Cellnex

Spanish economy 25th June 2023

Benetton family now Cellnex group’s largest shareholder again after increasing stake to 9.903%

The Benetton family, through its holding company Edizione, has announced that it has increased its stake in the Spanish telecommunications tower company Cellnex (CLNX) from 8.205% to 9.903%, according to Expansión newspaper. In this way, the Italian family, which was the reference shareholder of CLNX a few years ago, once again becomes the largest shareholder of the group, overtaking the activist fund TCI, which had raised its stake in recent…

Companies, Relevant News Item 4th June 2023

New Chair says Cellnex not giving up on growth through acquisitions, but not in short term

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…

Companies, Spanish economy 19th April 2023

Cellnex: green light for the appointment of a director by TCI

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…

Spanish economy 5th April 2023

Bertrand Boudewijn and Leonard Peter Shore resign as independent directors of Cellnex citing “irreconcilable differences”

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…

Companies, Spanish economy 30th March 2023

Cellnex under pressure from TCI fund for Bertrand Kan to leave board

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…

Spanish economy 13th January 2023

Cellnex to focus on reducing debt below 6x Net Debt-to-EBITDA to achieve IG rating following CEO resignation

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…

Companies, Ibex, Spanish economy 1st January 2023

Cellnex is undervalued but there will be a better time to enter when rates drop: Equalweight (44 euros/share)

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.

Companies, Ibex, Spanish economy 22nd December 2022

Cellnex extends until 2026 Retevisión and Spanish subsidiaries collective bargaining agreement

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…

Companies, Ibex, Spanish economy 20th November 2022

Cellnex will consider buybacks and distribute dividends when TowerCo generates positive FCFs in 2024

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…

Companies, Ibex, Spanish economy 13th November 2022

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…

« 1 2 3 4 5 6 »