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MarketScreener Homepage  >  Equities  >  Bolsas y Mercados Espanoles  >  Cellnex Telecom, S.A.    CLNX   ES0105066007

CELLNEX TELECOM, S.A.

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Cellnex Telecom : to raise 4 bln euros in new capital for potential M&A

07/22/2020 | 01:31pm EST

BARCELONA, July 22 (Reuters) - Cellnex plans to raise up to 4 billion euros ($4.63 billion) in new share capital to finance an expansion of its infrastructure portfolio, Europe's largest mobile phone towers operator said on Wednesday.

"The market opportunities for Cellnex continue to be massive," chief executive Tobias Martinez said on a call with analysts, saying that the increase was to fund potential mergers or acquisitions.

Chief financial officer Jose Manuel Aisa said the "capacity to do bigger deals is higher than last year" as the company has gained scale.

Such acquisitions could take the form of multi-stage operations to buy new infrastructure valued at up to 11 billion euros, the Barcelona-based company said.

Cellnex's CEO Martinez said the company was not seeking minority stakes in other groups unless there was a clear path to control. He said the goal was to consolidate its presence in the countries where it has operations already but that it was keeping an eye open on new countries, such as Poland.

Cellnex will issue 101.4 million ordinary shares with a subscription price of 39.45 euros, a nearly 30% discount to its Wednesday closing price.

At 4 billion euros, the increase is equivalent to around 18% of the company's current market value.

Cellnex on Monday raised its 2020 guidance after completing several investments and reported an increase in first-half core earnings, but said it expected net losses in the coming quarters.

The group raised 3.7 billion euros last year through two separate capital increases, which partially funded its purchase of the telecoms division of Britain's Arqiva.

Cellnex has bought tens of thousands of phone towers across Europe, controls more than 40,000 sites and is present in eight countries. It is seen as a central player in any consolidation of the European telecoms infrastructure market.

Spun off from Spanish infrastructure operator Abertis in 2015, Cellnex has expanded to reach a market capitalisation of nearly 22 billion euros and become the fifth largest company on the IBEX 35 blue-chip index. ($1 = 0.8639 euros) (Reporting by Joan Faus, additional reporting by Jesus Aguado. Editing by Jane Merriman)


© Reuters 2020
Stocks mentioned in the article
ChangeLast1st jan.
CELLNEX TELECOM, S.A. 1.70% 48.44 Delayed Quote.-3.03%
IBEX 35 -1.00% 8122.1 Delayed Quote.1.62%
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Financials
Sales 2020 1 601 M 1 946 M 1 946 M
Net income 2020 -46,3 M -56,3 M -56,3 M
Net Debt 2020 3 796 M 4 616 M 4 616 M
P/E ratio 2020 -610x
Yield 2020 0,16%
Capitalization 23 176 M 28 037 M 28 179 M
EV / Sales 2020 16,9x
EV / Sales 2021 15,2x
Nbr of Employees 1 610
Free-Float 82,2%
Chart CELLNEX TELECOM, S.A.
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Cellnex Telecom, S.A. Technical Analysis Chart | CLNX | ES0105066007 | MarketScreener
Technical analysis trends CELLNEX TELECOM, S.A.
Short TermMid-TermLong Term
TrendsBearishBearishNeutral
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus BUY
Number of Analysts 21
Average target price 64,14 €
Last Close Price 47,63 €
Spread / Highest target 76,4%
Spread / Average Target 34,7%
Spread / Lowest Target 4,98%
EPS Revisions
Managers and Directors
NameTitle
Tobías Martínez-Gimeno Chief Executive Officer & Executive Director
Bertrand Boudewijn Kan Chairman
Sergio Tórtola Pérez Operations Director
José Manuel Aisa Mancho CFO & Director-Corporate Development
Pierre Blayau Independent Director
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