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


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.

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