We prefer the convertible notes
We expect that Cellnex will focus on improving its leverage (including IFRS16 leases) from 6.9x at end-2023 towards its target range of 5.0x-6.0x by 2025 or 2026 at the latest. The reduction will be supported by a robust operating performance, increasing FCF after BTS capex (higher EBITDA and slowing BTS capex) as well as disposal proceeds (from remedies, the pending sale of the Irish business for € 971m and the potential disposal of the Austrian business for c. € 0.8bn as per ou...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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