Board Change • 10h
High number of new directors There are 5 new directors who have joined the board in the last 3 years. Independent Director Cynthia Gordon was the last director to join the board, commencing their role in 2026. The company’s lack of board continuity is considered a risk according to the Simply Wall St Risk Model. Reported Earnings • May 02
First quarter 2026 earnings released First quarter 2026 results: €0.03 loss per share. Revenue: €984.0m (down 8.4% from 1Q 2025). Net loss: €20.0m (loss narrowed 59% from 1Q 2025). Revenue is forecast to grow 4.6% p.a. on average during the next 3 years, compared to a 2.4% growth forecast for the Telecom industry in Europe. Major Estimate Revision • Apr 30
Consensus EPS estimates fall by 67% The consensus outlook for fiscal year 2026 has been updated. 2026 expected loss increased from -€0.236 to -€0.394 per share. Revenue forecast unchanged at €4.34b. Telecom industry in Spain expected to see average net income growth of 19% next year. Consensus price target of €36.66 unchanged from last update. Share price was steady at €28.62 over the past week. Major Estimate Revision • Apr 15
Consensus EPS estimates fall by 11% The consensus outlook for fiscal year 2026 has been updated. 2026 expected loss increased from -€0.222 to -€0.247 per share. Revenue forecast unchanged at €4.30b. Telecom industry in Spain expected to see average net income growth of 19% next year. Consensus price target broadly unchanged at €36.78. Share price was steady at €29.72 over the past week. Duyuru • Mar 30
Cellnex Telecom, S.A., Annual General Meeting, Apr 29, 2026 Cellnex Telecom, S.A., Annual General Meeting, Apr 29, 2026. Location: paseo de la castellana 81, madrid., Spain New Risk • Mar 20
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Spanish stocks, typically moving 4.9% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. This is currently the only risk that has been identified for the company. Major Estimate Revision • Mar 08
Consensus EPS estimates fall by 156% The consensus outlook for earnings per share (EPS) in fiscal year 2026 has deteriorated. 2026 revenue forecast decreased from €4.37b to €4.29b. Losses expected to increase from €0.084 per share to €0.21. Telecom industry in Spain expected to see average net income growth of 23% next year. Consensus price target of €36.78 unchanged from last update. Share price fell 8.9% to €29.29 over the past week. Reported Earnings • Mar 03
Full year 2025 earnings: Revenues exceed analysts expectations while EPS lags behind Full year 2025 results: €0.53 loss per share (further deteriorated from €0.04 loss in FY 2024). Revenue: €4.12b (up 1.2% from FY 2024). Net loss: €360.8m (loss widened €332.7m from FY 2024). Revenue exceeded analyst estimates by 5.0%. Earnings per share (EPS) missed analyst estimates by 104%. Revenue is forecast to grow 5.2% p.a. on average during the next 3 years, compared to a 1.9% growth forecast for the Telecom industry in Europe. Over the last 3 years on average, earnings per share has increased by 31% per year but the company’s share price has fallen by 5% per year, which means it is significantly lagging earnings. Major Estimate Revision • Mar 01
Consensus EPS estimates upgraded to €0.051 loss, revenue downgraded The consensus outlook for fiscal year 2026 has been updated. 2026 revenue forecast fell from €4.38b to €4.28b. 2026 losses expected to reduce from -€0.092 to -€0.051 per share. Telecom industry in Spain expected to see average net income growth of 23% next year. Consensus price target broadly unchanged at €36.78. Share price rose 5.5% to €32.14 over the past week. Major Estimate Revision • Feb 17
Consensus EPS estimates fall by 13% The consensus outlook for fiscal year 2025 has been updated. 2025 expected loss increased from -€0.247 to -€0.281 per share. Revenue forecast unchanged at €4.21b. Telecom industry in Spain expected to see average net income growth of 17% next year. Consensus price target down from €37.65 to €36.69. Share price rose 6.5% to €30.50 over the past week. Upcoming Dividend • Jan 06
