Cellnex Telecom

News Summary:

On August 24, 2026, Barclays upgraded Cellnex Telecom S.A. to "Buy" from "Neutral," raising its price target from EUR 32 to EUR 38. This follows the Spanish competition regulator CNMC highlighting on August 17 that digital terrestrial television (DTT) accounts for approximately 71% of linear TV viewing in Spain, coinciding with its public consultation into the television broadcast infrastructure market and Cellnex's market position. Earlier, on August 14, the CNMC provisionally concluded that Cellnex maintains significant market power in wholesale terrestrial television transmission. The regulator opened consultations on both its latest market review and a set of commitments offered by Cellnex. These proposed commitments, open for public comment until September 30, include Cellnex agreeing to continue offering colocation and interconnection services to alternative providers along with a five-year price guarantee, as the dominant provider of broadcast signal distribution for digital terrestrial TV. Previously, on August 6, S&P Global Ratings affirmed Cellnex's 'BBB-' ratings with a Positive Outlook. The agency expects S&P Global Ratings-adjusted debt to EBITDA to fall below 7.0x in 2026 and reach 6.3x–6.6x by 2027-2028, though it noted persistent uncertainty over Cellnex meeting its 5.0x–6.0x leverage target and potential limited risks from consolidation in the French market.