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Q1 revenue and EBITDA were up respectively by 64% and 66%, bang in line with our expectations.
We maintain our Buy on the stock. In early March the UK’s Competition and Markets Authority approved the acquisition of Hutchison’s 6k sites, subject to the divestment of around 1k of Cellnex’s existing UK sites. This was a surprising piece of good news and the stock has begun to recover (having decreased by 35% since last Summer) despite the war in Ukraine.
Companies: Cellnex Telecom (CLNX:BME)Cellnex Telecom S.A. (CLNX:MCE)
2021 revenue and adjusted EBITDA were slightly better than expected. Cellnex also gave its forecast for 2022 with revenue of €3.45-3.5bn, and an EBITDA between €2.65bn and €2.7bn. These numbers are also slightly better than our own expectations.
We maintain our Buy on the stock which has decreased by 35% since last September with a target price 10% below the highest reached last autumn.
Cellnex is quickly integrating its acquisitions. Q3 revenues and EBITDA were right in line with expectations and up, respectively, by 64% and 70% yoy. Points of presence increased approximately by 6.5% yoy organically. This is less than the +7.5% recorded in H1 but still above the 5% growth trend per year expected for the coming years.
The recent approval of the purchase of Hivory will also allow Cellnex to consolidate its activities in France.
We maintain our opinion at Add.
No surprise with the Q2 numbers but the outlook has been upgraded.
We maintain our opinion at Reduce on the stock, however, with no downside. The group is indeed already valued at 25x its 2021 EBITDA, almost like its American peers (27x).
No surprise with the Q1 numbers released last Friday (7 May). Revenues were up by 41.5% yoy, while EBITDA was up by 46% following the integration of the completed acquisitions in 2020 and the first months of 2021.
We maintain our opinion at Add on the stock with a moderate 8% upside. The group is indeed already valued at 24x its 2021 EBITDA, almost like its American peers (25x).
Cellnex launches today a €7bn capital increase to finance its expansion.
Note this significant capital increase is already included in our model and therefore we maintain our opinion at Add on the stock with a 12% upside.
2020 will be noted in the telecom sector as the year a mobile towers operator of Spanish origin saw its market cap exceed that of Telefonica. Indeed, an aggressive and well-managed acquisition strategy allowed Cellnex to multiply by 10 the number of its towers all over Europe in just five years. While Vodafone should soon list its own towers company (Vantage), we initiate coverage of Cellnex with an Add recommendation and a target price c.15% above the current share price.
Companies: Cellnex Telecom S.A.
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Double digit Q1 growth in revenue (+12%), EBITDA (+15%) and EPS (+12%) represents a creditable performance given the wider market backdrop for MTI Wireless Edge Ltd, the technology group focused on comprehensive communication and radio frequency solutions across multiple sectors. On a divisional basis Distribution & Consultation (MTI Summit) showed the best growth (+40% to $4.2m) and included an initial contribution from P.S.K WIND Technologies. Water Solutions (Mottech) was up slightly and Ante
Companies: MTI Wireless Edge Ltd
FY21 results show another very strong year of trading for Calnex, with revenue of £22.0m, 8.9% ahead of our forecast £20.2m, with PBT up 64% to £6.0m. Demand for telecoms testing equipment has remained very strong. The order backlog has continued to grow and was at record levels entering FY23E. Calnex has managed component supply chain issues well, though component supply will remain an issue throughout FY23. Investment in product development and operational scalability has increased substantial
Companies: Calnex Solutions Plc
Gamma has today issued a Q1 trading update, coinciding with its AGM. The
update confirms that the year has started positively, with revenue growth
across all operating segments. Management expects this positive
momentum to continue throughout the year, with full-year adjusted
EBITDA and adjusted EPS being in the upper half of market estimates. We
have tweaked our FY22 revenue estimate down (£495m to £488m) but left
our earnings figures intact.
Companies: Gamma Communications PLC
Calnex Solutions has announced the acquisition of iTrinegy, a provider of SDN network emulation and application testing technology headquartered in Stevenage and with a presence in Reno, Nevada. Initial consideration of £2.5m in cash will be paid with up to £1m additional consideration in shares depending on targets being met by FY24. iTrinegy's NE-ONE hardware and software platforms enable organisations, especially across the technology, financial, gaming and military/government sectors, to acc