CELLNEX: TOWERS ACQUIRED IN POLAND (ANÁLISIS BANCO SABADELL)
Towers acquired in Poland. BUYThe company has reached an agreement with Iliad to acquire a 60% controlling stake in the company that operates 7,000 of Play’s (Iliad) towers in Poland for € 800 M (3.1% market cap). Furthermore, the agreement includes the possibility of investing up to € 1.3 Bn over the next 10 years to deploy up to 5,000 additional sites (BTS). The deal’s implied EV/EBITDA (IFRS 16) multiple would be ~11.9x (slightly above the 11.4x from the last few acquisitions made in 2020 and compared to CLNX’s trading multiple of 20x). Positive news, although it does not have a significant impact on our valuation.
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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