CELLNEX: ARQIVA Y AMPLIACIÓN DE CAPITAL, EL CAMINO CONTINÚA (ANÃLISIS BANCO SABADELL)
Tras Arqiva y con la ampliación en curso hay capacidad para más compras. P.O. 45 euros/acc. COMPRARTras integrar Arqiva (cierre esperado 2S’20) y con la ampliación en curso, el impacto en nuestra valoración fundamental es del +7% y el ratio de apalancamiento se reduce hasta c.4,9x (desde las c.5,8x actual). Asà CLNX seguirÃa teniendo flexibilidad para realizar varias operaciones de tamaño medio. Un nuevo ejercicio teórico de futuras adquisiciones nos lleva a valoraciones de 45 euros/acc. (post money). Reiteramos nuestra visión positiva por la visibilidad y solidez del negocio, la capacidad de delivery del managenent, entorno de tipos históricamente bajos y por su mejor posicionamiento como operador independiente en Europa, asà como que sigue siendo un objetivo atractivo para operadores de mayor tamaño (¿American Tower?), más aún si sigue incrementando su footprint.
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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