Independent equity research
Is Cellnex Telecom, S.A. (CLNX) a Buy, Hold or Sell?
Cellnex Telecom, S.A. — our independent, AI-built valuation and rating, in brief.
HOLD (reduce into strength)
12-mo fair value
€23.60
To fair value
−3%
By · report dated 2026-09-15 · fair value derived independently of the market price.
The thesis, in brief
H1 2026 free cash flow of EUR 301m against EUR 19m proves the inflection, but at 13.3x FY27E EV/EBITDAaL this is a 2.3x-levered equity: a 56bp rise in our 6.0% WACC cuts fair value from EUR 24.43 to EUR 17.72. Falsified if FY2027 RLFCF beats the EUR 2,145m guidance top end
How we value it
We value Cellnex Telecom, S.A. using Post-lease FCFF DCF at 6.0% WACC (terminal ROIC 7.0%, g 2.0%) 80/20 with invested-capital parity. The 12-month fair value is set from that intrinsic estimate first, then compared to the market to read the upside or downside — never anchored to the current price.
What the full report covers
- Business & moat + industry cycle
- Earnings quality & normalized EPS
- Returns on capital (ROIC vs WACC)
- Balance-sheet safety
- Two independent valuations (DCF + multiples)
- Bear / base / bull fair values
- Earnings-call analysis
- Insider activity & positioning
- Technicals (RSI / ADX)
- A falsifiable thesis
Read the full Cellnex Telecom, S.A. report
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