Cellnex Telecom S.A. (0R9C) fair value: what the stock is really worth
As of Oct 2, 2026: fair value of Cellnex Telecom S.A. €32.03, price €22.85, upside +40.2%, quality 43 out of 100. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.
Watch Cellnex Telecom S.A. for free, get notified when fair value or trend changes. Plus fair value for all 35,000+ stocks, 14 days of Pro free, no card.Watch for freePro now: $1 first month
69 individual criteria per stock, every one traceableSee the method →
Price vs Fair Value
White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Oct 3, 2026.
How to read this chart
60‑month range €21.98 – €58.79 · fair‑value band €18.65 – €66.23 · the €22.85 price screens below the €32.03 fair value. Dashed = 300-day average. As of Oct 3, 2026.
Follow Cellnex Telecom in your weekly email
Every Wednesday you see whether Cellnex Telecom is on track or worth a review, plus price against fair value. Free, up to 3 stocks.
We send you a confirmation link. Unsubscribe with one click.
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.
Show more
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.
Stock analysis
Cellnex Telecom S.A. (0R9C) currently trades at €22.85, while our model-based Fair Value estimate is €32.03, implying the stock looks roughly 28.7% undervalued today.
Show more
Valuation
Bull case: the Growth DCF group reads highest at a median of €40.94 per share, and 5 of the 10 models we run sit above the €22.85 price.
Bear case: the Asset-Based group reads lowest at €4.61, and 5 of the 10 models stay below the price. Evidence for this calculation is low.
Scenario range: €18.65 (bear) to €66.23 (bull), the price of €22.85 sits inside it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.
Quality & growth
The Quality Score stands at 43/100 (below-average quality), in the Industrials sector.
Mixed Growth: Revenue is growing, but margins or cash flow do not fully confirm the trend.
Cellnex Telecom S.A. reported revenue of €1.6B in FY2020 versus €670M in FY2016, a compound +23.6%/yr. Reported net income was −€133M in FY2020.
Key figures
Market cap €26.6B · P/S ratio 6.38 · Net margin −8.5% · Return on equity −2.5% · Return on assets (EBIT) 2.0% · Operating margin 12.1% · Revenue (TTM) €4.2B · Revenue growth (YoY) +15.5%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 37 out of 100 (low confidence).
What moves the price
The share trades about 28% below its 52-week high and 4% above its 52-week low, currently below its 200-day average.
For context, the median of 10 Industrials peers we cover trades at −40% fair-value upside, at 40%, 0R9C screens cheaper than that median.
Fair Value models
Bear €18.65Fair Value €32.03Bull €66.23
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above is their evidence-weighted blend, not the output of a single model.Bear ⓘBear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull ⓘBull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. If a model's bull case is above four times its base value, the table shows that limit with a > sign (like the overall Bull above): beyond it no assumption holds.Evidence ⓘEvidence = how well-backed THIS model's estimate is for this stock (0–100): how complete and reliable its input data are, and how well the model fits the company. The final Fair Value is an evidence-weighted blend, so better-evidenced models count more. Green ≥70, amber 50–69, grey below 50.
Growth Quality ⓘGrowth is valuable only when reinvestment earns attractive returns (Aswath Damodaran): sustainable growth depends on return on capital, reinvestment and efficiency. Basis: total company revenue over the periods shown on the cards (3Y/5Y/all years), not per share, so a merger can show up as a growth jump; per-share earnings growth is in the value-creation card.59/100
Revenue is growing, but margins or cash flow do not fully confirm the trend.
Revenue growth 1 year
+56.2%
Revenue growth 3 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+27.3%
’16
’17
’18
’19
’20
Profit margin (trend) ⓘOperating margin then vs now, from reported annual statements. A falling margin after a boom year is the classic peak-earnings signal: the growth rate then leans on an inflated base.
