Cellnex telecom : Ready for M&A

Cellnex’s fundamentals are solid on an organic basis with potential for colocation (i.e. hosting multiple operators on a given site), solid FCF generation and tight cost management. The Spanish towerco has strong growth ambitions and still plans to consolidate the fragmented tower market in Europe. We estimate the group’s M&A firepower at a hefty € 9bn and acquisition opportunities will continue to arise in our view. Increased competition for telecom infrastructure assets might c...