Added to YB: 2026-02-23
Pitch date: 2025-12-10
CLNX.MC [bullish]
Cellnex Telecom, S.A.
+18.64%
current return
Author Info
No bio for this author
Company Info
Cellnex Telecom, S.A. engages in the management of terrestrial telecommunications infrastructures in Austria, Denmark, Spain, France, Ireland, Italy, the Netherlands, Poland, Portugal, the United Kingdom, Sweden, and Switzerland.
Market Cap
EUR 20.0B
Pitch Price
EUR 25.67
Price Target
38.90 (+30%)
Dividend
1.27%
EV/EBITDA
13.50
P/E
-137.31
EV/Sales
10.19
Sector
Diversified Telecommunication Services
Category
value
Cellnex Telecom, S.A. - $CLNX.MC
CLNX.MC: EU's largest independent towerco at ~10x '24 RLFCF vs mid-20s private multiples. Post-TCI governance reset; roll-up era over. Delivers 5.7% organic rev, 9.4% RLFCF, 13.2% RLFCF/share in 9M'25 despite consolidation. French land war bounded: ARCEP blocked Valocîme, anti-speculation law pending, Celland GLBO program cuts rent exposure. 65% CPI-linked revs, 10-20yr MSAs. Guides €2.1B '27 RLFCF (8% CAGR), IG balance sheet, dividends start '26. Base: 14% IRR on flat multiple; bull: 22% on modest re-rate to 11.5x. Risks: higher-for-longer rates, French court surprises, regulatory CPI freeze.
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