12.9% (2016) → 10.1% (2020)
What shareholders gained per year ⓘWe only publish this rate when it is defensible. Reason: no share-count history
Price, fair value, quality and upside side by side.
Free, no sign-up
Peer GroupⓘHow this stock ranks against its sector: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median. (Industry “Telecom Infrastructure” was too small, so the broader sector is used.)Industrials · 5333 stocks
Beats the sector median on 3/10 measures
Overall it trails its sector peers.
Valuation
Quality Score43 · Bottom 25%
Fair Value upside+40.2% · Top 25%
Profitability
Return on assets1.0% · Below median
Net margin (TTM)−8.2% · Bottom 25%
Operating margin (TTM)12.1% · Above median
Growth and dividend
Revenue growth15.5% · Above median
Dividend yield (TTM)0.0% · Bottom 25%
Balance sheet
Debt / equity1.16× · Highest 25%
Valuation Multiplesvs Industrials median · lower = cheaper
P/B3.74× · book value is mostly goodwill ⓘGoodwill and other intangible assets are larger than the equity. The book value mainly reflects prices paid for past acquisitions, so we do not rank this P/B against the peer group.
For bloggers, editors and developers: paste this into your site or blog (a “Custom HTML” block in WordPress), it shows the current fair value and links back here. Free, plain HTML, and welcome. Full data streams (CSV/JSON) at /developers.
Is Cellnex Telecom S.A. (0R9C) overvalued or undervalued?
As of Oct 3, 2026, our model estimates a fair value of €32.03 versus a price of €22.85, about +40% upside (undervalued).
What is the fair value of 0R9C?
Our model-based fair value for Cellnex Telecom S.A. is €32.03 (as of Oct 3, 2026), built from audited fundamentals. The current price: €22.85.
What is the quality score of 0R9C?
Cellnex Telecom S.A. has a Quality Score of 43/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the price target for Cellnex Telecom S.A. (0R9C)?
Our model-based price target is the fair value of €32.03 (as of Oct 3, 2026) from 10 valuation models. Cautious scenario €18.65, optimistic scenario €66.23. It is a calculation from audited fundamentals, not an analyst target.
What is the Cellnex Telecom S.A. stock forecast for 2026?
Our models put fair value at €32.03, about +40% upside versus a price of €22.85 (undervalued). Cautious scenario €18.65, optimistic scenario €66.23. The calculation is refreshed regularly with new filings.
What is the revenue of Cellnex Telecom S.A. (0R9C)?
Cellnex Telecom S.A. reported trailing-twelve-month revenue of about €4.2B (latest available figure, as of Oct 3, 2026).
What is the intrinsic value of Cellnex Telecom S.A. (0R9C)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Cellnex Telecom S.A. it is €32.03 per share (as of Oct 3, 2026), against a price of €22.85. It is the blended result of 10 valuation models (cash flow, earnings, asset, dividend).
Is Cellnex Telecom S.A. stock overvalued or undervalued in 2026?
As of Oct 3, 2026, 0R9C trades below its calculated fair value: price €22.85, fair value €32.03, a gap of about +40% (undervalued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of 0R9C?
No. The price is what the market pays today (€22.85); the fair value is what the company's own numbers justify (€32.03). For Cellnex Telecom S.A. the two are €9.18 per share apart. That gap is exactly why we show both numbers side by side.
How much is Cellnex Telecom S.A. worth?
The market values Cellnex Telecom S.A. at about €26.6B (market capitalisation, as of Oct 3, 2026). Per share that is €22.85; our models calculate a fair value of €32.03 per share.
What do the bullish and bearish scenarios say about 0R9C?
Our models span a range for Cellnex Telecom S.A.: cautious scenario €18.65, base €32.03, optimistic €66.23 per share (as of Oct 3, 2026, price €22.85). The range comes from different growth and margin assumptions, not from analyst opinions.
How solid is the balance sheet of Cellnex Telecom S.A. (0R9C)?
