Cellnex Earnings: Strong Close to 2024, With EUR 800 Million Buyback Program Launching Soon

Cellnex Telecom’s 2024 revenue reached EUR 3.94 billion, with fourth-quarter numbers above company-compiled consensus in all metrics. Full-year revenue increased 7.7%, driven in equal amounts by co-location and build-to-suit growth. Adjusted EBITDA after leases of EUR 2.39 billion climbed 10% and expanded 160 basis points to a 60.6% margin, as Cellnex has focused on staff reductions and land lease management, an effort that we appreciate and that will continue in 2025. Cellnex adjusted its 2027 guidance after the disposal of Ireland and Austria and now expects EUR 3.74 billion in 2027 adjusted EBITDA (at the midpoint) compared with EUR 3.9 billion previously. We are maintaining our EUR 52 fair value estimate and narrow moat rating.