EU Towers Review Cellnex - Stonepeak deal gives us an opportunity to revisit
We remain Neutral on Cellnex (€31 target) and Inwit (€11.8 target), but the sale by Cellnex of a 49% stake in its Nordic assets to Stonepeak at 24x is certainly an attractive datapoint, as we had been worried that activity in the private tower market in Europe had been slowing.Cellnex Telecom SA is a Spain-based company engaged in the wireless telecommunications (telecom) business. Its activities are divided into three segments: Broadcasting infrastructure, Telecom site rental, as well as Network services and other. The Broadcasting infrastructure division comprises distribution and transmission of television (TV) and frequency modulation (FM) radio signals, operation and maintenance (O&M) of radio broadcasting network, as well as over-the-top (OTT) radio services, among others. The Telecom site rental division provides access to wireless infrastructure, primarily through infrastructure hosting and telecom equipment co-location, mainly for mobile network operators and other wireless and broadband telecom network operators. The Network services and other division offers connectivity services for a variety of telecom operators and radio communication, among others. The Company also develops 5th generation mobile networks (5G) through Alticom BV.
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