Cellnex : Could slowing M&A ultimately lead to full IG status?
>A defensive name in the current macro environment - We believe that Cellnex has (1) a good ability to offset inflation at the EBITDA level (indexation clauses or price escalators in master lease agreements at the revenue level, good cost control and pass-through or hedging or energy costs at the opex level) and (2) strong revenue visibility in a context of macroeconomic concerns (long-term contracts) and growth potential owing to the network densification needs of ...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.
Oddo Securities provides securities brokerage and research services. The company offers equity, economic, and derivatives research and credit analysis services. It focuses on insurance, automotive, building materials, pharmaceuticals, telecommunications, information technology, and agri-food industries.
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