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Cellnex Telecom SA
(BME:CLNX)
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Rating:56Neutral
Price Target:
€28.00
▲(6.71% Upside)
Action:Reiterated
Date:08/03/26
The score is held back mainly by weak financial quality—persistent net losses and a rising leverage profile—despite strong operating cash flow and a recent free-cash-flow improvement. The earnings call was a clear positive with reiterated guidance, stronger margins, improved cash generation, and substantial shareholder returns. Technically the setup is mixed (near-term strength but not a clear longer-term uptrend), and valuation is constrained by negative earnings despite a moderate dividend yield.
Positive Factors
Recurring organic growth and tenancy expansion
Cellnex is expanding its contracted tenancy base, supporting recurring revenue growth. The neutral-host model allows multiple operators to share sites, while additional PoPs and network densification can increase revenue with limited incremental infrastructure.
Negative Factors
High and rising leverage
The rising debt burden increases refinancing and interest-rate sensitivity while limiting financial flexibility. Although operating cash flow is strong, free cash flow remains modest relative to leverage, making deleveraging more difficult if growth or funding conditions weaken.
Read all positive and negative factors
Positive Factors
Negative Factors
Recurring organic growth and tenancy expansion
Cellnex is expanding its contracted tenancy base, supporting recurring revenue growth. The neutral-host model allows multiple operators to share sites, while additional PoPs and network densification can increase revenue with limited incremental infrastructure.
Read all positive factors
Cellnex Telecom SA (CLNX) vs. iShares MSCI Spain ETF (EWP)
Market Cap
€16.82B
Dividend Yield2.95%
Average Volume (3M)1.21M
Price to Earnings (P/E)―
Beta (1Y)0.72
Revenue Growth0.09%
EPS Growth-230.68%
CountryES
Employees2,474
SectorReal Estate
Sector Strength53
IndustryTelecommunications Services
Share Statistics
EPS (TTM)-0.52
Shares Outstanding664,106,000
10 Day Avg. Volume1,277,616
30 Day Avg. Volume1,211,020
Financial Highlights & Ratios
PEG Ratio-0.05
Price to Book (P/B)1.53
Price to Sales (P/S)4.18
P/FCF Ratio35.15
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
€33.00Price Target Upside25.76% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering5
EPS Forecast (FY)-0.08
Revenue Forecast (FY)€4.14B
Cellnex Telecom SA Business Overview & Revenue Model
Company Description
Cellnex Telecom, S.A. is a leading provider and operator of wireless telecommunications infrastructure, with extensive operations spanning across several European countries, including Austria, Denmark, France, Ireland, Italy, the Netherlands, Pola...
How the Company Makes Money
Cellnex primarily makes money by leasing space and providing access to its telecom infrastructure to wireless carriers and other customers under long-term service contracts. Its core revenue stream is recurring “colocation” income: mobile network ...
Cellnex Telecom SA Earnings Call Summary
Earnings Call Date:Jul 30, 2026
(Q2-2026)
| % Change Since: |
Next Earnings Date:Nov 06, 2026
Earnings Call Sentiment Positive
The call emphasized clear and measurable operational and financial progress: predictable organic PoP growth (~+4.9%), margin expansion (~+200 bps), significant free cash flow improvement (FCF after expansion/BTS CapEx ~EUR 301m versus ~EUR 19m prior year), strong liquidity (~EUR 5.3bn) and active shareholder returns (EUR 1bn total in 2026). Commercial momentum was evidenced by multiple contract renewals and new Build‑to‑Suit/neutral‑host wins. Challenges include regulatory uncertainty (notably in France and potential obligations in Italy), slower-than-expected consolidation-driven densification in the U.K., normalization of Build‑to‑Suit activity reducing a prior growth tailwind, and some market/valuation noise. On balance, the positives — improved margins, cash generation, liquidity and shareholder returns — materially outweigh the listed headwinds, which are important but manageable or longer‑term in nature.Positive Updates
Top-line and Profit Growth
Revenues grew +5% year‑on‑year; Adjusted EBITDA increased +6.4%; EBITDA after leases rose +7.7%. EBITDA margin expanded by nearly 200 basis points, reaching 84.6%, while EBITDA after leases margin reached 61.8%.
Negative Updates
Regulatory and Consolidation Uncertainty in France
Process around French market consolidation is expected to be lengthy with regulatory review and transition periods; remedies and the exact scale of obligations remain uncertain, creating timing and execution risk in a key market.
Read all updates
Q2-2026 Updates
Positive
Negative
Top-line and Profit Growth
Revenues grew +5% year‑on‑year; Adjusted EBITDA increased +6.4%; EBITDA after leases rose +7.7%. EBITDA margin expanded by nearly 200 basis points, reaching 84.6%, while EBITDA after leases margin reached 61.8%.
