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Cellnex Results Slightly Ahead Of Consensus; Incremental Positive

COMMUNICATIONS

Rating: BBB-/BBB- EUR Spreads Mixed But Muted


Cellnex Q2 results look to be slightly ahead of consensus across the main reported metrics with strong growth rates. FCF is negative for the quarter though this was expected (and H1 FCF was positive compared to the negative flow last year) while leverage is broadly stable. Equity headlines imply encouragement on the Austria line with the sale linked to a potential buyback.


  • Q2 revenue +7.4% YoY (+0.2% vs. company-provided consensus).
  • EBITDA +5.1% YoY (+0.6% vs. consensus) with EBITDAal +7.6% (+1.2% vs. consensus).
  • RLFCF of EUR 397mn -2% YoY (+3.7% vs. consensus) with FCF of EUR -54mn down from EUR 9mn in Q223 though slightly better than the EUR -67mn consensus.
  • Leverage looks to have increased slightly to 6.8x from 6.7x at FY23.
  • FY guidance confirmed.
  • “Advanced negotiations after having received binding offers for Austria” but not much in the way of new info.
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