Cellnex Telecom SA (BME:CLNX) in Invesco Global Infrastructure Fund Q2 2024

Strategic Divestments and Growth Potential

Apr 15, 2025

Summary

Investment rationale: Attractive valuations and potential for capital return through strategic divestments.
Market positioning: Leading European cell tower company with significant growth opportunities.
Risks and challenges: Rising interest rates and market disappointment over free cash flow guidance.
Recent performance: Detracted from absolute return due to market concerns over cash flow guidance.
Future outlook: Potential for deleveraging and buybacks not fully reflected in current valuation.

Cellnex Telecom SA (BME:CLNX, Financial) was discussed in the Invesco Global Infrastructure Fund Q2 2024 commentary as a key player in the telecommunications sector. Despite recent market concerns over its free cash flow guidance, the fund managers see significant potential for capital return through strategic divestments and deleveraging.

"Cellnex has been exploring strategic divestments of non-core assets, which has in our view the potential to drive significant capital return in the form of deleveraging and buybacks. We don't believe this is reflected in its current valuation." — Invesco Global Infrastructure Fund Q2 2024 Commentary

Read full letter at gurufocus invesco global infrastructure fund q2 2024 commentary 2024 Q2 page.

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