Read all positive updates
Company Guidance
Cellnex reiterated its guidance and pointed to strong H1 momentum: organic PoPs +4.9% YoY (gross PoPs +5.7%, Q2 >2,000 net PoPs), revenues +5%, Adjusted EBITDA +6.4% and EBITDA after leases +7.7%, with EBITDA margin 84.6% and EBITDAaL margin 61.8%; cost per tower fell 3.3% YoY while tower revenues grew +5.2% organically (Fiber/Connectivity +7.8%, DAS/Small Cells/RANaaS +4.5%, Broadcasting +0.5%); cash generation improved materially—recurring levered free cash flow +11% (per share +18.1%), recurring levered FCF from EBITDAaL €908m, free cash flow after expansion and Build‑to‑Suit CapEx ≈€301m (vs €19m in H1‑25), liquidity ≈€5.3bn (≈€2bn cash, €3.3bn undrawn)—and the company reiterated FY recurring levered FCF guidance of €600–700m (2027: €975–1,075m), approved an additional €200m buyback to bring 2026 shareholder remuneration to €1bn (€500m dividend + €300m SBB + €200m), and noted €2bn returned to shareholders in 2025–26 (≈11% of market cap).Cellnex Telecom SA Financial Statement Overview
Summary
Income Statement
52
Neutral
Balance Sheet
43
Neutral
Cash Flow
58
Neutral
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 4.69B | 4.42B | 4.07B | 3.80B | 3.25B | 2.44B |
| Gross Profit | 622.86M | 586.45M | 3.66B | 3.40B | 2.89B | 54.13M |
| EBITDA | 3.12B | 3.30B | 2.72B | 3.03B | 2.48B | 1.71B |
| Net Income | -343.08M | -360.78M | -28.04M | -297.22M | -297.06M | -362.54M |
Balance Sheet | ||||||
| Total Assets | 41.69B | 42.06B | 43.67B | 44.37B | 44.26B | 41.80B |
| Cash, Cash Equivalents and Short-Term Investments | 1.85B | 1.50B | 1.08B | 1.29B | 1.04B | 3.93B |
| Total Debt | 22.18B | 21.89B | 21.44B | 21.51B | 20.97B | 18.47B |
| Total Liabilities | 28.80B | 28.74B | 28.34B | 29.22B | 29.07B | 25.96B |
| Stockholders Equity | 11.66B | 12.12B | 14.16B | 13.94B | 14.22B | 14.21B |
Cash Flow | ||||||
| Free Cash Flow | 0.00 | 525.82M | 276.24M | -126.00M | -739.37M | -380.26M |
| Operating Cash Flow | 0.00 | 2.29B | 2.31B | 2.07B | 1.83B | 1.14B |
| Investing Cash Flow | 0.00 | -762.37M | -1.18B | -1.59B | -5.95B | -13.90B |
| Financing Cash Flow | 0.00 | -1.10B | -1.29B | -205.59M | 1.22B | 12.08B |
Cellnex Telecom SA Technical Analysis
Negative
26.24
Price Trends
26.06
Negative
27.05
Negative
27.08
Negative
Market Momentum
-0.24
Positive
40.28
Neutral
24.14
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For ES:CLNX, the sentiment is Negative. The current price of 26.24 is below the 20-day moving average (MA) of 26.49, above the 50-day MA of 26.06, and below the 200-day MA of 27.08, indicating a bearish trend. The MACD of -0.24 indicates Positive momentum. The RSI at 40.28 is Neutral, neither overbought nor oversold. The STOCH value of 24.14 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for ES:CLNX.
Cellnex Telecom SA Peers Comparison
UnderperformOutperform
Sector (65)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
70 Outperform | €3.21B | 9.03 | 5.84% | 6.18% | 3.55% | -31.97% | |
68 Neutral | €8.20B | 9.40 | 9.95% | 1.63% | 13.21% | 20.37% | |
67 Neutral | €1.59B | 27.85 | 3.89% | 19.46% | 57.91% | ― | |
65 Neutral | $2.17B | 12.19 | 3.79% | 4.94% | 3.15% | 1.96% | |
62 Neutral | €872.62M | 15.25 | 6.49% | 9.86% | -24.85% | -59.67% | |
56 Neutral | €16.82B | -49.82 | -2.83% | 2.95% | 0.09% | -230.68% |
* Real Estate Sector Average
ES:CLNX
Cellnex Telecom SA
25.38
-3.72
-12.78%
ES:COL
Inmobiliaria Colonial
5.18
-0.19
-3.54%
ES:MRL
MERLIN Properties SOCIMI SA
13.22
0.87
7.07%
ES:AEDAS
AEDAS Homes SA
21.00
-0.05
-0.24%
ES:MVC
Metrovacesa SA
10.38
1.60
18.22%
ES:YEPSA
Emperador Properties SOCIMI SA
10.40
4.18
67.26%
Cellnex Telecom SA Corporate Events
Cellnex Advances Share Buyback, Repurchasing Over 560,000 Shares
Aug 18, 2026
Cellnex Telecom has disclosed the latest tranche of purchases under its ongoing share buyback programme, acquiring 343,992 shares between 10 and 14 August 2026 across multiple trading venues at a volume‑weighted average price of €27.40...
