Cellnex (CLNX SM) Spain
Industrials
Robert Crimes views CLNX’s sharp de-rating since 2022 as highly unjustified. Prop. EBITDaL has grown 36%, from €1.8bn in 2022 to €2.4bn in 2025E, yet the share price has declined 26%, massively underperforming the Eurofirst 300. The stock trades on 2025E EV/EBITDaL of 16.7x, a 29% discount to the 22.9x average of its recent disposals. Robert believes CLNX could attract a buyout from a large consortium, such as American Tower, as it offers a non-replicable pan-European network, ranking first or second in eight of the ten countries it operates in. His TP of €69, implies ~135% upside, with CLNX ranking 3rd of 23 on Insight’s Stock Ranking System.
Edition: 221
- 03 October, 2025
Entering the end game of 3 independent TowerCos in Europe
Industrials
Robert Crimes’ 16-page report details how the European Towers market is to undergo a final phase of consolidation with several large transactions resulting in 3 dominant TowerCos - Cellnex, Vantage Towers and American Tower Europe. He notes that it is significantly more efficient for MNOs to share passive infrastructure while Tower transaction valuations have recently risen allowing MNOs to generate large capital releases to fund investment in 5G and de-lever balance sheets (potential to monetise a further €85bn of Tower assets in Europe). Robert’s preferred stock is Cellnex (well placed to continue to grow acquisitively, raise tenancy and returns); TP €106 (+145%).
Edition: 127
- 21 January, 2022