CELLNEX: NO STOPPING! UPDATE FOLLOWING FRENZIED 2020 & 2021 (ANÁLISIS BANCO SABADELL)
Update following a frenzied year of M&A. We raise our T.P. to € 59.70/sh. BUY.We update our estimates after the recent M&A activity in which CLNX has doubled its number of towers to ~120,000 and the backlog to € 101 Bn. With the inclusion of these acquisitions we raise our sales’21 estimate by +18.2% and EBITDA’21 by +22.2%. For 2022 (and onward) we raise our estimates by +65.2% and +77.6% in sales and EBITDA, respectively. With these new estimates, including the € 7 Bn capital increase (~31% of market cap, expected for April’21) with a -30% discount vs. market price and an additional € 11 Bn of tower acquisitions (according to the pipeline given), we reach a new post-money T.P. of € 59.70/sh. (+27% upside).
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.
Unfortunately, this report is not available for the investor type or country you selected.
Browse all ResearchPool reportsReport is subscription only.
Thank you, your report is ready.
Thank you, your report is ready.