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 euros/share. Cellnex offers solid fundamentals: i) European leader in telecommunications towers; ii) strong visibility in cash flows, with growth close to 20% 2021-2025e and attractive future yield (>7% yearly); iii) strong investment capacity (c. 10 billion euros); and iv) solid financial position, with average maturity >6 years and mainly at fixed cost. Whatsmore, it offers protection against inflation, with a large part of its contracts linked to CPI.


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