Cellnex Telecom SA (CLNX) Fair Value & Analysis
Real Estate · ES · Market cap €16.5B · ISIN ES0105066007
What is Cellnex Telecom SA really worth?
Below-average quality, and trading another 19% above our fair value of €21.64.
Strengths
Risks
Fair value as of: Aug 13, 2026
From 12 valuation models · updated 22 days ago
Share price −0.8% over the past month.
What runs behind every stock
69 individual criteria per stock, every one traceable See the method →
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 €25.66 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 SA (CLNX) currently trades at €25.66, while our model-based Fair Value estimate is €21.64, implying the stock looks roughly 18.6% overvalued today. The Quality Score stands at 34/100 (below-average quality), in the Real Estate sector. Bull case: the DCF Models group reads highest at a median of €44.55 per share, and 3 of the 8 models we run sit above the €25.66 price. Bear case: the Asset-Based group reads lowest at €12.24, and 5 of the 8 models stay below the price. Evidence for this calculation is medium.
Over the trailing twelve months, Cellnex Telecom SA 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 €25.66, 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 25% below its 52-week high and 5% above its 52-week low, currently below its 200-day average. For context, the median of 10 Real Estate peers we cover trades at −53% fair-value upside, at −16%, CLNX screens cheaper than that median.
Fair Value models
Each model estimates fair value its own way; the Fair Value above is the evidence-weighted, family-balanced 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. Every input is real reported data, nothing guessed.
All 12 models by family
Widest divergence: DCF Models (€44.55) versus Growth DCF (€0.1100). Highest evidence: FCF DCF (77).
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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) 35
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.
All values are scores from 0 to 100 (100 = best against fixed, research-based bands), not percentages. The three market factors (momentum, 52-week proximity, low volatility) are displayed but carry zero weight in the headline number: market sentiment is not a business property.
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 SA 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 19% overvalued. Compare with CBRE Group →
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 · 523 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
Strength profile in five axes (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.
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 |
|---|---|---|---|
| CBRE Group CBRE | $148.74 | $69.47 | −53% |
| Vonovia SE VNA | €19.85 | €36.67 | +85% |
| KE Holdings BEKE | $17.42 | $6.57 | −62% |
| Jones Lang LaSalle Incorporated JLL | $378.01 | $290.25 | −23% |
| Swire Properties Limited 1972 | HK$24.84 | HK$5.12 | −79% |
| CoStar Group CSGP | $32.22 | $4.64 | −86% |
| China Resources Mixc Lifestyle Services Limited 1209 | HK$39.84 | HK$34.95 | −12% |
| CapitaLand Investment Limited 9CI | 2.66 SGD | 0.4900 SGD | −82% |
| Plaza S.A MALLPLAZA | 4,040 CLP | 4,571 CLP | +13% |
| SAGAA SAGAA | kr 170.50 | kr 75.55 | −56% |
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