Upcoming dividend of €0.37 per share Eligible shareholders must have bought the stock before 13 January 2026. Payment date: 15 January 2026. The company is not currently making a profit and its cash payout ratio is 81%. Trailing yield: 1.4%. Lower than top quartile of Spanish dividend payers (5.2%). Lower than average of industry peers (4.8%). Major Estimate Revision • Nov 21
Consensus EPS estimates fall by 11% The consensus outlook for fiscal year 2025 has been updated. 2025 expected loss increased from -€0.163 to -€0.181 per share. Revenue forecast unchanged at €4.20b. Telecom industry in Spain expected to see average net income growth of 19% next year. Consensus price target of €40.05 unchanged from last update. Share price was steady at €25.63 over the past week. Reported Earnings • Nov 07
Third quarter 2025 earnings released Third quarter 2025 results: €0.22 loss per share. Revenue: €995.0m (down 18% from 3Q 2024). Net loss: €148.0m (down 153% from profit in 3Q 2024). Revenue is forecast to grow 4.8% p.a. on average during the next 3 years, compared to a 2.0% growth forecast for the Telecom industry in Europe. Over the last 3 years on average, earnings per share has increased by 57% per year but the company’s share price has fallen by 10% per year, which means it is significantly lagging earnings. Major Estimate Revision • Oct 13
Consensus EPS estimates fall by 10% The consensus outlook for fiscal year 2025 has been updated. 2025 expected loss increased from -€0.143 to -€0.158 per share. Revenue forecast unchanged at €4.22b. Telecom industry in Spain expected to see average net income growth of 16% next year. Consensus price target down from €41.25 to €40.38. Share price was steady at €29.18 over the past week. Major Estimate Revision • Oct 05
Consensus EPS estimates upgraded to €0.14 loss The consensus outlook for fiscal year 2025 has been updated. 2025 losses forecast to reduce from -€0.175 to -€0.143 per share. Revenue forecast steady at €4.21b. Telecom industry in Spain expected to see average net income growth of 16% next year. Consensus price target broadly unchanged at €41.21. Share price rose 3.1% to €29.58 over the past week. Major Estimate Revision • Oct 01
Consensus EPS estimates upgraded to €0.14 loss The consensus outlook for fiscal year 2025 has been updated. 2025 losses forecast to reduce from -€0.166 to -€0.143 per share. Revenue forecast steady at €4.21b. Telecom industry in Spain expected to see average net income growth of 16% next year. Consensus price target broadly unchanged at €41.25. Share price rose 2.7% to €29.19 over the past week. Major Estimate Revision • Aug 10
Consensus EPS estimates fall by 27% The consensus outlook for fiscal year 2025 has been updated. 2025 expected loss increased from -€0.131 to -€0.166 per share. Revenue forecast unchanged at €4.23b. Telecom industry in Spain expected to see average net income growth of 12% next year. Consensus price target of €41.55 unchanged from last update. Share price fell 4.1% to €30.10 over the past week. Major Estimate Revision • Aug 07
Consensus EPS estimates fall by 36% The consensus outlook for fiscal year 2025 has been updated. 2025 expected loss increased from -€0.122 to -€0.166 per share. Revenue forecast unchanged at €4.23b. Telecom industry in Spain expected to see average net income growth of 11% next year. Consensus price target of €41.55 unchanged from last update. Share price was steady at €30.46 over the past week. New Risk • Aug 01
New major risk - Financial position The company's interest payments are not well covered by earnings. Net interest cover: 0.8x This is considered a major risk. If the company is unable to fund interest repayments on its debt through profits, it may be forced into reducing its debt burden through selling assets, undertaking a potentially costly capital raising or even into bankruptcy in the worst case scenario. This is currently the only risk that has been identified for the company. Upcoming Dividend • Jun 09
Upcoming dividend of €0.017 per share Eligible shareholders must have bought the stock before 16 June 2025. Payment date: 18 June 2025. The company is not currently making a profit but it is cash flow positive. Trailing yield: 0.2%. Lower than top quartile of Spanish dividend payers (4.8%). Lower than average of industry peers (3.9%). New Risk • May 18
