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Cellnex continues with divestment plan of non-strategic assets and sells business in Austria for €803 million

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Posted By: The Corner 12th August 2024

Bankinter | Cellnex (CLNX) has reached an agreement to sell 100% of its business in Austria, its subsidiary On Tower Austria, for €803 million. Part of the payment (€272 million) will be deferred in December 2028.

Opinion of the Bankinter analysis team;

Good news for Cellnex. This divestment is part of the process of selling non-strategic assets and will allow Cellnex to continue reducing debt, with the objective of reaching a DFN/EBITDA ratio of 5/6x in 2025/2026. Moreover, the sale price implies an EV/EBITDA of 20x versus 13x Cellnex’s share price.

We maintain our Buy recommendation.

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The Corner
The Corner has a team of on-the-ground reporters in capital cities ranging from New York to Beijing. Their stories are edited by the teams at the Spanish magazine Consejeros (for members of companies’ boards of directors) and at the stock market news site Consenso Del Mercado (market consensus). They have worked in economics and communication for over 25 years.