(CLNX) Cellnex Telecom - Overview
Sector: Real Estate | Industry: Real Estate Services | Exchange: MC (Spain) | Market Cap: 19.174m EUR | Total Return: -12.1% in 12m
Avg Turnover: 35.2M
Qual. Beats: 0
Rev. Trend: 90.6%
Qual. Beats: 0
Warnings
High Debt/EBITDA (7.8) with thin interest coverage (0.3)
Interest Coverage Ratio 0.3 is critical
Beneish M-Score 1.00 > -1.5 - likely earnings manipulation
Altman Z'' -0.09 < 1.0 - financial distress zone
Choppy
Tailwinds
No distinct edge detected
Cellnex Telecom SA is a leading European independent wireless telecommunications infrastructure operator. Headquartered in Madrid, the company manages an extensive portfolio across twelve countries, including France, Italy, and the United Kingdom. Its core business model centers on the Towers segment, providing passive infrastructure and colocation services to mobile network operators.
The company operates a diversified service suite including small cells and Distributed Antenna Systems (DAS) to enhance urban network density, as well as fiber-to-the-tower (FTTT) connectivity. Unlike traditional carriers, neutral host providers like Cellnex benefit from long-term, inflation-linked contracts that offer high visibility into future cash flows. The firm also maintains a legacy broadcast segment responsible for national digital terrestrial television (DTT) and radio signal distribution in Spain.
For a deeper look into the companys financial health and valuation metrics, consider exploring the data on ValueRay. This infrastructure-heavy model relies on significant capital expenditure to acquire and build sites, which are then leased to multiple tenants to drive organic growth and margin expansion.
- Interest rate fluctuations impact debt servicing costs and valuation of infrastructure assets
- Disposal of non-core geographical assets accelerates deleveraging and credit rating upgrades
- Growth in 5G colocation demand increases tenancy ratios across European tower portfolios
- Multi-year inflation-linked contracts provide revenue protection against rising operational expenditures
- Shift toward organic growth strategy replaces previous capital-intensive acquisition model targets
| Net Income: -348.8m TTM > 0 and > 6% of Revenue |
| FCF/TA: 0.01 > 0.02 and ΔFCF/TA 0.58 > 1.0 |
| NWC/Revenue: -9.04% < 20% (prev -23.73%; Δ 14.68% < -1%) |
| CFO/TA 0.05 > 3% & CFO 2.29b > Net Income -348.8m |
| Net Debt (23.2b) to EBITDA (2.97b): 7.81 < 3 |
| Current Ratio: 0.91 > 1.5 & < 3 |
| Outstanding Shares: last quarter (673.8m) vs 12m ago -3.10% < -2% |
| Gross Margin: 11.23% > 18% (prev 0.85%; Δ 1.04k% > 0.5%) |
| Asset Turnover: 10.82% > 50% (prev 9.52%; Δ 1.31% > 0%) |
| Interest Coverage Ratio: 0.30 > 6 (EBITDA TTM 2.97b / Interest Expense TTM 924.7m) |
| A: -0.01 (Total Current Assets 4.04b - Total Current Liabilities 4.46b) / Total Assets 42.9b |
| B: -0.00 (Retained Earnings -37.0m / Total Assets 42.9b) |
| C: 0.01 (EBIT TTM 274.1m / Avg Total Assets 42.9b) |
| D: -0.06 (Book Value of Equity -1.90b / Total Liabilities 29.6b) |
| Altman-Z'' = -0.09 = B |
| DSRI: 0.84 (Receivables 1.15b/1.21b, Revenue 4.64b/4.09b) |
| GMI: 7.60 (GM 11.23% / 85.35%) |
| AQI: 0.95 (AQ_t 0.53 / AQ_t-1 0.56) |
| SGI: 1.14 (Revenue 4.64b / 4.09b) |
| TATA: -0.06 (NI -348.8m - CFO 2.29b) / TA 42.9b) |
| Beneish M = 2.83 (Cap -4..+1) = D |
As of May 29, 2026, the stock is trading at EUR 28.80 with a total of 698,913 shares traded.
Over the past week, the price has changed by -1.06%,
over one month by +0.38%,
over three months by -10.39% and
over the past year by -12.11%.