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Spanish stocks, typically moving 5.2% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. This is currently the only risk that has been identified for the company. Major Estimate Revision • May 16
Consensus EPS estimates upgraded to €0.098 loss The consensus outlook for fiscal year 2025 has been updated. 2025 losses forecast to reduce from -€0.198 to -€0.098 per share. Revenue forecast steady at €4.28b. Telecom industry in Spain expected to see average net income growth of 12% next year. Consensus price target broadly unchanged at €41.79. Share price fell 3.9% to €33.14 over the past week. Declared Dividend • May 12
Dividend reduced to €0.017 Dividend of €0.017 is 0.4% lower than last year. Ex-date: 16th June 2025 Payment date: 18th June 2025 Dividend yield will be 0.2%, which is lower than the industry average of 4.7%. Reported Earnings • May 09
First quarter 2025 earnings released First quarter 2025 results: €0.069 loss per share. Revenue: €964.0m (up 1.9% from 1Q 2024). Net loss: €49.0m (loss widened 26% from 1Q 2024). Revenue is forecast to grow 5.4% p.a. on average during the next 3 years, compared to a 2.6% growth forecast for the Telecom industry in Europe. Over the last 3 years on average, earnings per share has increased by 42% per year but the company’s share price has fallen by 6% per year, which means it is significantly lagging earnings. Major Estimate Revision • Apr 16
Consensus EPS estimates upgraded to €0.18 loss The consensus outlook for fiscal year 2025 has been updated. 2025 losses forecast to reduce from -€0.249 to -€0.185 per share. Revenue forecast steady at €4.31b. Telecom industry in Spain expected to see average net income growth of 11% next year. Consensus price target broadly unchanged at €43.14. Share price rose 13% to €34.43 over the past week. Duyuru • Apr 07
Cellnex Telecom, S.A., Annual General Meeting, May 08, 2025 Cellnex Telecom, S.A., Annual General Meeting, May 08, 2025. Location: calle de larra 14., madrid Spain Duyuru • Apr 02
Cellnex Is Said to Kick Off €2 Billion Sale of Switzerland Unit Cellnex Telecom, S.A. (BME:CLNX) has kicked off a sale of its majority stake in its Swiss business, which could fetch as much as €2 billion ($2.2 billion), according to people with knowledge of the matter. Cellnex is working with JPMorgan Chase & Co. and Societe Generale SA on the potential sale, the people said, asking not to be identified as information is private. Marketing materials were sent out last week, they said. Duyuru • Mar 18
Cellnex Telecom Announces Appointment of Maria Alonso Alcaide as Its Global Director of Brand and Content Cellnex Telecom announced the appointment of Maria Alonso Alcaide as its new Global Director of Brand and Content, tasked with strengthening the company's communications strategy in the ten countries in which it currently operates. She will be part of the Public and Corporate Affairs and Communications team led by Ignacio Jimenez Soler. New Risk • Mar 17
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Spanish stocks, typically moving 4.5% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. This is currently the only risk that has been identified for the company. Major Estimate Revision • Mar 05
Consensus EPS estimates fall by 569% The consensus outlook for fiscal year 2025 has been updated. 2025 expected loss increased from -€0.032 to -€0.213 per share. Revenue forecast unchanged at €4.33b. Telecom industry in Spain expected to see average net income growth of 15% next year. Consensus price target broadly unchanged at €44.01. Share price was steady at €33.34 over the past week. Duyuru • Mar 01
Phoenix Tower International LLC completed the acquisition of Cellnex Ireland Limited and Cignal Infrastructure Limited from Cellnex Telecom, S.A. (BME:CLNX). Phoenix Tower International LLC agreed to acquire Cellnex Ireland Limited and Cignal Infrastructure Limited from Cellnex Telecom, S.A. (BME:CLNX) for €970 million on March 5, 2024.
