growth alone; they are starting to underwrite a business that can reinvest in growth while also sending capital back.

The cautious view is just as understandable. The stock may already reflect some of that optimism, and guidance can slip. Still, even from a valuation standpoint, the upside remains notable: the consensus target is GBX 283.33 versus a current price of GBX 197.40, implying 43.53% upside. That does not guarantee the target will be hit, but it does suggest the market may still have room to move if the company delivers toward the middle of its new range.