Cellnex Telecom has no consensus analysts rating.
P/E Forward = 714.2857
P/S = 4.6311
P/B = 1.6019
Revenue TTM = 4.64b EUR
EBIT TTM = 274.1m EUR
EBITDA TTM = 2.97b EUR
Long Term Debt = 18.5b EUR (from longTermDebt, last quarter)
Short Term Debt = 2.63b EUR (from shortTermDebt, last quarter)
Debt = 26.1b EUR (from shortLongTermDebtTotal, last quarter) + Leases 2.89b
Net Debt = 23.2b EUR (calculated: Debt 26.1b - CCE 2.87b)
Enterprise Value = 42.4b EUR (19.2b + Debt 26.1b - CCE 2.87b)
Interest Coverage Ratio = 0.30 (Ebit TTM 274.1m / Interest Expense TTM 924.7m)
EV/FCF = 80.59x (Enterprise Value 42.4b / FCF TTM 525.8m)
FCF Yield = 1.24% (FCF TTM 525.8m / Enterprise Value 42.4b)
FCF Margin = 11.32% (FCF TTM 525.8m / Revenue TTM 4.64b)
Net Margin = -7.51% (Net Income TTM -348.8m / Revenue TTM 4.64b)
Gross Margin = 11.23% ((Revenue TTM 4.64b - Cost of Revenue TTM 4.12b) / Revenue TTM)
Gross Margin QoQ = 15.75% (prev 10.89%)
Tobins Q-Ratio = 0.99 (Enterprise Value 42.4b / Total Assets 42.9b)
Interest Expense / Debt = 3.55% (Interest Expense 924.7m / Debt 26.1b)
Taxrate = 25.0% (EU avg default 25%)
NOPAT = 205.5m (EBIT 274.1m * (1 - 25.00%))
Current Ratio = 0.91 (Total Current Assets 4.04b / Total Current Liabilities 4.46b)
Debt / Equity = 2.18 (Debt 26.1b / totalStockholderEquity, last quarter 12.0b)
Debt / EBITDA = 7.81 (Net Debt 23.2b / EBITDA 2.97b)
Debt / FCF = 44.12 (Net Debt 23.2b / FCF TTM 525.8m)
Total Stockholder Equity = 12.5b (last 4 quarters mean from totalStockholderEquity)
RoA = -0.81% (Net Income -348.8m / Total Assets 42.9b)
RoE = -2.78% (Net Income TTM -348.8m / Total Stockholder Equity 12.5b)
RoCE = 0.88% (EBIT 274.1m / Capital Employed (Equity 12.5b + L.T.Debt 18.5b))
RoIC = 0.50% (NOPAT 205.5m / Invested Capital 41.0b)
WACC = 4.02% (E(19.2b)/V(45.2b) * Re(5.88%) + D(26.1b)/V(45.2b) * Rd(3.55%) * (1-Tc(0.25)))
Discount Rate = 5.88% (= CAPM, Blume Beta Adj.)
Shares (quarterly) Correlation: -59.81 | Cagr: -2.02%
[DCF] Terminal Value 77.97% ; FCFF base≈426.0m ; Y1≈488.3m ; Y5≈718.7m
[DCF] Fair Price = N/A (negative equity: EV 10.8b - Net Debt 23.2b = -12.4b; debt exceeds intrinsic value)
EPS Correlation: N/A | EPS CAGR: N/A | SUE: -0.26 | # QB: 0
Revenue Correlation: 90.65 | Revenue CAGR: 8.14% | SUE: -0.08 | # QB: 0
EPS current Quarter (2026-06-30): EPS=-0.05 | Chg30d=+0.00% | Revisions=N/A | Analysts=1
EPS next Quarter (2026-09-30): EPS=-0.02 | Chg30d=N/A | Revisions=N/A | Analysts=1
EPS current Year (2026-12-31): EPS=-0.19 | Chg30d=+14.17% | Revisions=+20% | GrowthEPS=+51.8% | GrowthRev=-1.9%
EPS next Year (2027-12-31): EPS=-0.17 | Chg30d=+25.01% | Revisions=+20% | GrowthEPS=+8.3% | GrowthRev=+4.5%
[Analyst] Revisions Ratio: +20%