The closing of this transaction is subject to regulatory approvals and Competition and Consumer Protection Commission (CCPC). Cellnex will use the proceeds of this deal to reduce its debt. As of July 25, 2024, Commission is unable, at this stage, to make a determination that the result of the Proposed Transaction will not be to substantially lessen competition in any market for goods or services in the State. Accordingly, the Commission intends to carry out a full investigation under section 22 of the Act. As of November 12, 2024, The assessment sets out the CCPC’s preliminary concerns about how the proposed acquisition could reduce competition in the passive infrastructure sector. Based on the timelines as set out in the CCPC’s merger review process, it is expected that the full investigation will conclude no later than February 2025. As of February 7, 2025, Ireland's Competition Authority has approved the sale of 100% of Cellnex's business in the country to Phoenix Tower International. The approval of the Irish Competition Authority is one of the regulatory approvals that the operation had to pass and now the final phase of the process prior to the formal closing of the transaction is underway, which will be completed in the coming weeks.
Nomura is serving as exclusive financial advisor and Connor Manning, Patrick Horan, Ailish Finnerty, Deirdre Sheehan, Aaron Boyle, Louise O’Byrne, and Olivia Mullooly of Arthur Cox is serving as legal counsel to PTI. Barclays and Santander are serving as financial advisors and George Brady, Katherine Hall, Rachael Toland Burke, Conor Blennerhassett, Hilda Wrixon, Niall Collins, Simon Shinkwin, Jessica Brannigan, Zainab Masood, Patricia Einfeldt and Kelly McGann of Matheson is serving as legal counsel to Cellnex.
Phoenix Tower International LLC completed the acquisition of Cellnex Ireland Limited and Cignal Infrastructure Limited from Cellnex Telecom, S.A. (BME:CLNX) on February 28, 2025. Phoenix Tower International has acquired 100% of Cellnex's business in Ireland for approximately €971 million. Following the closing and as announced in January, the Company will start its share buyback programme of up to €800 million. Reported Earnings • Feb 27
Full year 2024 earnings: Revenues miss analyst expectations Full year 2024 results: Revenue: €3.94b (up 3.6% from FY 2023). Net loss: €28.0m (loss narrowed 91% from FY 2023). Revenue missed analyst estimates by 4.7%. Revenue is forecast to grow 5.4% p.a. on average during the next 3 years, compared to a 3.3% growth forecast for the Telecom industry in Europe. Major Estimate Revision • Jan 22
Consensus EPS estimates upgraded to €0.38 loss The consensus outlook for fiscal year 2024 has been updated. 2024 losses forecast to reduce from -€0.42 to -€0.375 per share. Revenue forecast steady at €4.16b. Telecom industry in Spain expected to see average net income growth of 21% next year. Consensus price target broadly unchanged at €44.27. Share price rose 3.6% to €32.10 over the past week. Duyuru • Jan 15
Cellnex Telecom, S.A. (BME:CLNX) announces an Equity Buyback for €800 million worth of its shares. Cellnex Telecom, S.A. (BME:CLNX) announces a share repurchase program. Under the program, the company will repurchase up to €800 million worth of its common stock. The purpose of the program is to take advantage of the current level of the share price and reduce the company's share capital by amortising said shares. The repurchase plan is valid till December 2025. Major Estimate Revision • Nov 24
Consensus EPS estimates upgraded to €0.47 loss The consensus outlook for fiscal year 2024 has been updated. 2024 losses forecast to reduce from -€0.595 to -€0.474 per share. Revenue forecast steady at €4.16b. Telecom industry in Spain expected to see average net income growth of 22% next year. Consensus price target broadly unchanged at €44.03. Share price rose 2.6% to €32.54 over the past week. Reported Earnings • Nov 12
