Previous close | 32.86 |
Open | 33.02 |
Bid | 32.68 x 0 |
Ask | 32.69 x 0 |
Day's range | 32.64 - 33.11 |
52-week range | 26.02 - 38.94 |
Volume | |
Avg. volume | 1,217,627 |
Market cap | 23.071B |
Beta (5Y monthly) | 0.66 |
PE ratio (TTM) | N/A |
EPS (TTM) | -0.44 |
Earnings date | 25 Apr 2024 |
Forward dividend & yield | 0.06 (0.17%) |
Ex-dividend date | 21 Nov 2023 |
1y target est | 53.83 |
BARCELONA/LONDON (Reuters) -S&P agency gave a credit rating upgrade to Spain's Cellnex on Tuesday after Europe's largest mobile phone tower operator forecast boosting core earnings by up to a third by 2027, helping to reduce debt. The credit rating upgrade was a cornerstone of its new roadmap. S&P said it had given Cellnex an investment-grade BBB-, in a one-notch upgrade from BB+ in the so-called speculative part of the scale, due to "Cellnex's stronger commitment to deleveraging" and its earnings and cash flow forecasts.
Cellnex on Tuesday said it expects revenues of up to 4.7 billion euros ($5.1 billion) and adjusted core earnings of up to 4 billion euros in 2027, as it unveiled its new outlook amid a shift in strategy to focus on cutting debt. In 2023, Europe's largest mobile phone tower operator's revenues, excluding pass-through costs, totalled 3.6 billion euros and its adjusted earnings before interest, taxes, depreciation and amortisation reached 3 billion euros. The Spanish company added it would improve its dividend policy for shareholders and continue reducing debt, while remaining open for potential investment opportunities.
U.S. wireless tower operator SBA Communications Corp, Blackstone-backed Phoenix Tower and Spanish fund Asterion Industrial Partners are vying for Cellnex's Irish unit, according to five sources familiar with the matter. Mobile phone tower operator Cellnex is advised by Santander and Barclays on the deal and binding offers from the three parties are expected next week, three of the sources added, speaking on condition of anonymity. A deal would value Cellnex's Irish unit, which manages almost 2,000 sites in the country, close to 1 billion euros ($1.08 billion), the fourth person said.