Helios Towers plc

Financial Risk: Moderate

Liquidity is strong; while cash flow generation has improved, enabling Helios to easily cover investment and debt servicing. It is targeting debt reduction; any significant reduction may prove difficult to achieve in the short term unless it sees further tenancy/margin improvement given the planned CAPEX.

Equity Risk: High

Given the low level of permanent equity and the lack of share price performance. Doubtful of its attractiveness to investors, thus equity refinancing is unlikely in short term.

Refinancing Risk: Medium

The $300M convertible bond maturing in 2027 requires a clear plan. If the stock price doesn't rise enough for investors to convert to shares, Helios must find cash or new loans.