Cellnex Telecom SA (ES:CLNX)
BME:CLNX
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Cellnex Telecom SA
(BME:CLNX)
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Rating:51Neutral
Price Target:
€29.00
▲(0.49% Upside)
Action:Reiterated
Date:03/26/26
The score is held back mainly by persistent net losses and a highly levered balance sheet, plus bearish technical momentum (below major moving averages and negative MACD). Offsetting factors include strong operating cash flow with improving free cash flow and a constructive earnings call emphasizing guidance execution, margin expansion, and shareholder returns.
Positive Factors
Recurring, contract-based revenue model
Cellnex’s core model of hosting colocation and long-term site contracts produces highly visible, recurring revenue and allows tenancy growth on existing assets. This supports durable cash flow conversion and revenue predictability over the next 2–6 months as new colocations raise revenue per site without proportional opex increases.
Negative Factors
Elevated leverage and rising debt
Significant debt and a high debt-to-equity ratio constrain financial flexibility and increase refinancing and interest-rate sensitivity. Even with improving FCF, deleveraging to target ranges will take time and limits the company’s ability to fund opportunistic investments or absorb shocks without additional asset sales or financing.
Read all positive and negative factors
Positive Factors
Negative Factors
Recurring, contract-based revenue model
Cellnex’s core model of hosting colocation and long-term site contracts produces highly visible, recurring revenue and allows tenancy growth on existing assets. This supports durable cash flow conversion and revenue predictability over the next 2–6 months as new colocations raise revenue per site without proportional opex increases.
Read all positive factors
Cellnex Telecom SA (CLNX) vs. iShares MSCI Spain ETF (EWP)
Market Cap
€19.58B
Dividend Yield0.25%
Average Volume (3M)1.55M
Price to Earnings (P/E)―
Beta (1Y)0.62
Revenue Growth-0.53%
EPS Growth-846.77%
CountryES
Employees2,642
SectorReal Estate
Sector Strength53
IndustryTelecommunications Services
Share Statistics
EPS (TTM)0.38
Shares Outstanding682,410,950
10 Day Avg. Volume1,604,263
30 Day Avg. Volume1,546,812
Financial Highlights & Ratios
PEG Ratio-0.05
Price to Book (P/B)1.53
Price to Sales (P/S)4.18
P/FCF Ratio35.15
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
€37.07Price Target Upside28.45% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering7
EPS Forecast (FY)-0.07
Revenue Forecast (FY)€4.14B
Cellnex Telecom SA Business Overview & Revenue Model
Company Description
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: Te...
How the Company Makes Money
Cellnex primarily makes money by providing access to its passive telecom infrastructure—especially towers and rooftop sites—to customers that place their radio equipment on Cellnex’s sites. Revenue is largely generated through long-term service co...
Cellnex Telecom SA Earnings Call Summary
Earnings Call Date:Feb 27, 2026
(Q4-2025)
| % Change Since: |
Next Earnings Date:Jul 31, 2026
Earnings Call Sentiment Positive
The call emphasized solid operational execution: double‑digit cash generation improvements, mid‑single digit organic revenue growth (5.8%), margin expansion and clear capital allocation discipline (EUR 1.0bn buyback, dividend initiation). Management reiterated multi‑year guidance and outlined organizational changes to accelerate vertical solutions and operational agility. Near‑term challenges include an elevated leverage ratio (6.28x), a scheduled decline in committed build‑to‑suit activity after 2026 (creating guidance range variability), some churn driven by market consolidations (notably in Spain) and regulatory ambiguity around the Cybersecurity Act. Overall, the positives (robust organic growth, improving cash generation, efficiency gains, shareholder returns and proactive financing) outweigh the cautions, but investors should monitor deleveraging progress and replacement of BTS volume with colocation/RAN wins.Positive Updates
Organic Revenue and Profitability Growth
Pro forma organic revenues increased 5.8% year‑on‑year; EBITDA grew 7.1%; EBITDA after leases rose 7.9%. Pro forma margin expansion drove an increase in reported EBITDA margins (noted as a 300 basis point improvement to 62.1% from 59.1% in 2023).
Negative Updates
Leverage Still Elevated
Net debt / EBITDA at 6.28x remains above the midpoint of the 5x–6x target range; management noted deleveraging could have been faster had EUR 1.0 billion of shareholder remuneration not been brought forward.
