Cellnex Telecom, S.A.

BATS-CHIXE:CLNXe Stock Report

Market Cap: €21.0b

Cellnex Telecom Valuation

Is CLNXe undervalued compared to its fair value, analyst forecasts and its price relative to the market?

Valuation Score

3/6

Valuation Score 3/6

  • Below Fair Value

  • Significantly Below Fair Value

  • Price-To-Earnings vs Peers

  • Price-To-Earnings vs Industry

  • Price-To-Earnings vs Fair Ratio

  • Analyst Forecast

Share Price vs Fair Value

What is the Fair Price of CLNXe when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Discounted Cash Flow
Simply Wall St
€56.33
Fair Value
45.3% undervalued intrinsic discount
23
Number of Analysts

Below Fair Value: CLNXe (€30.81) is trading below our estimate of fair value (€56.33)

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

Key Valuation Metric

Which metric is best to use when looking at relative valuation for CLNXe?

Key metric: As CLNXe is profitable we use its Price-To-Earnings Ratio for relative valuation analysis.

The above table shows the Price to Earnings ratio for CLNXe. This is calculated by dividing CLNXe's market cap by their current earnings.
What is CLNXe's PE Ratio?
PE Ratio76.4x
Earnings€275.00m
Market Cap€21.02b

Price to Earnings Ratio vs Peers

How does CLNXe's PE Ratio compare to its peers?

The above table shows the PE ratio for CLNXe vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyForward PEEstimated GrowthMarket Cap
Peer Average25.8x
BT.A BT Group
19.6x12.77%UK£20.7b
HTWS Helios Towers
19.3x28.69%UK£1.2b
AAF Airtel Africa
29.7x27.59%UK£7.6b
T TELUS
34.6x24.28%CA$33.1b
CLNXe Cellnex Telecom
76.4x10.03%€21.0b

Price-To-Earnings vs Peers: CLNXe is expensive based on its Price-To-Earnings Ratio (76.4x) compared to the peer average (25.8x).

Price to Earnings Ratio vs Industry

How does CLNXe's PE Ratio compare vs other companies in the European Telecom Industry?

2 CompaniesPrice / EarningsEstimated GrowthMarket Cap
No. of Companies7PE01020304050+
2 CompaniesEstimated GrowthMarket Cap
No more companies

Price-To-Earnings vs Industry: CLNXe is expensive based on its Price-To-Earnings Ratio (76.4x) compared to the European Telecom industry average (19.7x).

Price to Earnings Ratio vs Fair Ratio

What is CLNXe's PE Ratio compared to its Fair PE Ratio? This is the expected PE Ratio taking into account the company's forecast earnings growth, profit margins and other risk factors.

CLNXe PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio76.4x
Fair PE Ratio22.4x

Price-To-Earnings vs Fair Ratio: CLNXe is expensive based on its Price-To-Earnings Ratio (76.4x) compared to the estimated Fair Price-To-Earnings Ratio (22.4x).

Analyst Price Targets

What is the analyst 12-month forecast and do we have any statistical confidence in the consensus price target?

The above table shows the analyst CLNXe forecast and predictions for the stock price in 12 month’s time.
DateShare PriceAverage 1Y Price TargetDispersionHighLow1Y Actual priceAnalysts
Current€30.81
€41.55
+34.87%
14.94%€51.80€24.00n/a23
Jul ’26€33.95
€42.00
+23.70%
15.75%€53.50€24.00n/a23
Jun ’26€33.77
€41.89
+24.06%
16.26%€53.50€24.00n/a24
May ’26€35.19
€41.66
+18.38%
15.73%€53.50€24.00n/a24
Apr ’26€33.00
€43.33
+31.32%
20.21%€70.60€24.00n/a24
Mar ’26€33.54
€44.27
+31.99%
18.09%€70.60€31.00n/a23
Feb ’26€32.82
€44.23
+34.77%
18.00%€70.60€31.00n/a23
Jan ’26€30.40
€44.15
+45.27%
17.72%€70.60€31.00n/a24
Dec ’25€33.10
€44.11
+33.27%
17.79%€70.60€31.00n/a24
Nov ’25n/a
€43.93
0%
18.28%€70.60€32.00n/a24
Oct ’25€37.00
€43.72
+18.17%
19.81%€70.60€31.31n/a24
Sep ’25€35.50
€42.79
+20.55%
17.99%€62.15€31.31n/a25
Aug ’25€32.26
€42.79
+32.67%
17.99%€62.15€31.31€31.5125
Jul ’25€30.58
€42.84
+40.09%
18.04%€62.15€31.20€33.9525
Jun ’25€34.01
€42.77
+25.75%
17.70%€62.15€31.20€33.7726
May ’25€31.31
€42.52
+35.80%
18.26%€62.15€31.20€35.1926
Apr ’25€32.78
€42.98
+31.13%
17.74%€62.15€31.31€33.0025
Mar ’25€32.53
€42.73
+31.34%
19.27%€62.15€30.00€33.5426
Feb ’25€35.16
€42.66
+21.34%
19.78%€62.15€30.00€32.8226
Jan ’25€35.61
€42.93
+20.58%
20.61%€63.00€30.00€30.4026
Dec ’24€34.96
€42.51
+21.62%
19.77%€62.15€30.00€33.1026
Nov ’24€28.53
€43.34
+51.90%
18.25%€62.15€31.00n/a26
Oct ’24€33.56
€47.18
+40.60%
22.00%€77.80€31.00€37.0026
Sep ’24€34.62
€48.14
+39.05%
21.42%€77.80€32.27€35.5024
Aug ’24€36.65
€48.30
+31.82%
21.14%€77.80€32.27€32.2624
AnalystConsensusTarget
Consensus Narrative from 23 Analysts
€41.51
Fair Value
25.8% undervalued intrinsic discount
23
Number of Analysts

Analyst Forecast: Target price is more than 20% higher than the current share price and analysts are within a statistically confident range of agreement.

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Company Analysis and Financial Data Status

DataLast Updated (UTC time)
Company Analysis2025/08/05 11:27
End of Day Share Price 2025/08/05 00:00
Earnings2025/06/30
Annual Earnings2024/12/31

Data Sources

The data used in our company analysis is from S&P Global Market Intelligence LLC. The following data is used in our analysis model to generate this report. Data is normalised which can introduce a delay from the source being available.

PackageDataTimeframeExample US Source *
Company Financials10 years
  • Income statement
  • Cash flow statement
  • Balance sheet
Analyst Consensus Estimates+3 years
  • Forecast financials
  • Analyst price targets
Market Prices30 years
  • Stock prices
  • Dividends, Splits and Actions
Ownership10 years
  • Top shareholders
  • Insider trading
Management10 years
  • Leadership team
  • Board of directors
Key Developments10 years
  • Company announcements

* Example for US securities, for non-US equivalent regulatory forms and sources are used.

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.

Analysis Model and Snowflake

Details of the analysis model used to generate this report is available on our Github page, we also have guides on how to use our reports and tutorials on Youtube.

Learn about the world class team who designed and built the Simply Wall St analysis model.

Industry and Sector Metrics

Our industry and section metrics are calculated every 6 hours by Simply Wall St, details of our process are available on Github.

Analyst Sources

Cellnex Telecom, S.A. is covered by 48 analysts. 22 of those analysts submitted the estimates of revenue or earnings used as inputs to our report. Analysts submissions are updated throughout the day.

AnalystInstitution
Jean-Michel SalvadorAlphaValue
Pedro Jorge OliveiraBanco BPI, S.A.
Bruno BessaBanco BPI, S.A.