Cellnex Telecom (BME:CLNX) - Share price, News & Analysis

CLNX fundamental analysis
Snowflake Score
Valuation	2/6
Future Growth	4/6
Past Performance	0/6
Financial Health	3/6
Dividends	0/6

CLNX Stock Overview

Rewards

Trading at 47.5% below our estimate of its fair value

Earnings are forecast to grow 63.37% per year

Risk Analysis

No risks detected for CLNX from our risk checks.

Cellnex Telecom Competitors

American Tower

NYSE:AMT

US$113.8b

Crown Castle International

NYSE:CCI

US$80.2b

SBA Communications

NasdaqGS:SBAC

US$36.0b

Orange

ENXTPA:ORA

€31.1b

Price History & Performance

Summary of all time highs, changes and price drops for Cellnex Telecom
Historical stock prices
Current Share Price	€40.52
52 Week High	€61.92
52 Week Low	€38.03
Beta	0.28
1 Month Change	-10.24%
3 Month Change	1.48%
1 Year Change	-18.57%
3 Year Change	35.66%
5 Year Change	125.99%
Change since IPO	162.95%

Recent News & Updates

Mar 30

Is Cellnex Telecom (BME:CLNX) Using Too Much Debt?

Howard Marks put it nicely when he said that, rather than worrying about share price volatility, 'The possibility of...

Shareholder Returns

	CLNX	ES Telecom	ES Market
7D	-0.9%	-0.9%	2.1%
1Y	-18.6%	1.6%	-9.1%

Return vs Industry: CLNX underperformed the Spanish Telecom industry which returned 1.6% over the past year.

Return vs Market: CLNX underperformed the Spanish Market which returned -9.1% over the past year.

Price Volatility

Is CLNX's price volatile compared to industry and market?
CLNX volatility
CLNX Average Weekly Movement	4.7%
Telecom Industry Average Movement	4.6%
Market Average Movement	4.5%
10% most volatile stocks in ES Market	8.2%
10% least volatile stocks in ES Market	1.1%

Stable Share Price: CLNX is not significantly more volatile than the rest of Spanish stocks over the past 3 months, typically moving +/- 5% a week.

Volatility Over Time: CLNX's weekly volatility (5%) has been stable over the past year.

About the Company

Founded	Employees	CEO	Website
2008	2,877	Tobias Martinez Gimeno	https://www.cellnextelecom.com

Cellnex Telecom, S.A. operates infrastructure for wireless telecommunication in Austria, Denmark, Spain, France, Ireland, Italy, the Netherlands, Poland, Portugal, the United Kingdom, Sweden, and Switzerland. It operates through three segments: Telecom Infrastructure Services, Broadcasting Networks, and Network Services and Others. The company offers co-location services in its infrastructure for mobile operators to install telecommunications and wireless broadcasting equipment; distributed antenna system and small cells, a network of spatially separated antenna nodes connected to a common source through transport medium that provides wireless services.

Cellnex Telecom Fundamentals Summary

How do Cellnex Telecom's earnings and revenue compare to its market cap?
CLNX fundamental statistics
Market Cap	€27.48b
Earnings (TTM)	-€401.36m
Revenue (TTM)	€2.76b

10.0x

P/S Ratio

-68.5x

P/E Ratio

Is CLNX overvalued?

See Fair Value and valuation analysis

Earnings & Revenue

Key profitability statistics from the latest earnings report
CLNX income statement (TTM)
Revenue	€2.76b
Cost of Revenue	€367.46m
Gross Profit	€2.39b
Other Expenses	€2.79b
Earnings	-€401.36m

Last Reported Earnings

Mar 31, 2022

Next Earnings Date

Jul 28, 2022

Earnings per share (EPS)	-0.59
Gross Margin	86.69%
Net Profit Margin	-14.54%
Debt/Equity Ratio	108.8%

How did CLNX perform over the long term?

See historical performance and comparison

Dividends

0.1%

Current Dividend Yield

-8%

Payout Ratio

Valuation

Is Cellnex Telecom undervalued compared to its fair value and its price relative to the market?

Valuation Score

2/6

Valuation Score 2/6

Below Fair Value
Significantly Below Fair Value
PE vs Industry
PE vs Market
PEG Ratio
PB vs Industry

47.5%

Undervalued compared to fair value

Share Price vs. Fair Value

Below Fair Value: CLNX (€40.52) is trading below our estimate of fair value (€77.2)

Significantly Below Fair Value: CLNX is trading below fair value by more than 20%.

Price To Earnings Ratio

PE vs Industry: CLNX is unprofitable, so we can't compare its PE Ratio to the European Telecom industry average.

PE vs Market: CLNX is unprofitable, so we can't compare its PE Ratio to the Spanish market.

Price to Earnings Growth Ratio

PEG Ratio: Insufficient data to calculate CLNX's PEG Ratio to determine if it is good value.

Price to Book Ratio

PB vs Industry: CLNX's PB Ratio (1.9x) is in line with the XE Telecom industry average.

Future Growth

How is Cellnex Telecom forecast to perform in the next 1 to 3 years based on estimates from 24 analysts?

Future Growth Score

4/6

Future Growth Score 4/6

Earnings vs Savings Rate
Earnings vs Market
High Growth Earnings
Revenue vs Market
High Growth Revenue
Future ROE

63.4%

Forecasted annual earnings growth

Earnings and Revenue Growth Forecasts

Analyst Future Growth Forecasts

Earnings vs Savings Rate: CLNX is forecast to become profitable over the next 3 years, which is considered faster growth than the savings rate (0.9%).

