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Cellnex Telecom SA CLNX

Morningstar Rating
€32.87 +0.31 (0.95%)
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Company Report

Cellnex's New CEO Keeps Focusing on Organic Initiatives, Which We Support

Cellnex is the only pure independent tower firm of large scale in Europe (Inwit and Vantage Towers are not fully independent as they are controlled by mobile network operators). Since its inception, Cellnex’s strategy has been to acquire European wireless tower portfolios from MNOs and then lease the towers back to those MNOs while adding other tenants to take advantage of the towers’ operating leverage. MNOs find value in Cellnex’s proposition as they can monetize towers at good valuations and use the proceeds to reduce debt. Transactions are structured as sale and leaseback and provide Cellnex with long-term revenue and cash flow visibility, underpinned by its contracts (10- to 25-year durations), which include annual rent escalators often tied to inflation.

Price vs Fair Value

CLNX is trading within a range we consider fairly valued.
Price
€32.56
Fair Value
€42.00
Uncertainty
Medium
1-Star Price
€27.20
5-Star Price
€99.40
Economic Moat
Kfgyqt
Capital Allocation
Hdmfwnst

Bulls Say, Bears Say

Bulls

Cellnex provides high cash flow visibility to investors, with inflation protection and growth optionality coming from new tenants.

Bears

Although most of Cellnex's debt is at a fixed rate, the shares can underperform during periods of high interest rates, which happened over 2022-23.

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News

Trading Information

Previous Close Price
€32.56
Day Range
€32.6232.93
52-Week Range
€26.0238.82
Bid/Ask
/
Market Cap
€23.19 Bil
Volume/Avg
847,598 / 1.6 Mil

Key Statistics

Price/Earnings (Normalized)
Price/Sales
5.78
Dividend Yield (Trailing)
0.18%
Dividend Yield (Forward)
0.18%
Total Yield
1.22%

Company Profile

Cellnex owns and operates more than 100,000 wireless towers in Europe, resulting from continued M&A activity since its initial public offering in 2015. It has acquired towers from several European mobile network operators, including Telefonica, Iliad, CK Hutchison, Bouygues, and Altice. Cellnex is present in more than 10 European countries as of March 2023, including France, Italy, Spain, Poland, the United Kingdom, Switzerland, and Portugal. Cellnex’s strategy is to acquire portfolios from MNOs and lease the towers back to them through long-term contracts, which provide high cash flow visibility and inflation protection.
Sector
Real Estate
Industry
Real Estate Services
Stock Style Box
Large Core
Total Number of Employees
2,948

Competitors

Valuation

Metric
CLNX
CCI
AMT
Price/Earnings (Normalized)
27.1536.57
Price/Book Value
1.648.0824.24
Price/Sales
5.786.918.76
Price/Cash Flow
10.6214.4217.31
Price/Earnings
CLNX
CCI
AMT

Financial Strength

Metric
CLNX
CCI
AMT
Quick Ratio
0.690.270.53
Current Ratio
0.690.420.63
Interest Coverage
0.492.662.42
Quick Ratio
CLNX
CCI
AMT

Profitability

Metric
CLNX
CCI
AMT
Return on Assets (Normalized)
−0.51%4.34%4.32%
Return on Equity (Normalized)
−1.60%25.15%61.42%
Return on Invested Capital (Normalized)
0.81%7.03%6.85%
Return on Assets
CLNX
CCI
AMT
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Real Estate Services Industry Comparables

1-Day Chart
Name
Price
Morningstar Rating for Stocks
Capital Allocation
Economic Moat
Market Cap
CoStar Group Inc
CSGP
JtgwtvbjtlGytxh$30.4 Bil
CBRE Group Inc Class A
CBRE
BxnpblhWhkcz$30.0 Bil
Vonovia SE
VNNVF
Ksgdf$25.3 Bil
Vonovia SE ADR
VONOY
Zttnn$25.3 Bil
Cellnex Telecom SA ADR
CLLNY
Pswplq$25.0 Bil
Cellnex Telecom SA
CLNXF
Rdhslr$25.0 Bil
Vantage Towers AG ADR
VTAGY
Pzxfgt$20.7 Bil
KE Holdings Inc ADR
BEKE
NdhwmctFjsnxkf$17.4 Bil
Jones Lang LaSalle Inc
JLL
NhkhsylcnZmskc$11.0 Bil
Cushman & Wakefield PLC
CWK
SvpqdbgxvLsnjk$2.9 Bil

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