Third quarter 2024 earnings released Third quarter 2024 results: EPS: €0.39. Revenue: €1.22b (up 7.2% from 3Q 2023). Net income: €278.1m (up €282.6m from 3Q 2023). Profit margin: 23% (up from net loss in 3Q 2023). Revenue is forecast to grow 5.2% p.a. on average during the next 3 years, compared to a 2.2% growth forecast for the Telecom industry in Europe. Over the last 3 years on average, earnings per share has increased by 7% per year but the company’s share price has fallen by 15% per year, which means it is significantly lagging earnings. Declared Dividend • Nov 11
First half dividend of €0.046 announced Shareholders will receive a dividend of €0.046. Ex-date: 19th November 2024 Payment date: 21st November 2024 Dividend yield will be 0.2%, which is lower than the industry average of 4.7%. Major Estimate Revision • Nov 10
Consensus EPS estimates fall by 11% The consensus outlook for fiscal year 2024 has been updated. 2024 expected loss increased from -€0.412 to -€0.456 per share. Revenue forecast unchanged at €4.16b. Telecom industry in Spain expected to see average net income growth of 28% next year. Consensus price target broadly unchanged at €44.04. Share price fell 3.0% to €33.05 over the past week. Major Estimate Revision • Oct 18
Consensus EPS estimates fall by 11% The consensus outlook for fiscal year 2024 has been updated. 2024 expected loss increased from -€0.372 to -€0.412 per share. Revenue forecast unchanged at €4.16b. Telecom industry in Spain expected to see average net income growth of 27% next year. Consensus price target of €43.93 unchanged from last update. Share price rose 2.7% to €36.33 over the past week. Reported Earnings • Aug 02
Second quarter 2024 earnings released Second quarter 2024 results: Revenue: €975.0m (up 10% from 2Q 2023). Net loss: €379.0m (loss widened 270% from 2Q 2023). Revenue is forecast to grow 5.9% p.a. on average during the next 3 years, compared to a 2.0% growth forecast for the Telecom industry in Europe. Declared Dividend • Jun 03
Dividend of €0.017 announced Shareholders will receive a dividend of €0.017. Ex-date: 13th June 2024 Payment date: 17th June 2024 Dividend yield will be 0.2%, which is lower than the industry average of 4.7%. Major Estimate Revision • May 06
Consensus EPS estimates upgraded to €0.24 loss, revenue downgraded The consensus outlook for fiscal year 2024 has been updated. 2024 revenue forecast fell from €4.24b to €4.15b. 2024 losses expected to reduce from -€0.268 to -€0.237 per share. Telecom industry in Spain expected to see average net income growth of 20% next year. Consensus price target broadly unchanged at €42.40. Share price rose 3.4% to €32.82 over the past week. Reported Earnings • Apr 26
First quarter 2024 earnings released First quarter 2024 results: €0.055 loss per share. Revenue: €946.0m (down 4.0% from 1Q 2023). Net loss: €39.0m (loss narrowed 57% from 1Q 2023). Revenue is forecast to grow 6.1% p.a. on average during the next 3 years, compared to a 2.0% growth forecast for the Telecom industry in Europe. Major Estimate Revision • Apr 22
Consensus EPS estimates fall by 11% The consensus outlook for fiscal year 2024 has been updated. 2024 expected loss increased from -€0.216 to -€0.241 per share. Revenue forecast unchanged at €4.24b. Telecom industry in Spain expected to see average net income growth of 11% next year. Consensus price target broadly unchanged at €42.76. Share price rose 2.5% to €31.07 over the past week. Major Estimate Revision • Apr 01
Consensus EPS estimates upgraded to €0.19 loss The consensus outlook for fiscal year 2024 has been updated. 2024 losses forecast to reduce from -€0.253 per share to -€0.187 per share. Revenue forecast reaffirmed at €4.23b. Telecom industry in Spain expected to see average net income growth of 9.7% next year. Consensus price target broadly unchanged at €42.98. Share price was steady at €32.77 over the past week. Duyuru • Mar 21
