Cellnex Telecom, S.A (CLNX) Fair Value & Analysis
Real Estate · ES · Market cap €16.5B
Fair value as of: Aug 13, 2026
From 12 valuation models · updated yesterday
Share price +10.3% over the past month.
Below-average quality, and screening another 22% overvalued on our models.
What matters now
- Weak quality (34/100) and above fair value at the same time, the margin of safety is missing on both counts.
- The model range is unusually wide (€8.97 to €34.31). The outcome hinges heavily on assumptions, so read the point estimate with caution.
- As a real-estate business, asset- and dividend-based methods carry more weight here than a standard DCF.
Price vs Fair Value (5 years)
White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Aug 13, 2026.
How to read this chart
60‑month range €24.19 – €58.97 · fair‑value band €8.97 – €34.31 · the €27.64 price screens above the €21.64 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Aug 13, 2026.
Analysis
Cellnex Telecom, S.A (CLNX) currently trades at €27.64, while our model-based Fair Value estimate is €21.64, implying the stock looks roughly 21.7% overvalued today. The Quality Score stands at 34/100 (below-average quality), in the Real Estate sector. Bear case: priced above our estimate, the market already discounts strong expectations. Bull case: above-average quality can justify a premium, the entry price still matters most (evidence: high).
Over the trailing twelve months, Cellnex Telecom, S.A generated revenue of €4.1B at a net margin of -8.4%. Revenue declined 8.4% year over year. It earns a return on equity of -2.4%. Net debt stands at €22.7B. Fundamentals as of Aug 13, 2026
Our scenario range runs from €8.97 (bear case) to €34.31 (bull case); at €27.64, the current price sits within that range. Bear and bull are the same models run on conservative and optimistic assumptions (margins, growth, valuation multiples), so a plausible valuation range, not a price target. The share trades about 19% below its 52-week high and 13% above its 52-week low, currently below its 200-day average. For context, the median of 10 Real Estate peers we cover trades at 15% fair-value upside, at -22%, CLNX screens richer than that median.
Fair Value models
Each model estimates fair value its own way; the Fair Value above is the evidence-weighted blend. Evidence (0–100) measures how completely this model’s inputs are available: well-fed models carry more weight in the blend. The spread across models is intentional, each one stresses a different value driver; dividend models, for instance, come out structurally low when payout is small.
All 12 models by family
Widest divergence: DCF Models (€44.55) versus Growth DCF (€0.1100). Highest evidence: Growth DCF (80).
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Key figures & financial health
More key figures
Figures from reported company fundamentals · as of Aug 13, 2026. TTM = trailing twelve months.
Quality Score breakdown
Of which business quality 35 · Market factors (momentum, volatility) 39
Non-valuation factor families (profitability, growth, cashflow, financial strength, momentum …), each academically grounded. Valuation itself sits in the Fair Value and is deliberately excluded here to avoid double-counting.
About the company
Cellnex Telecom, S.A. engages in the management of terrestrial telecommunications infrastructures in France, Italy, the United Kingdom, Spain, Poland, the Netherlands, Portugal, Switzerland, Denmark, Sweden, Ireland, and Austria.
Full company description
Cellnex Telecom, S.A. engages in the management of terrestrial telecommunications infrastructures in France, Italy, the United Kingdom, Spain, Poland, the Netherlands, Portugal, Switzerland, Denmark, Sweden, Ireland, and Austria. It operates through four segments: Towers; DAS, Small Cells, and RAN as a Service; Fiber, Connectivity, and Housing Services; and Broadcast. The Towers segment provides integrated network passive infrastructure services; other wireless telecommunications; and broadband network operators services, as well as colocation and engineering services. The DAS, Small Cells, and RAN as a Service segment offers services, such as RAN as a Service, which entails the emission and transmission active services; PPDR services comprising active infrastructure management for public administrations, including TETRA and 4G/LTE mission critical service networks; operation and maintenance; infrastructure support services; and other services that include smart cities/Internet of Things. The Fiber, Connectivity, and Housing Services segment provides data transport through fiber, including fibre-to-the-tower (FTTT), connectivity, backhaul transmission, and hosting services in edge data centers infrastructure. The broadcast segment engages in the distribution and transmission of television and radio signals; operation and maintenance of broadcasting networks; provision of connectivity for media content and over-the-top (OTT) broadcasting services; and other services, as well as offers coverage of the digital terrestrial television (DTT) services. The company also offers fixed and mobile telecommunication services; and provision of telecommunications equipment. In addition, it constructs and operates optic fiber telecommunications. The company was formerly known as Abertis Telecom Terrestre, S.A.U. and changed its name to Cellnex Telecom, S.A. in April 2015. Cellnex Telecom, S.A. was incorporated in 2008 and is headquartered in Madrid, Spain.
