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BOUYGUES

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Spain's Cellnex eyes capital hike to keep credit rating in investment push

02/26/2020 | 11:18am EDT
FILE PHOTO: A telecom antenna of Spain's telecoms infrastructures firm Cellnex are seen under main telecom tower, known as

Europe's biggest phone towers firm, Spain's Cellnex, will continue investing in 2020 to expand its portfolio and may consider a capital increase to maintain its credit rating, its chief executive told Reuters on Wednesday.

Cellnex said it expected core earnings to rise significantly in 2020 after reaching its 2019 target thanks to acquisitions and a new partnership with French mobile operator Bouygues.

Its shares, which initially fell 5%, were trading down about 1% at 1436 GMT, after the firm narrowed its net loss to 9 million euros ($9.8 million) in 2019 from 15 million euros in 2018.

Cellnex, which has snapped up tens of thousands of phone towers in Europe in the past few years and now controls more than 50,000 sites, is seen as a key player in a potential consolidation of the telecoms infrastructure market.

Chief Executive Tobias Martinez said the company's goal was to grow in the eight European countries where it is present, although he did not rule out expanding to others.

He said Cellnex would continue to invest in 2020 but was likely to make less investment commitments than in 2019 when it invested almost 4 billion euros out of 7.7 billion euros it had said it planned to invest over an unspecified period.

Martinez said Cellnex was ready to make deals with any operator, including France's Orange, from which it bought in 1,500 towers in Spain for 260 million euros in December.

He said the rise in Cellnex's net financial debt to 3.9 billion euros in 2019 from 3.1 billion euros in 2018 was not a cause for concern and could be lowered if needed.

If new acquisitions required more debt, the company would seek to raise capital to avoid hurting its debt rating, Martinez said, although he said there were no current plans for a capital increase.

Cellnex has a BBB- credit score by ratings agency Fitch and BB+ by Standard & Poors.

Cellnex raised capital twice last year by a total of 3.7 billion euros, which partially funded its purchase of the telecoms division of Britain's Arqiva.

Arqiva's acquisition could be finalised between May or June, boosting Cellnex's earnings before interest, taxes, depreciation and amortization (EBITDA) this year by 80 million to 90 million euros, Cellnex Chief Financial Officer Jose Manuel Aisa said.

Cellnex now expects its EBITDA to grow almost 60% this year to more than 1 billion euros, but if the Arqiva operation is included, the rise could reach 70% to 80% in 2020, Aisa added.

(Reporting by Joan Faus, additional reporting by Jesus Aguado and Aida Pelaez-Fernandez; Editing by Andrei Khalip and Edmund Blair)

By Joan Faus


© Reuters 2020
Stocks mentioned in the article
ChangeLast1st jan.
BOUYGUES 1.54% 32.4 Real-time Quote.-3.71%
CELLNEX TELECOM, S.A. 1.72% 55.54 Delayed Quote.13.07%
ORANGE 0.66% 9.524 Real-time Quote.-2.16%
SEEK LIMITED 0.72% 30.6 End-of-day quote.7.26%
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Financials
Sales 2021 36 895 M 43 418 M 43 418 M
Net income 2021 1 032 M 1 214 M 1 214 M
Net Debt 2021 2 260 M 2 659 M 2 659 M
P/E ratio 2021 11,9x
Yield 2021 5,30%
Capitalization 12 342 M 14 519 M 14 524 M
EV / Sales 2021 0,40x
EV / Sales 2022 0,38x
Nbr of Employees 129 000
Free-Float 57,3%
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Technical analysis trends BOUYGUES
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Income Statement Evolution
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Mean consensus OUTPERFORM
Number of Analysts 18
Last Close Price 32,40 €
Average target price 38,11 €
Spread / Average Target 17,6%
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Managers and Directors
Olivier Roussat Chief Executive Officer
Pascal Grangé Chief Financial Officer, Deputy CEO & SVP
Martin Bouygues Chairman
Gilles Zancanaro Senior Vice President-Digital, Innovation & Risks
Colette Lewiner Independent Director
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