Cellnex Telecom, S.A., Annual General Meeting, Apr 25, 2024 Cellnex Telecom, S.A., Annual General Meeting, Apr 25, 2024, at 11:30 Central European Standard Time. Location: Vandergoten street, 1, (Building of the Royal Tapestry Factory), 28014 Madrid Spain Agenda: To consider the individual annual accounts and management report and the consolidated annual accounts and management report (financial statements) for the year ended 31 December 2023; to consider the non-financial information contained in the consolidated management report for the year ended 31 December 2023; to consider the allocation of profit or loss for the year ended 31 December 2023; to consider the Board of Directors's management and activity in the year ended 31 December 2023; to consider the appointment of the auditors of the Company and its consolidated group for the financial year 2025, 2026 and 2027; to consider the re-election of directors; o consider the annual report on directors' remuneration for the year ended 31 December 2023; and to consider the other matters. Reported Earnings • Mar 03
Full year 2023 earnings: Revenues in line with analyst expectations Full year 2023 results: Revenue: €4.05b (up 25% from FY 2022). Net loss: €297.0m (flat on FY 2022). Revenue was in line with analyst estimates. Revenue is forecast to grow 5.1% p.a. on average during the next 3 years, compared to a 1.9% growth forecast for the Telecom industry in Europe. Over the last 3 years on average, earnings per share has fallen by 2% per year whereas the company’s share price has fallen by 6% per year. Major Estimate Revision • Mar 01
Consensus EPS estimates fall by 87% The consensus outlook for fiscal year 2024 has been updated. 2024 expected loss increased from -€0.168 to -€0.315 per share. Revenue forecast unchanged at €4.29b. Telecom industry in Spain expected to see average net income growth of 18% next year. Consensus price target broadly unchanged at €42.73. Share price fell 2.6% to €33.27 over the past week. Duyuru • Mar 01
Boldyn Networks Communications Uk Limited completed the acquisition of Edzcom Oy from Cellnex Telecom, S.A. (BME:CLNX). Boldyn Networks Communications Uk Limited agreed to acquire Edzcom Oy from Cellnex Telecom, S.A. (BME:CLNX) on November 10, 2023. Cellnex's private networks business unit -the Edzcom team- will become part of Boldyn's Group Strategy team as a strategic part of the company's future growth. The transaction is subject to customary regulatory and other consents and It’s expected to close in Q1 2024. DLA Piper LLP (US) acted as legal advisor to Boldyn Networks Communications Uk Limited. Bird & Bird Attorneys Ltd acted as legal advisor and PwC Corporate Finance as Financial advisor to Edzcom Oy and Cellnex Telecom, S.A.
Boldyn Networks Communications Uk Limited completed the acquisition of Edzcom Oy from Cellnex Telecom, S.A. (BME:CLNX) on March 01, 2024. Duyuru • Feb 15
Asterion, SBA Communications and Phoenix Reportedly Circle Cellnex's Irish Unit SBA Communications Corporation (NasdaqGS:SBAC), Phoenix Tower and Asterion Industrial Partners are vying for Cellnex Telecom, S.A. (BME:CLNX) Irish unit, according to five sources familiar with the matter. Mobile phone tower operator Cellnex is advised by Santander (SAN.MC), and Barclays (BARC.L), on the deal and binding offers from the three parties are expected next week, three of the sources added, speaking on condition of anonymity. A deal would value Cellnex's Irish unit, which manages almost 2,000 sites in the country, close to EUR 1 billion ($1.08 billion), the fourth person said. Cellnex declined to comment. Duyuru • Feb 02
Cellnex Telecom, S.A. Names Daniel Pataki as New Director of Regulation and European Affairs Cellnex Telecom, S.A. has announced the appointment of Daniel Pataki as the group's new Director of Regulation and European Affairs. Pataki will report directly to Cellnex CEO Marco Patuano, and will join the Group's Executive Committee. Duyuru • Jan 23