Company description, as reported by the company or data provider.
Revenue & earnings trend
FY2021 – FY2025 · reported fiscal years
Cellnex Telecom, S.A reported revenue of €4.4B in FY2025 versus €2.5B in FY2021, a compound +14.9%/yr. Reported net income was −€361M in FY2025.
CLNX screens 22% overvalued. Compare with Plaza S.A →
Earlier news
External third-party headlines (Yahoo Finance, Reuters and others), not an editorial selection.
- Cellnex Telecom SA (CLNXF) (Q2 2026) Earnings Call Highlights: Record EBITDAaL Margin and EUR1 ...
- Cellnex Telecom SA (CLNXF) Q1 2026 Earnings Call Highlights: Strong Growth Amidst Market Challenges
- Cellnex Telecom SA (CLNXF) Q4 2025 Earnings Call Highlights: Strong Financial Performance and ...
- Cellnex Telecom SA (CLNXF) Q1 2025 Earnings Call Highlights: Strong Organic Growth Amid ...
Peer Group
Real Estate Services · 529 stocks
How this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.
Valuation Multiples vs Real Estate Services median · lower = cheaper
Snowflake
Five quick dimensions, each 0 to 100: VALUE (fair-value potential), FUTURE (revenue growth), PAST (return on equity), HEALTH (low debt), DIVIDEND (yield). Green = this stock, grey = typical sector peer.
Insider activity: 30/100
Values & ESG
Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.
ESG scores are not available for this stock yet. Values and ESG data are contextual and can differ between providers.
Similar stocks
10 more Real Estate Services stocks, each showing price versus our Fair Value estimate (as of Aug 13, 2026).
| Stock | Price | Fair Value | vs Fair Value |
|---|---|---|---|
| Plaza S.A MALLPLAZA | 3,989 CLP | 4,571 CLP | +15% |
| PT Solusi Tunas Pratama Tbk SUPR | 43,850 IDR | 15,049 IDR | -66% |
| Cencosud Shopping S.A CENCOMALLS | 2,412 CLP | 2,976 CLP | +23% |
| PT Sarana Menara Nusantara Tbk. owns and TOWR | 392.00 IDR | 1,012 IDR | +158% |
| PT Metropolitan Kentjana Tbk MKPI | 22,000 IDR | 19,160 IDR | -13% |
| PT Bangun Kosambi Sukses Tbk, CBDK | 3,610 IDR | 3,464 IDR | -4% |
| IRSA Inversiones y Representaciones Sociedad Anónima, IRSA | 2,495 ARS | 2,990 ARS | +20% |
| PT Plaza Indonesia Realty Tbk PLIN | 2,510 IDR | 2,698 IDR | +7% |
| PT MNC Tourism Indonesia Tbk, KPIG | 74.00 IDR | 122.12 IDR | +65% |
| PT Indonesian Paradise Property Tbk INPP | 770.00 IDR | 291.52 IDR | -62% |
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How we calculate Fair Value
Each company is valued through a stack of independent intrinsic-value models (DCF variants, residual-income, multiples and more), blended into one family-balanced consensus and weighted by how much trustworthy data backs it. A separate quality layer scores the fundamentals. Every input is real reported data, nothing guessed.
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