Balance-sheet figures for Cellnex Telecom S.A. (as of Oct 3, 2026): return on equity −2.5%, debt of 1.16 per unit of equity. They feed the Quality Score of 43/100, which measures business quality independently of the share price.
How far is 0R9C from its 52-week high?
Cellnex Telecom S.A. trades at €22.85, about 28% below its 52-week high of €31.86 and 4% above the low of €21.98 (as of Oct 2, 2026). Distance from the high says nothing about value: that is what the fair value of €32.03 is for.
Which stocks are comparable to Cellnex Telecom S.A.?
From the same area (Industrials) we also value Contemporary Amperex Technology Co, Delta Electronics (Thailand) Public Company, Larsen & Toubro Limited, Samsung C&T Corporation, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.
Is Cellnex Telecom S.A. stock attractive at the current price?
The data as of Oct 3, 2026: price €22.85, calculated fair value €32.03 (+40%), Quality Score 43/100, from 10 models. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
How is the fair value of 0R9C calculated?
We run Cellnex Telecom S.A. through 10 models from four families: discounted cash flow, earnings models, asset and balance-sheet models, and dividend models. Every model gets the same audited fundamentals; the result is the weighted average of €32.03, with the spread shown as a cautious and an optimistic scenario.
Is it still worth investing in stocks now?
The global stock market currently sits 14.5 % above its aggregate fair value. Cellnex Telecom S.A. currently trades 29 % below its own fair value, and the market average says nothing about that. An expensive market is no reason to stay out and no reason to buy everything at once: keep a broad savings plan running, buy single stocks only with money you can do without, and hold part of your money liquid while the market is high. The full picture including sectors is on is it worth investing now.
What is the share price of Cellnex Telecom S.A. (0R9C)?
The closing price on Oct 2, 2026 was €22.85. Our model-based fair value is €32.03, about +40% upside (undervalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Cellnex Telecom S.A. right now?
The large discount to fair value meets weak quality (43/100). That raises the risk this is a value trap rather than a bargain. The model range is unusually wide (€18.65 to €66.23). The outcome hinges heavily on assumptions, so read the point estimate with caution. The large gap to fair value rests on thin data (low evidence): fewer applicable models and a shorter history. Read it with extra caution.
Key figures of Cellnex Telecom S.A.
How large is the market capitalisation of Cellnex Telecom S.A. (0R9C)?
The market capitalisation of Cellnex Telecom S.A. is €26.6B. The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What is the P/S ratio of Cellnex Telecom S.A. (0R9C)?
The price-to-sales ratio of Cellnex Telecom S.A. is 6.38 (last twelve months). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What is the net margin of Cellnex Telecom S.A. (0R9C)?
The net margin of Cellnex Telecom S.A. is −8.5% (fiscal year 2020). How much of every unit of revenue ends up as profit. 10% means 10 cents of profit per dollar of sales.
What is the return on equity of Cellnex Telecom S.A. (0R9C)?
The return on equity (ROE) of Cellnex Telecom S.A. is −2.5% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.
What is the EBIT return on assets of Cellnex Telecom S.A. (0R9C)?
On an EBIT basis the return on assets of Cellnex Telecom S.A. is 2.0% (avg 5y). Operating profit (EBIT) relative to everything the company owns, as a multi-year average. It describes the business model rather than one good or bad year.
What is the operating margin of Cellnex Telecom S.A. (0R9C)?
The operating margin of Cellnex Telecom S.A. is 12.1% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Cellnex Telecom S.A. (0R9C)?
Revenue at Cellnex Telecom S.A. is growing +15.5% versus a year earlier (3y avg +27.3%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
Free · no account needed
Watch Cellnex Telecom S.A. in the live analysis
One click puts Cellnex Telecom S.A. on your watchlist: fair value and trend at a glance, plus comparison, the diversification check and the 35,000+ stock screener. You can also try 14 days of Pro there, no card.