Read all updates
Q4-2025 Updates
Positive
Negative
Organic Revenue and Profitability Growth
Pro forma organic revenues increased 5.8% year‑on‑year; EBITDA grew 7.1%; EBITDA after leases rose 7.9%. Pro forma margin expansion drove an increase in reported EBITDA margins (noted as a 300 basis point improvement to 62.1% from 59.1% in 2023).
Read all positive updates
Company Guidance
The company reiterated its 2027 outlook and set a 2026 outlook after confirming it hit its 2025 guidance: pro‑forma organic revenues +5.8%, EBITDA +7.1% and EBITDA after leases +7.9% (with a 1.6pp margin improvement), EBITDA margin up ~300bps to 62.1% (from 59.1% in 2023); recurring levered free cash flow +11.5% (per share +16.7%), reported free cash flow EUR350m (underlying FCF improvement ~EUR307m; pro‑forma recurring LFCF up ~EUR200m); net PoP growth +4.5% (churn 1.2%), Q4 gross colocation/BTS 3,043 (France 220, Italy 887, UK 128), towers revenues organic +5.5%, fiber/connectivity/housing +16%, customer satisfaction 8.3/10; cost‑per‑tower reductions: staff -1.9%, R&M -1.4%, SG&A -4.9%, leases -1.1%; deployed EUR270m land CapEx generating ~EUR24m efficiencies; balance‑sheet moves include returning EUR1bn to shareholders via buybacks (yield 4.5%) one year early, initiating dividends in early 2026, selling French data centers and agreeing DIV II disposal (~EUR170m), issuing EUR1.5bn bond in Jan‑26 at 3.4%, and improving net debt/EBITDA to 6.28x (6.39x in 2024, 6.85x in 2023) on track toward a 5–6x target.Cellnex Telecom SA Financial Statement Overview
Summary
Income Statement
52
Neutral
Balance Sheet
43
Neutral
Cash Flow
58
Neutral
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 4.23B | 4.42B | 4.07B | 3.80B | 3.25B | 2.44B |
| Gross Profit | 3.91B | 586.45M | 3.66B | 3.40B | 2.89B | 54.13M |
| EBITDA | 3.77B | 3.30B | 2.72B | 3.03B | 2.48B | 1.71B |
| Net Income | 274.92M | -360.78M | -28.04M | -297.22M | -297.06M | -362.54M |
Balance Sheet | ||||||
| Total Assets | 42.65B | 42.06B | 43.67B | 44.37B | 44.26B | 41.80B |
| Cash, Cash Equivalents and Short-Term Investments | 1.46B | 1.50B | 1.08B | 1.29B | 1.04B | 3.93B |
| Total Debt | 21.89B | 24.16B | 21.44B | 21.51B | 20.97B | 18.47B |
| Total Liabilities | 28.36B | 28.74B | 28.34B | 29.22B | 29.07B | 25.96B |
| Stockholders Equity | 13.10B | 12.12B | 14.16B | 13.94B | 14.22B | 14.21B |
Cash Flow | ||||||
| Free Cash Flow | 0.00 | 525.82M | 276.24M | -126.00M | -739.37M | -380.26M |
| Operating Cash Flow | 0.00 | 2.29B | 2.31B | 2.07B | 1.83B | 1.14B |
| Investing Cash Flow | 0.00 | -762.37M | -1.18B | -1.59B | -5.95B | -13.90B |
| Financing Cash Flow | 0.00 | -1.10B | -1.29B | -205.59M | 1.22B | 12.08B |
Cellnex Telecom SA Technical Analysis
Positive
28.86
Price Trends
28.47
Positive
28.20
Positive
28.03
Positive
Market Momentum
<0.01
Negative
55.17
Neutral
72.92
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For ES:CLNX, the sentiment is Positive. The current price of 28.86 is above the 20-day moving average (MA) of 28.47, above the 50-day MA of 28.47, and above the 200-day MA of 28.03, indicating a bullish trend. The MACD of <0.01 indicates Negative momentum. The RSI at 55.17 is Neutral, neither overbought nor oversold. The STOCH value of 72.92 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for ES:CLNX.
