Cellnex

Companies, Ibex, Spanish economy 20th November 2022

Cellnex will consider buybacks and distribute dividends when TowerCo generates positive FCFs in 2024

Morgan Stanley |The main issues dealt with on Cellnex’s panel of the TMT: Capital allocation is the priority: The company has announced that it will consider carrying out buybacks and distributing dividends when TowerCo generates positive FCFs in 2024. The next priority is to take advantage of BTS capacities/organic growth, which in the context of 5G offers new challenges. The “Greenfield” projects also have attractive yield profiles according to the…

Companies, Ibex, Spanish economy 13th November 2022

Cellnex EBITDA up 23% at €654 M; guidance confirmed

Bankinter | Revenues up 26% at 881 million euros (vs 874 million estimated); adjusted EBITDA up 23% at 654 million euros (vs 658 million estimated) and recurrent cash flow 330 million euros (vs 328 million estimated). Bankinter analyst team’s view: Ther results are in line with estimates and confirm the company’s medium-term guidance (2025). We see a neutral impact on the share price. We maintain our Buy stance. Target Price 52,93…

Companies, Ibex, Spanish economy 26th October 2022

Cellnex sells 1.100 torres in the UK for €170 M

Bankinter | Cellnex has sold 1.100 telecommunication towers in the UK to Wireless Infrastructure Group (WIG) for 170 million euros. The EBITDA generated by the afore-mentioned towers would be around 8 million euros. So the sale price represents 21x EBITDA. Bankinter’s analyst team view: Good news for Cellnex. This sale is not for strategic or economic reasons. It was the commitment agreed with the UK regulator in order to approve…

Companies, Ibex, Spanish economy 10th October 2022

Cellnex could be interested in a stake in Vantage Towers

Renta 4 |Vodafone could be waiting to receive offers for its stake in Vantage Tower in which it controls 81%, according to Reuters. Vantage manages 83,000 towers in 10 countries and currently has a market cap of 12.5 billion euros. According to the press, Cellnex and American Tower would be weighing up the idea of presenting an offer for the above-mentioned stake. Valuation: In acquisition transactions of this kind, Cellnex…

Companies, European economy, Ibex 6th July 2022

Deutsche Telekom’s decision on the sale of its towers could be revealed this week

Renta 4 | According to Bloomberg, the consortium formed by KKR, GIP and Stonepeak would be tabling a more attractive offer for Deutsche Telekom’s towers than that presented by Cellnex and Brookfield. The possibility that Vodafone, via its affiliate Vantage, and even American Tower, have already withdrawn from the process, also appears to be ruled out. The news report says that Deutsche Telekom’s decision could be revealed before the end…

European economy 31st May 2022

Cellnex negotiates joint bid with Brookfield for Deutsche Telekom towers

Bankinter | Cellnex is negotiating an agreement with Brookfield Asset Management to make a joint bid for Deutsche Telekom’s telecommunications towers affiliate. The deal consists of a group of 40.600 towers in Germany and Austria, worth close to 20 billion euros. The process for lodging bids has already started and will extend over the coming weeks. Bankinter analyst team’s opinion: We foresee the news having a neutral impact on the…

Spanish economy 19th May 2022

Cellnex most likely candidate to buy Deutsche Telekom’s towers (51%; DT would hold on to a minority stake of 49%)

Norbolsa | The process for the sale of Deutsche Telekom (DT)’s towers was updated ahead of the possibility that Vantage Towers and AMT are excluded before they lodge their bids. The reason behand the recent news has to do with the significant regulatory challenges which both companies would have to face consolidating the towers in the German market. DT owns approximately 50% of the total of towers in Germany, while…

European economy 4th March 2022

Cellnex will have to sell 1,000 towers to satisfy UK regulator

Renta 4 | 1-. The UK Competition regulator, the CMA, has given the green light to Cellnex’s purchase of 6,000 towers from Hutchinson in the region. The deal is subject to the Spanish firm’s sale of 1,000 sites which overlap geographically with those of Hutchinson. 2-. From what we can glean from the communication, the 1,000 sites which will be subject to being sold off correspond to part of the…

European economy 22nd November 2021

Cellnex could encounter an important growth opportunity in the possible alliance of the big European operators to share networks

Renta 4 |The five main European telecommunication operators ((Telefónica, Orange, Vodafone, Deutsche Telekom and Telecom Italia) would be trying to establish an alliance which would allow the sharing of the open radio access network (Open RAN). This is an architecture which prioritises the interoperability of infrastructures allowing for the development of more efficient mobile communications. In a report, the operators given five recommendations for this development: these include guaranteeing political…

Spanish economy 12th July 2021

Cellnex Buys Poland’s Polkomtel For €1.6 Billion

Cellnex has closed the purchase of 99.99% of Polkomtel Infrastruktura, the Polish telecommunications infrastructure subsidiary of Cyfrowy Polsat. The investment is for €1.6 Bn, which will go with an additional deployment programme of up to 1,500 sites.Cellnex, which with this transaction makes Poland one of its main markets, will invest a further €600 M over the next 10 years in active equipment, mostly for 5G deployment.

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