Financials Cellnex Telecom, S.A.

Equities

CLNX

ES0105066007

Wireless Telecommunications Services

Market Closed - BME Other stock markets 11:35:07 2024-12-05 am EST			5-day change	1st Jan Change
34.21 ^EUR	+2.64%		+0.85%	-4.07%

Nov. 28	IBEX 35 rebounds as it digests the new interest rate and trade war scenario	RE
Nov. 27	IBEX 35 finds no reason to rally as it awaits U.S. prices	RE

Projected Income Statement: Cellnex Telecom, S.A.

income-statement-evolution-chart CELLNEX-TELECOM-S-A

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	1,031	1,562	2,533	3,495	4,049	4,142	4,332	4,581
Change	-	51.55%	62.12%	38%	15.85%	2.28%	4.61%	5.74%
EBITDA ¹	685.6	1,132	1,921	2,630	3,008	3,223	3,401	3,630
Change	-	65.17%	69.62%	36.95%	14.37%	7.12%	5.52%	6.74%
EBIT ¹	142.5	158.3	233.1	309.7	455.8	623.3	747.8	910.4
Change	-	11.09%	47.29%	32.85%	47.15%	36.75%	19.97%	21.75%
Interest Paid ¹	-196.6	-215.3	-587.8	-642.3	-807.8	-830.1	-799.1	-785.3
Earnings before Tax (EBT) ¹	-54.01	-199.5	-534.1	-502.9	-436.4	-433.3	-69.18	107.5
Change	-	269.3%	167.77%	-5.85%	-13.22%	0.72%	84.03%	-
Net income ¹	-9.245	-133.1	-351.4	-297.1	-297.2	-341.3	-45.81	82.26
Change	-	1,339.7%	163.99%	-15.46%	0.05%	-14.85%	86.58%	-
Announcement Date	2/26/20	2/26/21	2/25/22	3/1/23	2/29/24	-	-	-

¹EUR in Million

Estimates

Fiscal Period: December	2019 Q3	2019 Q4	2020 Q1	2020 Q2	2020 Q3	2020 Q4	2021 Q1	2021 Q2	2021 Q3	2021 Q4	2022 Q1	2022 Q2	2022 Q3	2022 Q4	2023 Q1	2023 Q2	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 Q3	2024 Q4
Net sales ¹	266.2	277.8	358	362.6	428.4	413.3	506	555	699	772.8	828	862	882	923.2	985	1,015	713.5	1,041	1,037	1,082	784	1,106
Change	-	4.38%	28.85%	1.28%	18.16%	-3.54%	22.44%	9.68%	25.95%	10.56%	7.14%	4.11%	2.32%	4.67%	6.7%	3%	-29.67%	45.9%	-0.38%	4.34%	-27.54%	41.06%
EBITDA ¹	176.7	187.6	260	266.8	311.2	294.4	381	422	531	586.7	634	648	655	693.4	730	760.3	757.7	760	778	800	808	798.3
Change	-	6.13%	38.62%	2.61%	16.66%	-5.42%	29.44%	10.76%	25.83%	10.49%	8.06%	2.21%	1.08%	5.87%	5.27%	4.16%	-0.35%	0.31%	2.37%	2.83%	1%	-1.2%
EBIT ¹	41.74	11.49	38	31.85	-	45.29	41	36	40	44.15	49	50	38	112.7	81	53.46	157.5	106.8	179	-316	260	-
Change	-	-72.47%	230.66%	-16.18%	-100%	-	-9.47%	-12.2%	11.11%	10.37%	10.99%	2.04%	-24%	196.69%	-28.15%	-34%	194.7%	-32.22%	67.64%	-	-43.91%	-100%
Charge d'intérêts ¹	-	-30.58	-84	-51	-	-	-112	-	-152.7	-180.8	-177	-179	-	-124.3	-205	-196.4	-195.6	-210.8	-234	-229	-188	-205.6
Earnings before Tax (EBT) ¹	-	-	-46	-19.23	-	-	-71	-106	-113	-244.1	-128	-129	-128	-120.9	-124	-143.7	-39.33	-129.4	-56	-546	72	-61.94
Change	-	-	-	-58.19%	-100%	-	-	49.3%	6.6%	116.02%	-47.56%	0.78%	-0.78%	-5.56%	2.58%	15.87%	-72.63%	229.07%	-56.73%	875%	-	-
Net income ¹	-11.51	2.755	-30	-13.18	-40.82	-49.1	-43	-24	-78	-206.4	-93	-77	-85	-42.06	-91	-102.4	-4.56	-99.22	-39	-379	278	-116.4
Change	-	-	-	-56.06%	209.68%	20.29%	-12.42%	-44.19%	225%	164.57%	-54.93%	-17.2%	10.39%	-50.52%	116.37%	12.57%	-95.55%	2,075.88%	-60.69%	871.79%	-	-
Announcement Date	11/14/19	2/26/20	5/7/20	7/20/20	11/4/20	2/26/21	5/7/21	7/29/21	10/28/21	2/25/22	4/27/22	7/28/22	11/11/22	3/1/23	4/27/23	7/27/23	11/10/23	2/29/24	4/25/24	8/1/24	11/11/24	-

