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Posted by
Two Blokes Jun 7 -
Filed in
Stock
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10 views
Cellnex is undervalued vs. US peers, with a new shareholder-friendly policy including aggressive buybacks and a minimum €500M annual dividend starting next year. Strong recurring levered free cash flow supports the investment thesis, with guidance for €1.9-1.95B RLFCF in 2024 and €2-2.2B by 2027. Buybacks will boost RLFCF per share and dividend per share, with the stock trading at just 10.5x the 2027 RLFCF, well below US tower companies' multiples.
