Cellnex Telecom, S.A.

Financial Performance

5Y price score: (70)

10Y return: 129.5%

DATE RANGE:

EUR Per
Share

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25.8

52-week range

27.7

27.61

Your model inputs

Required return / cost of capital

FCFF terminal growth rate

Your fair value & Margin of safety

To calculate fair value based on cost of capital and terminal growth assumptions above, please select free cash flow forecast.

Forecast:

Valuation

Free Cash Flow Yield

Dividend Yield TTM

2.7 %

Market cap

18,315

Price / Earnings TTM

(53.6)

Price / Book TTM

1.6

PEG TTM

0.1

Earnings growth and return

LTM

5YR

10YR

Total return (price & dividends)

(7.9) %

(52.3) %

129.5 %

Free cash flow per share growth

55.1 %

914.1 %

143.8 %

Earnings per share growth

(956.8) %

(68.8) %

(460) %

Founded: 2,015

Employees: 2,642

Business Summary:Cellnex Telecom, S.A. operates infrastructure for wireless telecommunication in Austria, Denmark, Spain, France, Ireland, Italy, the Netherlands, Poland, Portugal, the United Kingdom, Sweden, and Switzerland. It operates through three segments: Telecom Infrastructure Services, Broadcasting Networks, and Network Services and Others. The company offers co-location services in its infrastructure for mobile operators to install telecommunications and wireless broadcasting equipment; distributed antenna system and small cells, a network of spatially separated antenna nodes connected to a common source through transport medium that provides wireless services. It also provides broadcasting network services, including digital terrestrial television (DTT), hybrid DTT, satellite DTT services, and premium DTT services; FM and digital radio services; and internet media services, such as online multiscreen video solutions, online business support solutions, and content distribution services. In addition, it offers data transportation services comprising satellite transportation, digital terrestrial circuits, Amazon direct connect, and internet throughput services; security and control services, which include security and emergency networks, terminals, forest fire early warning systems, and control centers; and smart communication networks, including wireless broadband, irrigation management services in rural settings, and Internet of Things services. Further, it offers smart services for city management; engineering/consulting, and operation and maintenance services; and constructs and operates optic fiber telecommunications. The company serves mobile network operators, broadcasters, and administrations. The company was formerly known as Abertis Telecom Terrestre, S.A.U. and changed its name to Cellnex Telecom, S.A. in April 2015. Cellnex Telecom, S.A. was incorporated in 2008 and is headquartered in Madrid, Spain.

Fair Value Reference Estimate

Latest Earnings Call Takeaways

2026 Q2 (Jul 30, 2026)

1) Strategic Overview and Leadership Insights - Cellnex Telecom is executing its model of predictable organic growth, expanding margins, and increasing free cash flow. - Key partnerships with major operators like Sunrise, Vodafone, and Telefónica highlight Cellnex's role as a trusted infrastructure partner. - The company has announced a new share buyback program of EUR 200 million, bringing total shareholder remuneration for 2026 to EUR 1 billion.

2) Financial Performance and Segment Results - Revenues increased by 5% YoY, with Adjusted EBITDA growing 6.4% and EBITDA after leases rising 7.7%. - Recurrent levered free cash flow surged by 11%, with cash flow per share increasing by 18.1%. - Operational efficiency is evident with EBITDA margins reaching 84.6% and EBITDA after leases margins at 61.8%.

Metric	Q1 2025	Q1 2026	YoY Change
Revenue	EUR 2 billion	EUR 2.1 billion	+5%
Adjusted EBITDA	EUR 1.2 billion	EUR 1.27 billion	+6.4%
Recurrent Levered Free Cash Flow	EUR 19 million	EUR 301 million	+11%

3) Operational Plans and Growth Drivers - The company reported strong Points of Presence (PoP) growth of 4.9% YoY, with over 2,000 new net PoPs added in Q2. - Continued demand for densification and network quality improvements drives growth in Tower revenues, which increased by 5.2% organically. - The company is expanding its presence in DAS and neutral host solutions, with notable projects in Spain and the UK.

4) Challenges and Market Headwinds - The ongoing consolidation in the telecom market may impact future growth, particularly in France, where regulatory reviews are expected to be lengthy. - The company is cautious about new site acquisitions in France due to potential overlaps and market dynamics. - Despite challenges, the overall demand for infrastructure investment in Europe remains strong, driven by the need for improved digital competitiveness.

5) Guidance and Outlook - Cellnex maintains its guidance for free cash flow between EUR 600 million and EUR 700 million for 2026, with expectations for growth in subsequent years. - The company anticipates continued organic growth, albeit with a potential moderation in Build-to-Suit contributions as focus shifts to colocation. - The transcript lacks specific forward-looking statements on market conditions and competitive dynamics in the medium to long term.

Bottom line: Cellnex Telecom is positioned for sustainable growth, driven by strong operational performance and strategic partnerships, while navigating market challenges. The commitment to shareholder returns through dividends and buybacks reinforces its value proposition for investors.

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