Coffee, Croissants & Credit/IBM, Cellnex, Proximus, Unibail and Gecina

Technology - IBM 1Q24 figures reasonable, but potential acquisition could worsen credit metrics

Cellnex/Further improvement to leverage to come

For some time now, Cellnex[de] has worked to improve its balance sheet. This has had success, as the recent leverage reduction shows. Today, the company reports new leverage targets and is aiming for a further leverage reduction to 5.0x-6.0x net debt / EBITDA. We continue to think the notes look attractive. They should trade as investment grade notes again.

Coffee, Croissants & Credit/Cellnex, KPN, ZIGGO, and ASML

Telecom: Cellnex not yet upgraded to BBB- Dutch 5G spectrum auction

Coffee, Croissants & Credit/Cellnex reports strong 3Q23 results

Telecom: Cellnex reports strong 3Q23 results

Coffee, Croissants & Credit/Telenor, American Tower, Cellnex, Metro & ...

Telecom: Telenor sells stake in fibre network. American Tower and Cellnex mentioned as potential suitors for Vantage Towers stake

Cellnex Telecom : Status quo on the shareholding structure

>Status-quo on Cellnex’ shareholding structure - While there was potentially the prospect of a change of the ownership structure as part of the Abertis takeover, the latter’s 34% stake in Cellnex will be in large part (29.9%) sold to Atlantia and then transferred to Edizione should the joint takeover bid of ACS/Hochtief/Atlantia on Abertis succeed. All in all, Cellnex will continue to have a core shareholder with a 30-35% stake in the company and the scenario of an acquisition of Cellnex by ...

Cellnex telecom : Status quo on the shareholding structure

>Status-quo on Cellnex’ shareholding structure - While there was potentially the prospect of a change of the ownership structure as part of the Abertis takeover, the latter’s 34% stake in Cellnex will be in large part (29.9%) sold to Atlantia and then transferred to Edizione should the joint takeover bid of ACS/Hochtief/Atlantia on Abertis succeed. All in all, Cellnex will continue to have a core shareholder with a 30-35% stake in the company and the scenario of an acquisition of Cellnex by ...

Cellnex telecom : Which scenario would be positive for CB holders?

Cellnex Telecom : Which scenario would be positive for CB holders?