Cellnex Telecom SA Peers Comparison
UnderperformOutperform
Sector (65)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
72 Outperform | €967.29M | ― | 14.75% | 16.98% | -1.95% | 11.67% | |
71 Outperform | €3.44B | 8.83 | 6.49% | 5.64% | -16.99% | 5.03% | |
68 Neutral | €9.07B | 28.03 | 9.97% | 3.08% | 8.13% | 143.51% | |
65 Neutral | $2.17B | 12.19 | 3.79% | 4.94% | 3.15% | 1.96% | |
56 Neutral | €1.62B | ― | -0.63% | 17.21% | 10.29% | 258.02% | |
51 Neutral | €19.58B | -126.25 | -2.79% | 0.25% | -0.53% | -846.77% |
* Real Estate Sector Average
ES:CLNX
Cellnex Telecom SA
29.05
-3.97
-12.03%
ES:COL
Inmobiliaria Colonial
5.55
-0.16
-2.73%
ES:MRL
MERLIN Properties SOCIMI SA
14.66
4.32
41.75%
ES:AEDAS
AEDAS Homes SA
23.50
-2.76
-10.50%
ES:MVC
Metrovacesa SA
10.68
1.44
15.63%
ES:YEPSA
Emperador Properties SOCIMI SA
9.30
4.15
80.58%
Cellnex Telecom SA Corporate Events
Cellnex advances €324 million share buyback, completing 65% of planned programme
May 12, 2026
Cellnex Telecom has disclosed the latest execution details of its ongoing share buyback programme, reporting the repurchase of 743,388 shares on the Madrid stock exchange between 4 and 8 May 2026 at a weighted average price of €28.26. These ...
Cellnex Hits Cash-Flow Turning Point as Margins and Payouts Strengthen
Apr 30, 2026
Cellnex Telecom reported a strong first quarter of 2026, with revenue (excluding pass-through) rising to €984 million and adjusted EBITDA climbing to €832 million, driven by network densification demand and efficiency gains that lifted...
Cellnex Advances Share Buyback, Reaches 58% of Planned Investment
Apr 28, 2026
Cellnex has continued to execute its share buyback programme, repurchasing 519,707 shares on the Madrid stock exchange between 20 and 24 April 2026 at a weighted average price of €28.47. These latest transactions, carried out through Citigro...
Cellnex Advances Share Buy-Back, Passing Half of Planned Investment
Apr 8, 2026
Cellnex Telecom has reported the latest tranche of purchases under its ongoing share buy-back programme, acquiring 300,859 shares on the Madrid stock exchange between 30 March and 2 April 2026 at a weighted average price of €27.65. These tra...
Cellnex Extends and Refines Equity Swap Strategy to Hedge Buy-Backs and Dilution
Mar 24, 2026
Cellnex has modified a previously announced total return equity swap of up to €550 million maturing in June 2026 by adding an early partial or total termination option at the discretion of its wholly owned subsidiary, Cellnex Finance. The co...
Cellnex Nears Halfway Mark in €250 Million Share Buyback Programme
Mar 24, 2026
Cellnex Telecom has disclosed the latest tranche of purchases under its ongoing share buyback programme, acquiring 221,596 shares between 16 and 20 March 2026 on the Madrid exchange at a weighted average price of €28.51. The transactions, ex...
Cellnex Advances Share Buyback, Reaches 48% of Planned Investment
Mar 10, 2026
Cellnex Telecom has reported further progress on its previously announced share buyback programme, disclosing the repurchase of 206,038 shares on the Madrid stock exchange between 2 and 6 March 2026 at a weighted average price of €30.59. The...
Cellnex advances share buyback, reaches 46% of planned investment
Mar 3, 2026
Cellnex Telecom has reported the latest tranche of its ongoing share buyback programme, disclosing the repurchase of 203,089 shares between 23 and 27 February 2026 on the Madrid exchange at a weighted average price of €31.06. These purchases...
Cellnex Advances Share Buyback, Reaching 45% of Planned Investment
Feb 24, 2026
Cellnex Telecom has reported the latest tranche of purchases under its ongoing share buyback programme, executed on the Spanish stock exchange between 16 and 20 February 2026. Over this five‑day period, the company acquired 208,141 shares at...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.