Banc Sabadell | In an interview granted by Anne Bouverout (current Chair of Cellnex (CLNX), after the departure of Bertrand Kan as a result of the intervention of TCI) the executive has issued the following messages concerning the Company: ▪ She considers that Cellnex is not vulnerable to a takeover bid and that if there has ever been such a perception it was the result of the uncertainty derived from…
Banc Sabadell : The board of Cellnex (CLNX) on 26 April will proceed to appoint a director representing TCI (9.4% of CLNX), probably Jonathan Amouya (TCI partner) as requested by the fund in its letter. It is also expected that an additional independent director will be appointed to restore the number of directors to 11, following the departure of Bertrand Kan and Peter Shore. After the incorporation of the proprietary…
In a Significant Event communicated to the CNMV, the Board of Directors of Cellnex (CLNX) informed that it has received the resignations of Mr Bertrand Boudewijn Kan and Mr Leonard Peter Shore, in their capacity as independent directors, citing “irreconcilable differences with the Board in relation to the management, governance and succession process of the Company”. In their announcement, Mr Bertrand Boudewijn Kan and Mr Leonard Peter Shore stated that…
Link Securities | TCI, the British fund that has become Cellnex’s main shareholder with 9% of the company, is increasing pressure on Bertrand Kan, who on Monday was relieved of the presidency of the company, to leave the company’s Board of Directors immediately. The fund believes that Cellnex must urgently focus on electing a new CEO, and among the possible candidates, the newspaper Expansión highlights in today’s edition that Marco…
Bankinter | Cellnex CEO Tobias Martinez announced his resignation on Wednesday. He will step down on 3 June. In his resignation letter he explains: “The current economic and financial context, different from the one that has marked the successful development of the company’s industrial project over the last eight years, demands that we open a new chapter in the Cellnex story. A new stage based on maximising organic growth; consolidating…
Morgan Stanley |Cellnex’s organic growth story is undervalued by consensus. In the current environment, Cellnex is going to slow down on M&A. This takes away the possibility of accelerating growth and so debt reduction will be slow. That said, we are waiting for a better point of entry when the central banks begin to cut rates. Cellnex, Equalweight, 44 euros.
Norbolsa | The company has closed an agreement with the trade union leadership to extend for a further two years until 2026 the collective bargaining agreement for Retevisión and the Spanish subsidiaries until 2026. This agreement sets a 6.7% ceiling on salary reviews. And it provides job stability limiting the possible loss of purchasing power to 2% in the coming years. In effect, the agreement includes the recovery of this…
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…
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…
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…