The results of the first semester presented by Cellnex last week have pleasantly surprised at Renta 4since the cash flow «significantly improves» the perspectives that the firm had managed. He reiterates his recommendation of ‘overflow‘And the objective price of 57 euros per share. The assessment is a Alcista potential of 84.8% in front of the current price.
According to analysts Ángel Pérez Llamazares in a note, “Cellnex’s income grows, in line with estimates, +1.1% ( +6% proforma) thanks to an organic growth of the presence points of 4% (rest from placements and BTS, raising the income of the business of Torres a +5.2% proform allowing an organic growth of Ebitdaal (EBITDA after rentals) of +8.1%, improving our perspective for lower rentals ”.
The EBIT is affected by the effects of the reorganization of the structure in Spain and the capital gains of the sale of the assets of Ireland.
The box generation significantly improves our expectations in RLFCF (+6.5% vs 1s24), as a consequence of minors rents, lower interests and taxes, in addition, a lower CAPEX of BTS and expansion compared to our expectations, leads to the FCF to be located at 19 million euros (vs -83 mln Eur R4E). «This evolution allows net debt to be slightly better at our expectation,» says rent expert 4.
On the other hand, the S&P credit qualification agency has improved the group’s perspective from stable to positive, with the rating without changes in BBB-, increasing the threshold of the leverage ratio to 7x-7,75x from the previous 6x-7x.
Likewise, “a Great solidity in contract management With an extension of the contract with Telefónica in Spain for the deployment of up to 3,000 new points of presence with DIGI, and the renewal of the alliance in Holland with Odido that ensures income for 15 years, ”says Pérez Llamazares.
Keep in mind that rent 4 is one of the most optimistic analysis houses on Cellnex, although it is true that, generalized, fundamental analysts give a potential more than considerable value. According to the data collected by Reuters, the majority recommendation you receive is ‘Buy’, while the target price half scale up to the 42,31 euros. This assessment translates into a 37.20% potential in front of the current contribution.
On the day on Monday, Cellnex moves mid -morning with a decrease of 1.75% to mark 30.84 euros. Their shares have risen 8.3% since its January minimum, at 28.39 euros, but they are very far (-17%) of its maximums Of the last 52 weeks, set at 37.31 euros since October last year.