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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
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Rating: NR/BBB-/BBB-
- Cellnex reports on Thursday; company-provided consensus is looking for Q2 revenue +7.2% YoY, EBITDA +4.5%, EBITDAal +6.3%, RLFCF -5.4% YoY and FCF of EUR -67mn from EUR 9mn in Q223.
- Q1 results were solid; revenue +7.5% YoY; Adj. EBITDA +8.9% YoY; positive FCF €103m vs -€139m 1Q23. Leverage increased slightly to 6.9x (from 6.7x FY23) vs. LT target of 5-6x.
- Equity is +4.3% since then vs +1.5% for SXXP. Spreads on their most liquid 1.75% 30s have outperformed similar Inwit bonds by ~30bps since then while trading in line with American Towers, sitting within the post-CMD/upgrade range against both.
- Cellnex’s levels and steepness remain remarkably in line with the American Towers curve – while both feature strong asset bases, good growth rates and competitive market positions, we prefer the Cellnex story given momentum, ongoing pursuit of asset sales (on a larger scale than AMT relative to debt load) and a clearer preference for deleveraging over M&A.
- Recent bullet; https://marketnews.com/cellnex-irish-unit-sale-faces-phase-2-investigation-not-a-spread-mover
Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
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