Cellnex advances share buyback with €5.9 million in repurchases
Aug 11, 2026
Cellnex Telecom has disclosed the latest tranche of transactions under its ongoing share buyback programme, executed between 5 and 7 August 2026 across multiple European trading venues. Over this three-day period, the company repurchased 219,141 s...
Cellnex Launches €200 Million Share Buyback to Reduce Capital
Aug 5, 2026
Cellnex Telecom has confirmed that its previously announced share buyback programme, with a maximum allocation of 200 million euros, will commence on 5 August 2026. The company has appointed Morgan Stanley Europe SE to manage the programme, which ...
Cellnex Launches €200 Million Share Buyback to Boost Investor Returns
Jul 31, 2026
Cellnex Telecom has approved a new share buyback programme aimed at reducing its share capital by cancelling the repurchased shares, subject to shareholder approval. The initiative will be executed in compliance with EU market abuse rules through ...
Cellnex Reshapes Board as GIC-Backed Director Joins Capital Committee
Jul 31, 2026
Cellnex Telecom has announced that board member Alexandra Reich has stepped down from her role for professional reasons, prompting a reshuffle in the company’s governance structure. The move underscores the importance of board oversight at a...
Cellnex cash flow soars in H1 2026, backing larger shareholder payout
Jul 31, 2026
Cellnex reported a solid first half of 2026, with consolidated revenue rising to 1,994 million euros and strong organic growth driven mainly by its towers business and expanding fibre, connectivity and hosting services. EBITDA after leases reached...
Cellnex Telecom Sets Agenda Around H1 2026 Results Disclosure
Jul 31, 2026
Cellnex Telecom SA has released its H1 2026 results presentation, outlining main highlights, industry dynamics, and key financial and operational information in line with Spanish securities market disclosure rules. The release also sets an agenda ...
Cellnex Board Confirms True and Fair View in H1 2026 Report
Jul 31, 2026
Cellnex Telecom, S.A. has released its first half-year financial report for 2026, covering the period ended June 30, 2026 and formally approved on July 30, 2026. The report includes summarized annual accounts and an interim management report prepa...
Cellnex Cancels Treasury Shares to Tighten Capital Structure and Lift EPS
Jul 31, 2026
Cellnex Telecom’s board has approved a share capital reduction through the cancellation of 18,304,947 treasury shares, equal to about 2.68% of its outstanding capital, following authorization from the April 2026 shareholders’ meeting. ...
Cellnex Completes €500 Million Share Buyback Ahead of Capital Reduction
Jun 30, 2026
Cellnex Telecom has completed its previously announced share buyback program, reaching the maximum authorized amount of €500 million and acquiring a total of 18,304,947 treasury shares. The shares purchased represent 2.68% of the companyR...
Cellnex Completes €800 Million Shareholder Payout With July Dividend
Jun 30, 2026
Cellnex Telecom will pay the second instalment of a share premium distribution on 15 July 2026, amounting to €250 million or €0.37687 per share, to shareholders of record as of 14 July, with the payment not subject to withholding tax u...
Cellnex Tightens Board Governance and Strategic Oversight Framework
Jun 30, 2026
Cellnex Telecom S.A. has formalised detailed rules for its Board of Directors, defining the principles that guide the board’s actions, its organisation and functioning, and the conduct expected from directors and senior management. The rules...
Cellnex Nears Completion of €479 Million Share Buyback Programme
Jun 23, 2026
Cellnex Telecom has continued executing its share buyback programme, repurchasing 1,000,449 shares between 15 and 19 June 2026 across several trading venues at a weighted average price of €28.46. These latest transactions form part of a broa...
Cellnex Advances Share Buyback, Reaches 82% of Programme Budget
Jun 9, 2026
Cellnex Telecom has reported the latest tranche of purchases under its ongoing share buyback programme, acquiring 1,173,161 shares between 1 and 5 June 2026 across several European trading venues at a weighted average price of €28.30. The co...
Cellnex Nears Completion of Major Share Buy-Back Programme
Jun 2, 2026
Cellnex Telecom has reported the latest weekly activity under its ongoing share buy-back programme, confirming the purchase of 243,987 own shares between 25 and 29 May 2026 at a weighted average price of €28.91. The transactions were execute...
Cellnex Advances Share Buyback, Reaching 74% of Planned Investment
May 27, 2026
Cellnex Telecom has reported the latest weekly progress of its share buyback programme, disclosing the repurchase of 455,322 shares between 18 and 22 May 2026 across several European trading venues at a weighted average price of €28.53. Thes...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.