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Cellnex Q1 Headline Figures In Line; Leverage Falls To Target Range, FCF Ahead Of Consensus

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  • Q1 revenue, adj-EBITDA and EBITDAal nearly perfectly in line with company-provided consensus at +7% YoY, +7% YoY and +9% YoY.
  • We calculate leverage at 5.7x (net financial debt/LTM adj-EBITDA) from 6.7x at FY23 and now looks to be inside the target range of 5-6x. RLFCF (+14% YoY) and FCF (EUR 103mn vs. negative EUR 139mn in Q123) were 2.4% and 9.6% ahead respectively.
  • “Under this context the potential disposal of the Austrian business is being assessed. Non-binding offers are expected in May, while should the disposal be executed, an earlier distribution / share buyback could be considered subject to leverage and rating”
  • FY24 guidance confirmed. EUR spreads 1-3bps wider DoD, don’t seem to have moved since release.
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