Cellnex Reportedly Considers Polish Unit Stake Sale, Taps Advisers Cellnex Telecom, S.A. (BME:CLNX)is considering selling a minority stake in its Polish operations, four sources close to the talks said, which would be the latest asset disposal by the mobile phone tower operator as it seeks to reduce its debt. Any deal would likely value the Polish unit above EUR 3 billion (USD 3.27 billion) excluding debt, two of the people said. Cellnex is working with advisers including JPMorgan to evaluate the sale of a stake in its Polish business, as it seeks to raise financing for a potential agreement with Iliad Group in Poland, said the people, who spoke on condition of anonymity. BNP Paribas is also working on the sale, one of the people said. Cellnex and Iliad are in talks over a possible arrangement for the Spanish company to expand the telecoms infrastructure that it manages for Iliad in Poland, a second person said. A formal sale process for the stake is scheduled to kick off before the summer, the sources said. However, the plans may still be changed or dropped, they cautioned. Spokespeople for Cellnex, JPMorgan and BNP declined to comment. Iliad did not respond to requests for comment. Duyuru • Dec 01
Stonepeak Partners LP completed the acquisition of 49% interest in Cellnex Sweden and Cellnex Denmark from Cellnex Telecom, S.A. (BME:CLNX). Stonepeak Partners LP reached an agreement to acquire a 49% interest in Cellnex Sweden and Cellnex Denmark from Cellnex Telecom, S.A. (BME:CLNX) for €730 million on September 29, 2023. Cellnex will continue to manage the day-to-day business of Cellnex Nordics and consolidate the results of its operations. Cellnex will use the proceeds of this deal to reduce its debt, in line with the objectives set in November 2022 which prioritize organic growth and achieving an investment grade credit rating by S&P. The transaction is subject to regulatory approvals and is expected to be completed by the first quarter of 2024 at the latest. Nomura International Plc is serving as lead financial advisor, Guggenheim Securities is serving as financial advisor to Stonepeak Partners LP. Gavin Williams, Casey Dalton, Veronica Roberts, Nicolás Martín, Daniel Alaminos from Herbert Smith Freehills LLP acted as legal advisors to Stonepeak. Setterwalls Advokatbyrå Ab and Plesner Advokatpartnerselskab acted as legal advisors and advised on Swedish and Danish aspects to Stonepeak Partners LP. AZ Capital is serving as financial advisor to Cellnex. Jorge Adell, Nick Rainsford and John Gustafson of Baker & McKenzie LLP are serving as legal counsels to Cellnex.
Stonepeak Partners LP completed the acquisition of 49% interest in Cellnex Sweden and Cellnex Denmark from Cellnex Telecom, S.A. (BME:CLNX) on November 30, 2023. Duyuru • Nov 21
Cellnex Reportedly Plans to Sell Assets in Austria, Ireland Spanish mobile phone masts operator Cellnex Telecom, S.A. (BME:CLNX) plans to sell its Austrian and Irish businesses or stakes in the two units as part of its strategy to cut its debt, newspaper Cinco Dias reported on November 20, 2023 citing unidentified market sources. A spokesperson for Cellnex declined to comment. Cellnex which had fuelled its fast expansion in many European countries through debt for several years, has switched to focus on reducing debt and upgrading its credit rating by next year. In September, Cellnex had announced the sale of a 49% stake in its Swedish and Danish units to infrastructure investor Stonepeak for €730 million ($796.21 million). Major Estimate Revision • Nov 21
Consensus EPS estimates fall by 26% The consensus outlook for fiscal year 2023 has been updated. 2023 expected loss increased from -€0.258 to -€0.326 per share. Revenue forecast unchanged at €4.07b. Telecom industry in Spain expected to see average net income growth of 16% next year. Consensus price target broadly unchanged at €42.42. Share price rose 8.7% to €33.66 over the past week. Duyuru • Nov 12
Boldyn Networks Communications Uk Limited agreed to acquire Edzcom Oy from Cellnex Telecom, S.A. (BME:CLNX). Boldyn Networks Communications Uk Limited agreed to acquire Edzcom Oy from Cellnex Telecom, S.A. (BME:CLNX) on November 10, 2023. The transaction is subject to customary regulatory and other consents and It’s expected to close in Q1 2024. DLA Piper LLP (US) acted as legal advisor to Boldyn Networks Communications Uk Limited. Bird & Bird Attorneys Ltd acted as legal advisor, Bird & Bird Attorneys Ltd acted as legal advisor to Edzcom Oy and Cellnex Telecom, S.A. (BME:CLNX). New Risk • Nov 12
