November 11, 2024 07:48 GMT
COMMUNICATIONS: Cellnex Q3 Results Look Broadly Stable
COMMUNICATIONS
CLNXSM BBB-/BBB-
Results look broadly flat to consensus (low number of estimates) with leverage flat QoQ and FY guidance confirmed.
- Q3 revenue +6.9% for 9M24 +7%
- Adj-EBITDA +6.7% for 9M24 +6.1% (9M254 EBITDAal +9.8% organically)
- Leverage flat QoQ at 6.8x.
- Recurring levered FCF +10.5% YoY for 9M24 +7.3%.
- FY guidance affirmed.
- Ireland/Austria sales “on track” for completion by Q125/mid-Dec.
- “Ongoing dialog with credit rating agencies to assess the potential for the acceleration of shareholder returns in 2025 (vs. 2026), whilst keeping our leverage and Investment Grade rating commitments unchanged” (slide language updated from “An earlier distribution / share buyback could be considered after closings, subject to leverage / rating commitments”).
- Call at 2pm GMT: https://streamstudio.world-television.com/CCUIv3/registration.aspx?ticket=1371-2544-40688&target=en-default-&status=preview&browser=ns-0-1-0-0-0
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