Q2 revenues were in line with expectations but with a solid 7.4% organic growth (vs 6.8% in Q1 and 6% in 2022).
EBITDA was slightly better than expected, with a margin of 74.8%, better than in the three previous quarters (c.74%).
Cellnex’s business model remains robust with, on our numbers, the highest recurring cash flows in the AlphaValue universe. Cellnex is currently trading at a significant discount (15.7x EV/EBITDA vs 19x for its peers). So we maintain our Add opinion.
28 Jul 2023
Solid organic growth with an EBITDA margin back to... 75%
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Solid organic growth with an EBITDA margin back to... 75%
- Published:
28 Jul 2023 -
Author:
Jean-Michel Salvador -
Pages:
3
Q2 revenues were in line with expectations but with a solid 7.4% organic growth (vs 6.8% in Q1 and 6% in 2022).
EBITDA was slightly better than expected, with a margin of 74.8%, better than in the three previous quarters (c.74%).
Cellnex’s business model remains robust with, on our numbers, the highest recurring cash flows in the AlphaValue universe. Cellnex is currently trading at a significant discount (15.7x EV/EBITDA vs 19x for its peers). So we maintain our Add opinion.