New major risk - Revenue and earnings growth Earnings have declined by 50% per year over the past 5 years. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are declining over an extended period, then in most cases the share price will decline over time unless the company can turn around its fortunes. A trend of falling earnings can be very difficult to turn around. If the company is well already established it may also be a sign the company has matured and is in decline. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risk Earnings have declined by 50% per year over the past 5 years. Minor Risk Share price has been volatile over the past 3 months (4.3% average weekly change). Reported Earnings • Nov 12
Third quarter 2023 earnings released Third quarter 2023 results: €0.006 loss per share. Revenue: €1.14b (up 14% from 3Q 2022). Net loss: €4.56m (loss narrowed 95% from 3Q 2022). Revenue is forecast to grow 6.8% p.a. on average during the next 3 years, compared to a 1.9% growth forecast for the Telecom industry in Europe. Duyuru • Oct 25
Cellnex Telecom, S.A. Announces CFO Changes Cellnex Telecom has announced the appointment of Raimon Trias as the group's new chief financial officer, replacing Jose Manuel Aisa, who will step down on 31 October. Trias has more than 20 years of experience in industrial groups including Nueva Pescanova, Celsa and Natra, where he is currently CFO and a member of its board of directors. New Risk • Oct 19
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Spanish stocks, typically moving 3.9% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Minor Risks Less than 1 year of cash runway based on current free cash flow (-€275m). Share price has been volatile over the past 3 months (3.9% average weekly change). Shareholders have been diluted in the past year (5.1% increase in shares outstanding). Duyuru • Oct 19
Cellnex Telecom, S.A. Announces Appointment of Luca Luciani as Managing Director Cellnex Telecom, S.A. announced appointment of Luca Luciani as the new managing director of its Italian unit, succeeding Gianluca Landolina, who takes over at the helm of Cellnex UK. Buying Opportunity • Aug 11
Now 21% undervalued after recent price drop Over the last 90 days, the stock is down 4.9%. The fair value is estimated to be €45.26, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 34% over the last 3 years. Earnings per share has declined by 24%. Revenue is forecast to grow by 24% in 2 years. Earnings is forecast to grow by 75% in the next 2 years. Major Estimate Revision • Aug 03
Consensus EPS estimates fall by 15% The consensus outlook for fiscal year 2023 has been updated. 2023 expected loss increased from -€0.307 to -€0.354 per share. Revenue forecast unchanged at €4.08b. Telecom industry in Spain expected to see average net income growth of 10% next year. Consensus price target of €48.30 unchanged from last update. Share price fell 2.0% to €36.03 over the past week. New Risk • Jul 28
New minor risk - Financial position The company has less than a year of cash runway based on its current free cash flow. Free cash flow: -€275m This is considered a minor risk. With less than a year's worth of cash, the company will need to raise capital or take on debt unless its cash flows improve. This would dilute existing shareholders or increase balance sheet risk. Currently, the following risks have been identified for the company: Minor Risks Less than 1 year of cash runway based on current free cash flow (-€275m). Shareholders have been diluted in the past year (5.1% increase in shares outstanding). Duyuru • Jul 27
Cellnex Reportedly Explores Sale of a Slice in 1 Billion Euros Worth Sweden, Denmark Units Spain’s Cellnex Telecom, S.A. (BME:CLNX) is exploring a sale of a stake in its Nordic operations that could value the unit at to EUR 1 billion ($1.11 billion), people familiar with the matter said, as the company looks to pay down debt. The telecoms group is working with bankers at AZ Capital, a Spanish boutique financial advisory firm, to gauge interest in its Swedish and Denmark operations, said the people, who spoke on condition of anonymity. 
