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Cellnex slightly beats expectations with Ebitda of €778m and maintains guidance for rest of year

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Cellnex

Posted By: The Corner 26th April 2024

Bankinter : Cellnex (CLNX) 1Q2024 results slightly beat expectations. Revenues are up 7% to €946M (versus €947M estimated); Adjusted EBITDA is up 7% to €778M (versus €777M estimated) and Recurrent cash flow is up14% to €384M (versus €375M estimated).

Maintains guidance for 2024: Revenues of €3,850-3,950m, EBITDA of €3,150-3250m and cash flow of €1,650-1750m.

cellnex 1t24

Assessment by Bankinter’s research team: Slightly better-than-estimated results in cash flow, although guidance remains unchanged for 2024. Thursday’s results had a slightly positive impact on the share price, which closed with slight gains in a session of widespread falls on the stock markets.

We reiterate our Buy recommendation. The environment should turn favourable in 2024, with growing demand, still high inflation and possible rate cuts.

About the Author

The Corner
The Corner has a team of on-the-ground reporters in capital cities ranging from New York to Beijing. Their stories are edited by the teams at the Spanish magazine Consejeros (for members of companies’ boards of directors) and at the stock market news site Consenso Del Mercado (market consensus). They have worked in economics and communication for over 25 years.