Cellnex Telecom: Still A Strong Buy Despite Higher Interest Rates

Cellnex Telecom remains a strong buy as shares dip below €25, driven by resilient RLFCF and CPI-linked contracts. Q1 revenue grew 2% to €984M despite asset sales, with RLFCF guidance at €1.95B for 2024 and €2.05B for 2025. Even with higher refinancing costs, CPI-linked contracts and expansion capex support RLFCF per share of €2.92–3.25 by 2027. At less than 8.5x RLFCF, CLNXF offers compelling value, with fair value estimated at €36–42 per share.