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Cellnex Rev & EBITDA In-Line As Leverage Falls Below 7x

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  • FY Rev and EBITDA in-line with BBG consensus though unclear how the equity will move with earnings looking softer than expected at a EUR 297mn loss vs. consensus of EUR 266mn loss.
  • FY23 targets on Rev, EBITDA, FCF were all met; net EBITDA leverage 6.7x from 7.5x last year
  • Not much in terms of a forward outlook with the CMD next week on 05 March

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