BME:CLNX

Stock Analysis Report

Cellnex Telecom

Executive Summary

Cellnex Telecom, S.A. operates infrastructure for wireless telecommunication in Spain, Italy, the Netherlands, France, Switzerland, and internationally.

Snowflake

Fundamentals

Reasonable growth potential and overvalued.


Similar Companies

Share Price & News

How has Cellnex Telecom's share price performed over time and what events caused price changes?


Latest Share Price and Events


Market Performance


7 Day Return

-3.6%

CLNX

0.2%

ES Telecom

0.2%

ES Market


1 Year Return

84.6%

CLNX

16.1%

ES Telecom

7.1%

ES Market

Return vs Industry: CLNX exceeded the Spanish Telecom industry which returned 16.1% over the past year.

Return vs Market: CLNX exceeded the Spanish Market which returned 7.1% over the past year.


Shareholder returns

CLNXIndustryMarket
7 Day-3.6%0.2%0.2%
30 Day7.7%4.4%1.4%
90 Day16.9%2.3%-0.5%
1 Year110.2%84.6%22.6%16.1%10.7%7.1%
3 Year189.1%151.7%6.0%-7.1%13.4%3.0%
5 Yearn/a17.4%-5.7%8.9%-11.2%

Price Volatility Vs. Market

How volatile is Cellnex Telecom's share price compared to the market and industry in the last 5 years?


Simply Wall St News

Valuation

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

9.2%

Undervalued compared to fair value


Share Price vs. Fair Value

Below Fair Value: CLNX (€38.92) is trading below our estimate of fair value (€42.88)

Significantly Below Fair Value: CLNX is trading below fair value, but not by a significant amount.


Price To Earnings Ratio

PE vs Industry: CLNX is poor value based on its PE Ratio (633.1x) compared to the Telecom industry average (21.7x).

PE vs Market: CLNX is poor value based on its PE Ratio (633.1x) compared to the Spanish market (16.6x).


Price to Earnings Growth Ratio

PEG Ratio: CLNX is poor value based on its PEG Ratio (16.1x)


Price to Book Ratio

PB vs Industry: CLNX is overvalued based on its PB Ratio (7x) compared to the ES Telecom industry average (4.8x).


Next Steps

Future Growth

How is Cellnex Telecom forecast to perform in the next 1 to 3 years based on estimates from 17 analysts?

39.3%

Forecasted annual earnings growth


Earnings and Revenue Growth Forecasts


Analyst Future Growth Forecasts

Earnings vs Savings Rate: CLNX's forecast earnings growth (39.3% per year) is above the savings rate (1.5%).

Earnings vs Market: CLNX's earnings (39.3% per year) are forecast to grow faster than the Spanish market (7.7% per year).

High Growth Earnings: earnings are expected to grow significantly over the next 3 years.

Revenue vs Market: CLNX's revenue (14% per year) is forecast to grow faster than the Spanish market (3.7% per year).

High Growth Revenue: CLNX's revenue (14% 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 (11.1%).


Next Steps

Past Performance

How has Cellnex Telecom performed over the past 5 years?

-41.0%

Historical annual earnings growth


Earnings and Revenue History


Past Earnings Growth Analysis

Earnings Trend: CLNX's earnings have declined by -41% per year over the past 5 years.

Accelerating Growth: CLNX has become profitable in the last year, making the earnings growth rate difficult to compare to its 5-year average.

Earnings vs Industry: CLNX has become profitable in the last year, making it difficult to compare its past year earnings growth to the Telecom industry (1.4%).


Return on Equity

High ROE: CLNX's Return on Equity (0.7%) is considered low.


Return on Assets

ROA vs Industry: CLNX's Return on Assets is below or equal to the Telecom industry average last year.


Return on Capital Employed

ROCE Improving: CLNX's Return on Capital Employed has declined over the past 3 years.


Next Steps

Financial Health

How is Cellnex Telecom's financial position?


Financial Position Analysis

Short Term Liabilities: CLNX's short term assets (€2.0B) exceeds its short term liabilities (€667.5M)

Long Term Liabilities: CLNX's short term assets (2.0B) do not cover its long term liabilities (4.3B)


Debt to Equity History and Analysis

Debt Level: CLNX's debt to equity ratio (191.6%) is considered high

Reducing Debt: CLNX's debt to equity ratio has increased from 60.5% to 191.6% over the past 5 years.

Debt Coverage: CLNX's debt is not well covered by operating cash flow (13.1%).

Interest Coverage: CLNX's interest payments on its debt are not well covered by EBIT (1.6x coverage).


Balance Sheet

Inventory Level: CLNX has a high level of physical assets or inventory.

Debt Coverage by Assets: CLNX's debt is not covered by short term assets (assets are 0.6x debt).


Next Steps

Dividend

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

0.24%

Current Dividend Yield


Dividend Yield vs Market

company0.2%marketbottom25%2.3%markettop25%5.6%industryaverage4.7%forecastin3Years0.3%

Current dividend yield vs market & industry


Stability and Growth of Payments

Notable Dividend: CLNX's dividend (0.24%) isn’t notable compared to the bottom 25% of dividend payers in the Spanish market (2.34%).

High Dividend: CLNX's dividend (0.24%) is low compared to the top 25% of dividend payers in the Spanish market (5.63%).

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.


Current Payout to Shareholders

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


Future Payout to Shareholders

Future Dividend Coverage: No need to calculate the sustainability of CLNX's dividend in 3 years as they are not forecast to pay a notable one for the Spanish market.


Next Steps

Management

What is the CEO of Cellnex Telecom's salary, the management and board of directors tenure and is there insider trading?

