Add and go. Cellnex continues to be, at the beginning of June, the best value of the Ibex by far in the year. Accumulates increases of more than 30% and trades above 50 euros per share. The company transmits confidence in a time of great uncertainty, and analysts are mostly betting on it. These are the reasons that they use to reaffirm their preference:

1. The Covid-19 does not affect your business. This was confirmed by Cellnex itself with the publication of its results for the first quarter, despite the fact that lost 30 million in the period due to costs under the “intense process of acquisitions and the consequent expansion of the perimeter”.

2. It reiterates its guideline for 2020 and could improve it. The company maintains its forecasts for 2020 -EBITDA of between 1,065 million and 1,085 million and a growth in recurring cash flow of more than 50%. Experts consider that could improve them in the coming quarters, once the operation with Arqiva in the United Kingdom, scheduled for the second half of 2020, is closed and the operation of NOS in Portugal is included.

3. It has a defensive profile. Cellnex is a company with a clearly defensive profile, given “its great visibility of cash flow and comfortable financial situation”, below the goal of 6 times Net Financial Debt / EBIDA after the latest corporate operations, experts highlight.

4. Your business has growth capacity and does not present regulatory risks. The telecommunications antenna business has strong growth capacity. The Covid-19 has highlighted the need for telecom operators to offer more and more coverage and capacity. In addition, the new 5G technology will make this type of infrastructure even more necessary. On the other hand, enjoys tariff freedom, so it does not present regulatory risk. At the same time, experts emphasize that Cellnex itself has the capacity to continue growing through acquisitions. In this sense, its last operation was in Portugal in April, with that purchase of 2,000 NOS sites for 375 million euros.

5. Dividend yield has potential to improve. Dividend yield is currently very low (0.2%) due to the expansion phase it is in and the heavy investments required. The FCLRA (operating cash flow plus / minus change in currency, plus / minus interest received / paid, less taxes paid and less minority) shows the company’s recurring cash generation capacity, and reflects an annual return of more than 5% from 2021, analysts estimate.