Earnings vs Market: CLNX is forecast to become profitable over the next 3 years, which is considered above average market growth.

High Growth Earnings: CLNX's is expected to become profitable in the next 3 years.

Revenue vs Market: CLNX's revenue (6.9% per year) is forecast to grow faster than the Spanish market (4.3% per year).

High Growth Revenue: CLNX's revenue (6.9% per year) is forecast to grow slower than 20% per year.

Earnings per Share Growth Forecasts

Future Return on Equity

Future ROE: CLNX's Return on Equity is forecast to be low in 3 years time (0.1%).

Past Performance

How has Cellnex Telecom performed over the past 5 years?

Past Performance Score

0/6

Past Performance Score 0/6

Quality Earnings
Growing Profit Margin
Earnings Trend
Accelerating Growth
Earnings vs Industry
High ROE

-77.1%

Historical annual earnings growth

Earnings and Revenue History

Quality Earnings: CLNX is currently unprofitable.

Growing Profit Margin: CLNX is currently unprofitable.

Past Earnings Growth Analysis

Earnings Trend: CLNX is unprofitable, and losses have increased over the past 5 years at a rate of 77.1% per year.

Accelerating Growth: Unable to compare CLNX's earnings growth over the past year to its 5-year average as it is currently unprofitable

Earnings vs Industry: CLNX is unprofitable, making it difficult to compare its past year earnings growth to the Telecom industry (22.3%).

Return on Equity

High ROE: CLNX has a negative Return on Equity (-3%), as it is currently unprofitable.

Financial Health

How is Cellnex Telecom's financial position?

Financial Health Score

3/6

Financial Health Score 3/6

Short Term Liabilities
Long Term Liabilities
Debt Level
Reducing Debt
Stable Cash Runway
Forecast Cash Runway

Financial Position Analysis

Short Term Liabilities: CLNX's short term assets (€3.4B) exceed its short term liabilities (€2.6B).

Long Term Liabilities: CLNX's short term assets (€3.4B) do not cover its long term liabilities (€23.0B).

Debt to Equity History and Analysis

Debt Level: CLNX's net debt to equity ratio (93.5%) is considered high.

Reducing Debt: CLNX's debt to equity ratio has reduced from 354.2% to 108.8% over the past 5 years.

Balance Sheet

Cash Runway Analysis

For companies that have on average been loss making in the past we assess whether they have at least 1 year of cash runway.

Stable Cash Runway: CLNX has sufficient cash runway for more than 3 years based on its current free cash flow.

Forecast Cash Runway: Insufficient data to determine if CLNX has enough cash runway if its free cash flow continues to grow or shrink based on historical rates.

Dividend

What is Cellnex Telecom current dividend yield, its reliability and sustainability?

Dividend Score

0/6

Dividend Score 0/6

Notable Dividend
High Dividend
Stable Dividend
Growing Dividend
Earnings Coverage
Future Dividend Coverage

0.13%

Current Dividend Yield

Dividend Yield vs Market

Notable Dividend: CLNX's dividend (0.13%) isn’t notable compared to the bottom 25% of dividend payers in the Spanish market (1.81%).

High Dividend: CLNX's dividend (0.13%) is low compared to the top 25% of dividend payers in the Spanish market (5.45%).

Stability and Growth of Payments

Stable Dividend: CLNX is not paying a notable dividend for the Spanish market, therefore no need to check if payments are stable.

Growing Dividend: CLNX is not paying a notable dividend for the Spanish market, therefore no need to check if payments are increasing.

Earnings Payout to Shareholders

Earnings Coverage: CLNX is not paying a notable dividend for the Spanish market.

Cash Payout to Shareholders

Cash Flow Coverage: CLNX is paying a dividend but the company has no free cash flows.

Discover strong dividend paying companies

Management

How experienced are the management team and are they aligned to shareholders interests?

3.3yrs

Average management tenure

CEO

Tobias Martinez Gimeno (62 yo)

no data

Tenure

€1,066,000

Compensation

Mr. Tobias Martinez Gimeno serves as the Chief Executive Officer and Managing Director of Cellnex Telecom, S.A. Mr. Gimeno served as General Manager of Telecom Terrestre at Abertis Infraestructuras S.A., u...

CEO Compensation Analysis

Compensation vs Market: Insufficient data to establish whether Tobias's total compensation is reasonable compared to companies of similar size in the Spanish market.

Compensation vs Earnings: Insufficient data to compare Tobias's compensation with company performance.

Leadership Team

Experienced Management: CLNX's management team is considered experienced (3.3 years average tenure).

Board Members

Experienced Board: CLNX's board of directors are considered experienced (4.5 years average tenure).

Ownership

Who are the major shareholders and have insiders been buying or selling?

Insider Trading Volume

Insider Buying: Insufficient data to determine if insiders have bought more shares than they have sold in the past 3 months.

Ownership Breakdown

Dilution of Shares: Shareholders have not been meaningfully diluted in the past year.

Data	Last Updated (UTC time)
Company Analysis	2022/05/23 00:00
End of Day Share Price	2022/05/23 00:00
Earnings	2022/03/31
Annual Earnings	2021/12/31