Cellnex: pricing power, moats and the next phase of shareholder returns

Cellnex owns and operates around 112,000 telecom towers across ten European markets, generating recurring, contracted revenue from mobile operators who have few practical alternatives once a site is built.

This episode of In The Know was recorded by GLIO (the Global Listed Infrastructure Organisation), with Cellnex CEO Marco Patuano and Roy Harrison, Investment Analyst in the Magellan Global Listed Infrastructure team. Together they unpack the tower business model and its economic moat, and why Marco believes the market may be mispricing Cellnex’s risks. They also cover the drivers of organic growth, the company’s shift from debt-fuelled M&A to balance sheet repair and shareholder returns, and Marco’s view on the investment case as free cash flow builds.

Magellan Investment Partners would like to thank GLIO and Cellnex for the opportunity to bring this conversation to our audience.