Cellnex Telecom SA (CLNX) fair value: what the stock is really worth
As of Nov 5, 2026: fair value (intrinsic value) of Cellnex Telecom SA stock €23.66, price €27.09, that is 12.7% below the price, quality 43 out of 100. Rating: overvalued. Calculated from audited financials with 9 of our 26 valuation models and 37 quality factors, updated daily.
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Cellnex Telecom SA
CLNX · MCOur calculation puts a fair price 13% below what the stock costs today.
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Price vs Fair Value
White line = price, green steps = our fair value per fiscal year. As of Nov 3, 2026.
How to read this chart
60‑month range €22.17 – €57.00 · fair‑value band €12.52 – €40.63 · the €27.09 price screens above the €23.66 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). 1 fiscal year is left out: there the valuation rested on only a fraction of the usual models. As of Nov 3, 2026.
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Company profile
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.
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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 SA (CLNX) currently trades at €27.09, while our model-based Fair Value estimate is €23.66, 13% below the price, so the stock looks overvalued today.
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Valuation
Bull case: the Multiples group reads highest at a median of €25.62 per share, and 2 of the 7 models we run sit above the €27.09 price.
Bear case: the Growth DCF group reads lowest at €12.54, and 5 of the 7 models stay below the price. Data coverage for this calculation is medium.
Scenario range: €12.52 (bear) to €40.63 (bull), the price of €27.09 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 Real Estate sector.
Expensive Growth: The company is growing, but growth may require heavy reinvestment or weak cash conversion.
Cellnex Telecom SA reported revenue of €4.4B in FY2025 versus €2.5B in FY2021, a compound +14.9%/yr. Reported net income was −€361M in FY2025.
Key figures
Market cap €18.1B Large · P/S ratio 4.04 · EPS (TTM) €−0.5200 · Dividend yield 0.1% · Net margin −8.2% · Return on equity −2.5% · Return on assets (EBIT) 0.7% · Operating margin 12.1%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 25 out of 100 (low confidence).
What moves the price
The share trades about 15% below its 52-week high and 22% above its 52-week low, currently above its 200-day average.
For context, the median of 10 Real Estate peers we cover trades at −36% fair-value upside, at −13%, CLNX screens cheaper than that median.
Fair Value models
All 9 models by family
Quality Score breakdown
It rates the business: profits, how they develop, real cash, balance sheet, investing and share count.
Revenue & earnings trend
Growth Forecast
CLNX screens overvalued: fair value 13% below the price. Compare with CBRE Group →
Earlier news
- Cellnex Telecom (BME:CLNX) Stock Looks Reasonable After a 51% Five Year Slump
- Cellnex Telecom SA (CLNXF) (Q2 2026) Earnings Call Highlights: Record EBITDAaL Margin and EUR1 ...
- Cellnex Telecom SA (CLNXF) Q1 2026 Earnings Call Highlights: Strong Growth Amidst Market Challenges
- Cellnex Telecom SA (CLNXF) Q4 2025 Earnings Call Highlights: Strong Financial Performance and ...
Compare Cellnex Telecom SA with another stock
Price, fair value, quality and upside side by side.
Peer GroupⓘHow this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.Real Estate Services · 474 stocks
Valuation Multiplesvs Real Estate Services median · lower = cheaper
Strength profile in five axes (Snowflake)
Context: sector, industry, market
- Is the Communication Services sector expensive or cheap?
- P/E, EV/EBITDA and margins by industry (reference tables)
- Return on assets by industry
- Fair value gap by industry
- PEG screener for stocks with fair value
- Undervalued stocks: Communication Services
Values & ESG
Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.
Similar stocks
10 more Real Estate Services stocks, each showing price versus our Fair Value estimate.
| Stock | Price | Fair Value | vs Fair Value | Compare |
|---|---|---|---|---|
| Vonovia SE VNA | €17.00 | €36.52 | +115% | vs CLNX |
| Jones Lang LaSalle Incorporated JLL | $390.33 | $529.78 | +36% | vs CLNX |
| China Resources Mixc Lifestyle Services Limited 1209 | HK$42.12 | HK$55.44 | +32% | vs CLNX |
| Wharf Real Estate Investment Company 1997 | HK$32.68 | HK$27.21 | −17% | vs CLNX |
| CBRE Group CBRE | $141.11 | $89.81 | −36% | vs CLNX |
| KE Holdings BEKE | $18.57 | $7.33 | −61% | vs CLNX |
| CapitaLand Investment Limited 9CI | 2.45 SGD | 0.7800 SGD | −68% | vs CLNX |
| PSP Swiss Property AG PSPN | CHF 156.00 | CHF 49.41 | −68% | vs CLNX |
| Swire Properties Limited 1972 | HK$26.46 | HK$5.88 | −78% | vs CLNX |
| CoStar Group CSGP | $32.58 | $6.09 | −81% | vs CLNX |
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