Cellnex Telecom, S.A. (CLNX.MC) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

-87.6%

€3.25

vs €26.15 price

Levered DCF

-€33.03

After debt service

Piotroski score

5 / 9

Average

Altman Z-score

0.46

Distress zone

Rating

C-

Overall 1 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
P/E	-50.8×	-597.06×	-80.84×	-70.27×	-86.75×	-142.25×	-614.26×	-346.45×
P/B	1.53×	1.18×	1.71×	1.46×	2.2×	2.36×	2.73×	10.87×
P/S	4.18×	4.12×	6.25×	6.41×	12.81×	12.12×	11.37×	5.99×
EV / EBITDA	11.79×	13.62×	14.44×	15.97×	26.79×	22.5×	25.25×	16.96×
Gross margin	13.3%	90.0%	89.3%	88.8%	2.2%	7.9%	11.6%	9.5%
Operating margin	13.5%	4.8%	9.8%	7.1%	2.8%	10.1%	10.6%	13.0%
Net margin	-8.2%	-0.7%	-7.8%	-9.1%	-14.9%	-8.7%	-1.9%	-1.7%
Current ratio	0.51×	0.59×	0.77×	0.97×	1.89×	4.82×	4.12×	1.28×
Debt / equity	1.81×	1.51×	1.54×	1.47×	1.3×	1.39×	1.51×	7.58×
Interest coverage	0.82×	0.22×	0.43×	0.32×	0.12×	0.45×	0.54×	0.74×
Dividend yield	0.1%	0.3%	0.2%	0.2%	0.1%	0.2%	0.2%	0.5%
Payout ratio	-3.3%	-157.9%	-13.6%	-12.3%	-8.0%	-21.6%	-143.9%	-161.6%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	-3.0%	-0.2%	-2.1%	-2.1%	-2.6%	-1.7%	-0.4%	-3.1%
Return on invested capital	1.2%	0.0%	0.6%	0.3%	0.1%	0.5%	0.3%	1.1%
Return on assets	-0.9%	-0.1%	-0.7%	-0.7%	-0.9%	-0.6%	-0.1%	-0.3%
Free cash flow yield	2.8%	1.6%	-0.5%	-3.6%	-1.2%	0.2%	-4.2%	-3.5%
Earnings yield	-2.0%	-0.2%	-1.2%	-1.4%	-1.2%	-0.7%	-0.2%	-0.3%
Enterprise value	€38.9B	€37.1B	€44B	€40.7B	€45.8B	€25.4B	€15.3B	€8.4B
Net debt / EBITDA	6.19×	7.47×	6.63×	7.81×	8.51×	5.75×	6.5×	6.42×
Cash conversion cycle (days)	47	-761	-266	-427	46	-1	3	-19