The debate over Cellnex could start focusing on organic growth, which could generate annual revenues of over 6%


Morgan Stanley | The current debate surrounding the company is centred on a hike in interest rates, a slowdown in M&A in the towers business ( it has been 11 months without any announcement of an operation), anti-trust hurdles and consolidation amongst the Telcos.

We believe the debate could start focusing on organic growth. BTS or the construction of sites (cheaper than buying them), inflation (60% of the contracts are tied to CPI), a rise in tenancies/lessees (including rooftops) and the potential costs savings coming from the lease of lands. We estimate this could generate organic growth in revenues of over 6% annually.

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.