Sabadell - Cellnex Telecom S.A. (CLNX) CELLNEX: CMD’24 - NUEVA ESTRATEGIA, MISMA SOLIDEZ (ANÁLISIS BANCO SABADELL)

Report

Sabadell

Andres Bolumburu

EUR 400.00 For Business Accounts Only

CELLNEX: CMD’24 - NUEVA ESTRATEGIA, MISMA SOLIDEZ (ANÁLISIS BANCO SABADELL)

Nuevo plan estratégico; más caja disponible y más centrado en el accionista. COMPRAR
Estimamos dividendo acumulado 2023-30 de 2.997 M euros (yield del 13%, empezando en 2026: c.2,2% yield), con una caja generada acumulada de 8.478 M euros (36% capitalización) vs > 10.000 M euros de su guidance (apalancada entre 2026-2030). Haciendo el ejercicio con el apalancamiento, obtendríamos un rango entre los 7.828 M euros (35% capitalización) y los 12.336 M euros (55% capitalización) en la parte más agresiva del rango. El remanente se podría utilizar para recompra de acciones, dividendo extraordinario o invertir en el negocio de forma oportunista. Obtenemos un P.O. de 45,2 euros/acc. (-1,9% vs anterior; +39,5% potencial). Cotiza a EV/EBITDAaL’25e 15,6x y por debajo de sus comparables (>17x) y que compara con la venta de Irlanda a 24x.

04/04/2024 1 ES

Underlying

Cellnex Telecom S.A.

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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ES0105066007 Madrid Stock Exchange Spain

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Sabadell

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Analysts

Andres Bolumburu

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CELLNEX: CMD’24 - NUEVA ESTRATEGIA, MISMA SOLIDEZ (ANÁLISIS BANCO SABADELL)

INFORME DIARIO 13 MAYO + RDOS. ESPAÑA Y EUROPA 1T’24. IDEAS DESTACADAS Y PREVIEWS (ANÁLISIS BANCO SABADELL)

IBERIAN DAILY 13 MAY + 1Q’24 RESULTS. HIGHLIGHTS AND REST OF PREVIEWS (ANÁLISIS BANCO SABADELL)

EU Towers Review: A rising risk from land aggregators Cellnex (Neutral, €32) Was €30, Inwit (Neutral, €12.8) Was €12.4

INFORME DIARIO 16 MAYO + RDOS. ESPAÑA 1T’24. PREVIEWS (ANÁLISIS BANCO SABADELL)

IBERIAN DAILY 16 MAY + 1Q’24 RESULTS. PREVIEWS (ANÁLISIS BANCO SABADELL)

GRIFOLS: 1Q’24 RESULTS (ANÁLISIS BANCO SABADELL)

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