¹EUR in Million

Estimates

Fiscal Period: December	2020 S1	2020 S2	2021 S1	2022 S1	2023 S1	2024 S1
Net sales ¹	720.6	841.7	1,061	1,690	2,000	2,119
Change	-	16.81%	26.06%	59.28%	18.31%	5.98%
EBITDA ¹	526.8	-	804	1,282	1,490	1,578
Change	-	-100%	-	59.45%	16.25%	5.88%
EBIT ¹	69.85	-	77	99	134.5	-137
Change	-	-100%	-	28.57%	35.82%	-
Charge d'intérêts	-135.1	-	-	-356	-	-
Earnings before Tax (EBT)	-65.23	-	-177	-257	-	-
Change	-	-100%	-	45.2%	-100%	-
Net income	-43.18	-	-67	-170	-	-
Change	-	-100%	-	153.73%	-100%	-
Announcement Date	7/20/20	2/26/21	7/29/21	7/28/22	7/27/23	8/1/24

¹EUR in Million

Estimates

Forecast Balance Sheet: Cellnex Telecom, S.A.

balance-sheet-analysis-chart CELLNEX-TELECOM-S-A

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	3,937	6,500	14,552	19,838	20,102	20,597	19,670	19,868
Change	-	65.1%	123.88%	36.32%	1.33%	2.46%	-4.5%	1.01%
Announcement Date	2/26/20	2/26/21	2/25/22	3/1/23	2/29/24	-	-	-

¹EUR in Million

Estimates

Cash Flow Forecast: Cellnex Telecom, S.A.

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
CAPEX ¹	3,954	6,267	14,397	7,472	2,194	1,848	1,881	1,639
Change	-	58.51%	129.73%	-48.1%	-70.64%	-15.74%	1.75%	-12.84%
Free Cash Flow (FCF) ¹	-474.7	32	-380.3	1,368	1,545	1,618	1,715	2,019
Change	-	-106.74%	-1,288.28%	-459.73%	12.97%	4.68%	6.01%	17.71%
Announcement Date	2/26/20	2/26/21	2/25/22	3/1/23	2/29/24	-	-	-

¹EUR in Million

Estimates

Forecast Financial Ratios: Cellnex Telecom, S.A.

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Profitability
EBITDA Margin (%)	66.5%	72.48%	75.83%	75.26%	74.3%	77.81%	78.5%	79.23%
EBIT Margin (%)	13.82%	10.13%	9.21%	8.86%	11.26%	15.05%	17.26%	19.87%
EBT Margin (%)	-5.24%	-12.77%	-21.09%	-14.39%	-10.78%	-10.46%	-1.6%	2.35%
Net margin (%)	-0.9%	-8.52%	-13.87%	-8.5%	-7.34%	-8.24%	-1.06%	1.8%
FCF margin (%)	-46.05%	2.05%	-15.01%	39.14%	38.16%	39.06%	39.58%	44.06%
FCF / Net Income (%)	5,134.31%	-24.04%	108.22%	-460.49%	-519.95%	-473.91%	-3,743.48%	2,453.85%
Profitability
ROA	0.06%	-0.72%	-1.07%	-0.69%	-0.67%	-0.49%	-0.25%	0%
ROE	0.23%	-2.19%	-2.05%	-2.09%	-2.11%	-2.32%	-0.49%	0.33%
Financial Health
Leverage (Debt/EBITDA)	5.74x	5.74x	7.58x	7.54x	6.68x	6.39x	5.78x	5.47x
Debt / Free cash flow	-8.29x	203.13x	-38.27x	14.5x	13.01x	12.73x	11.47x	9.84x
Capital Intensity
CAPEX / Current Assets (%)	383.55%	401.15%	568.44%	213.77%	54.18%	44.63%	43.41%	35.78%
CAPEX / EBITDA (%)	576.73%	553.45%	749.59%	284.05%	72.92%	57.36%	55.31%	45.16%
CAPEX / FCF (%)	-832.97%	19,583.76%	-3,786.21%	546.2%	141.96%	114.26%	109.68%	81.21%
Items per share
Cash flow per share ¹	1.417	2.055	1.869	2.996	3.092	3.368	3.757	3.948
Change	-	45.04%	-9.06%	60.29%	3.21%	8.93%	11.54%	5.1%
Dividend per Share ¹	0.08	0.0533	0.03	0.0519	0.0571	0.0589	0.0681	0.7486
Change	-	-33.4%	-43.62%	72.9%	9.95%	3.06%	15.77%	998.55%
Book Value Per Share ¹	10.8	16.48	23.27	23.29	19.75	19.54	19.23	18.57
Change	-	52.55%	41.2%	0.09%	-15.19%	-1.08%	-1.59%	-3.43%
EPS ¹	-0.03	-0.35	-0.58	-0.29	-0.44	-0.446	-0.0649	0.3105
Change	-	1,066.67%	65.71%	-50%	51.72%	1.35%	-85.45%	-578.53%
Nbr of stocks (in thousands)	385,127	486,576	679,090	698,392	705,381	705,544	705,544	705,544
Announcement Date	2/26/20	2/26/21	2/25/22	3/1/23	2/29/24	-	-	-