Cellnex will wait at least 12 months before increasing capital
The firm reported revenues up 13% and EBITDA up 13% in first nine months of 2019.
Cellnex
Cellnex: lower capital costs 4.8%-4.9% (from 5.2%-5.6%)
Santander Corporate &Investment | We have adjusted our estimates (including its recent acquisition of Cignal in our forecasts). Nevertheless, the main novelty is the modification of our suppositions on the cost of capital to take into account the current interest rate scenario.
Cellnex shows capacity to diversify its sources of financing
Renta4 | Cellnex announced an issue of senior bonds convertible into shares of 700 Mn€, extendible to an additional 150 Mn€. It will be exclusive for institutional investors, will mature on 5 July 2028 with a coupon of 0.5% and a repurchase value on maturing of between 103.74% and 108.58%, which means a performance at maturity between 0.9% and 1.4%, below the average current price of the company of 2.2%.
Cellnex records +11% growth in Q1 2019
Spanish Cellnex Telecom has presented its 20191Q results. Revenue amounted to € 241 million (+11%) and EBITDA was € 159 million (+11%). The net result closed neutral at € 0 million compared to losses of 37 million in the first quarter of 2018, according to the firm.
Cellnex: potential value of future transactions begins to be reflected in share price
Santander Corporate & Investment | We continue to like Cellnex´s long term history (Objective Price for December 2018 of €27.30/share, based only on the current scope), but the potential value of future corporate transactions will begin to be reflects in its listing. Maintain.
Cellnex: valuation of TDF around 18x its EV/EBITDA
Renta4 | Cellnex (CLNX) has contracted Goldman Sachs for the acquisition of a holding in the French company TDF. The news limits the posible holding to 60%, in a company in which Brookfield, which holds 45%, has announced the sale of its holding.
“Cellnex Has Invested More Than 3 Billion In 4 Years And Enjoys Double Digit Grow”
Manuel Moreno Capa | In 2017, Marieta del Rivero was the first woman to be incorporated, as an independent, in the board of Cellnex Telecom, a company created in 2015. Marieta del Rivero proposes many other measures, at least temporary, to increase the number of women sitting on boards. Described in some media as one of the most influential women in Spain, she considers a change in corporate culture essential, “the great barrier to women being able to get to the top”
Telecommunication towers: a new ‘sector’ in Europe?
Cellnex’s stock market listing in 2015 was the first in a series of moves (Inwit’s share offer, the sale of Telefonica’s stake in Telxius, etc) towards the creation of a listed telecommunications’ infrastructure sector, focusing on the mobile broad band segment.
Cellnex Signs Up For Two New Projects In France Worth €854 Mn
Cellnex signs up for two new projects in France worth €854 mn, in line with its strategy for boosting its international expansion. It will now become the second biggest independent towers operator in France.
Cellnex: Target Price of €17.5 Against Previous €17; Further M&A Opportunities
Cellnex shares have under performed the sector by c.16% since mid -Oct 2016, mainly due to higher government bond yields and the market’s rotation out of yield stocks which, in the case of TowerCos, may have been exacerbated by their dependence on M&A.