Friday, June 9, 2023

Possible 7% on Deutsche Bank hedge reset

Cellnex shares failed to distance themselves from the red numbers dominating the Spanish stock market, falling 1.31% in the morning to 37.77 euros within the IBEX 35, which fell 1.06% at the same time.

The price is on the rise for its second consecutive season in the red, although it is one of the best this 2023 of the Madrid selective, with a cumulative increase of 22% that has boosted its market capitalization to €25,680 million.

Cellnex: 7% chance in Deutsche Bank coverage reset

Today analysts at Deutsche Bank have resumed coverage of Cellnex with a ‘Hold’ recommendation and a €41 price target. This valuation estimates a potential gain of 7% relative to Tuesday’s close tomorrow.

The truth is that German bank experts are not the most optimistic who follow the price. According to data compiled by Reuters, an average of analysts have given Cellnex a consensus recommendation of ‘Buy’ with a price target of 48.55 euros, which implies a 27% upside from its current price.

Selnex presented its accounts for the first quarter of 2023 on 27 April, showing a loss of 91 million euros compared to 93 million euros a year earlier. In its communication to the CNMV, Ibex 35 the company recalled that net results continue to reflect the impact of amortization (+13%) and finance costs (+12%) associated with the consolidation process of acquisitions and integrations. out in recent years.

On the revenue side, Selnex achieved a turnover of 985 million euros, up 19% compared to the same period in 2022. Adjusted gross operating result (EBITDA) was 730 million (+15%), while recurring free cash flow increased 12% to 336 million, “driven by a combination of organic growth (+6.8%) and perimeter consolidation”. The group’s net net at the end of March, excluding debt and lease liabilities, was 17,000 million, of which 77% was in fixed-rate terms.

Nation World News Desk
Nation World News Desk
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