2.4yrs

Average management tenure


CEO

Tobias Martinez Gimeno (60yo)

0yrs

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: Tobias's total compensation ($USD0.00) is too low to compare against companies of similar size in the Spanish market ($USD2.98M).

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


Management Age and Tenure

2.4yrs

Average Tenure

Experienced Management: CLNX's management team is considered experienced (2.4 years average tenure).


Board Age and Tenure

2.5yrs

Average Tenure

53yo

Average Age

Experienced Board: CLNX's board of directors are not considered experienced ( 2.5 years average tenure), which suggests a new board.


Insider Trading

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


Recent Insider Transactions

Buy€256,68328 May 19
Tobias Martinez Gimeno
EntityIndividual
Role
Chief Executive Officer
CEO, MD & Director
Shares9,610
Max Price€26.71
Buy€11,98116 May 19
Tobias Martinez Gimeno
EntityIndividual
Role
Chief Executive Officer
CEO, MD & Director
Shares480
Max Price€24.96
Buy€6,10028 Mar 19
Don Pierre Blayau
EntityIndividual
Role
Member of the Board of Directors
Independent Director
Shares341
Max Price€17.89
Buy€51,75628 Mar 19
Bertrand Boudewijn Kan
EntityIndividual
Role
Vice Chairman
Deputy Chairperson
Shares2,893
Max Price€17.89
Buy€235,36128 Mar 19
Tobias Martinez Gimeno
EntityIndividual
Role
Chief Executive Officer
CEO, MD & Director
Shares13,156
Max Price€17.89

Ownership Breakdown


Management Team

  • Tobias Martinez Gimeno (60yo)

    CEO, MD & Director

    • Tenure: 0yrs
    • Compensation: €1.07m
  • Tony Brunet Mauri (57yo)

    Corporate & Public Affairs Director

    • Tenure: 0yrs
  • José Manuel Aisa Mancho

    CFO & Corporate Development Director

    • Tenure: 2.4yrs
  • Lluis Deulofeu Fuguet

    Deputy Chief Executive Officer

    • Tenure: 1.6yrs
    • Compensation: €40.00k
  • Javier Martí de Veses Estades

    General & Corporate Secretary

    • Tenure: 0yrs
  • Alex Mestre Molins

    Global Business MD & GM of Global

    • Tenure: 2.4yrs
  • Jose María Miralles Prieto

    Chief Legal Officer

    • Tenure: 0yrs
  • Sergio Martínez Pie

    Head of Internal Audit & Risk Control

    • Tenure: 0yrs
  • Daniel Fernández-Capo

    Global Operations Director

    • Tenure: 2.4yrs
  • Juan Jose Gaitan Mañoso

    Head of Investor Relations

    • Tenure: 0yrs

Board Members

  • Bertrand Boudewijn Kan

    Deputy Chairperson

    • Tenure: 2.5yrs
    • Compensation: €60.00k
  • Leonard Peter Shore

    Independent Director

    • Tenure: 4.5yrs
    • Compensation: €60.00k
  • Tobias Martinez Gimeno (60yo)

    CEO, MD & Director

    • Tenure: 0yrs
    • Compensation: €1.07m
  • Anne Bouverot (53yo)

    Independent Director

    • Tenure: 1.4yrs
  • Giampaolo Zambeletti Rossi

    Coordinating Independent Director

    • Tenure: 4.5yrs
    • Compensation: €60.00k
  • Don Pierre Blayau

    Independent Director

    • Tenure: 4.5yrs
    • Compensation: €60.00k
  • Marieta del Rivero Bermejo

    Independent Director

    • Tenure: 2.5yrs
  • Elisabetta De Bernardi di Valserra (42yo)

    Director

    • Tenure: 1.3yrs
  • María Luisa Guijarro Piñal

    Independent Director

    • Tenure: 1.4yrs
  • Franco Bernabe

    Non-Executive Chairman

    • Tenure: 0.3yrs

Company Information

Cellnex Telecom, S.A.'s company bio, employee growth, exchange listings and data sources


Key Information

  • Name: Cellnex Telecom, S.A.
  • Ticker: CLNX
  • Exchange: BME
  • Founded: 2008
  • Industry: Integrated Telecommunication Services
  • Sector: Telecom
  • Market Cap: €11.617b
  • Shares outstanding: 298.47m
  • Website: https://www.cellnextelecom.com

Number of Employees


Location

  • Cellnex Telecom, S.A.
  • Juan Esplandiú Street, 11-13
  • Madrid
  • 28007
  • Spain

Listings

TickerExchangePrimary SecuritySecurity TypeCountryCurrencyListed on
CLNXBME (Bolsas y Mercados Espanoles)YesOrdinary Registered SharesESEURMay 2015
CLNXeBATS-CHIXE (BATS 'Chi-X Europe')YesOrdinary Registered SharesGBEURMay 2015
0R9CLSE (London Stock Exchange)YesOrdinary Registered SharesGBEURMay 2015
CLNX NBMV (Bolsa Mexicana de Valores)YesOrdinary Registered SharesMXMXNMay 2015
CLNX.FOTCPK (Pink Sheets LLC)YesOrdinary Registered SharesUSUSDMay 2015
CLNXWBAG (Wiener Boerse AG)YesOrdinary Registered SharesATEURMay 2015
CLLN.YOTCPK (Pink Sheets LLC)UNSPONSORD ADRUSUSDAug 2017

Biography

Cellnex Telecom, S.A. operates infrastructure for wireless telecommunication in Spain, Italy, the Netherlands, France, Switzerland, and internationally. The company operates through three segments: Telecom ...


Company Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2019/10/22 21:41
End of Day Share Price2019/10/22 00:00
Earnings2019/06/30
Annual Earnings2018/12/31


Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.