Cellnex Telecom SA (CLNX) fair value: what the stock is really worth
We calculate from audited financials what Cellnex Telecom SA is really worth. The fair value tells you whether the price is too high or too low, the quality score (0 to 100) how solid the business behind it is. 26 models, 37 quality factors, updated daily.
- Fair value above price? No
- Good quality? No
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Cellnex Telecom SA
CLNX · MCWeak valuationQuality is weak on top of the rich price.
What runs behind every stock
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Price vs Fair Value
White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Sep 18, 2026.
How to read this chart
60‑month range €24.19 – €58.97 · fair‑value band €7.14 – €21.64 · the €25.58 price screens above the €21.64 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Sep 18, 2026.
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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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 SA (CLNX) currently trades at €25.58, while our model-based Fair Value estimate is €21.64, implying the stock looks roughly 18.2% overvalued today.
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Valuation
Bull case: the DCF Models group reads highest at a median of €44.55 per share, and 3 of the 8 models we run sit above the €25.58 price.
Bear case: the Asset-Based group reads lowest at €12.24, and 5 of the 8 models stay below the price. Evidence for this calculation is medium.
Scenario range: €7.14 (bear) to €21.64 (bull), the price of €25.58 sits above 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 34/100 (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 €17.2B · P/S ratio 4.00 · EPS (TTM) €−0.5200 · Dividend yield 0.1% · Net margin −8.2% · Return on equity −2.4% · Return on assets (EBIT) 0.7% · Operating margin 16.3%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 43 out of 100 (low confidence).
What moves the price
The share trades about 25% below its 52-week high and 5% above its 52-week low, currently below its 200-day average.
For context, the median of 10 Real Estate peers we cover trades at −45% fair-value upside, at −15%, CLNX screens cheaper than that median.
Fair Value models
All 12 models by family
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Set up alert →Quality Score breakdown
Of which business quality 35 · Market factors (momentum, volatility) 37
Revenue & earnings trend
Growth Forecast
CLNX screens 18% overvalued. Compare with CBRE Group →
Earlier news
- 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 ...
- Cellnex Telecom SA (CLNXF) Q1 2025 Earnings Call Highlights: Strong Organic Growth Amid ...
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 · 535 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)
- Undervalued stocks: Communication Services
- Valuation of the Spain market
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 |
|---|---|---|---|
| CBRE Group CBRE | $140.11 | $77.03 | −45% |
| Vonovia SE VNA | €17.98 | €36.67 | +104% |
| KE Holdings BEKE | $16.93 | $7.14 | −58% |
| Jones Lang LaSalle Incorporated JLL | $340.18 | $485.15 | +43% |
| Swire Properties Limited 1972 | HK$23.92 | HK$12.35 | −48% |
| CoStar Group CSGP | $30.36 | $5.00 | −84% |
| China Resources Mixc Lifestyle Services Limited 1209 | HK$37.20 | HK$55.29 | +49% |
| CapitaLand Investment Limited 9CI | 2.64 SGD | 0.4900 SGD | −81% |
| Plaza S.A MALLPLAZA | 3,860 CLP | 5,112 CLP | +32% |
| SAGAA SAGAA | kr 171.00 | kr 83.92 | −51% |
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Key figures of Cellnex Telecom SA
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