European Event-Driven Analyst

Patryk Basiewicz

PGB Research

Event-Driven

On 8 October, <a href="https://www.smartkarma.com/entities/cellnex-telecom-sau" target="_blank" data-smartkarma-citation="entities:21258:1" rel="noopener">Cellnex Telecom Sau (CLNX SM)</a> announced a major acquisition and also announced a rights issue with a dilution of c. 22.5% and proceeds of EUR2.5bn. Given that Cellnex has a varied capital structure, which includes bonds and convertibles, I am aware that clients are using complex strategies to profit from the situation.
These strategies require some comfort with Cellnex's fundamentals and quality of its business model. Below, I discuss Cellnex's fundamentals and provide evidence that indicates Cellnex is a very strong business. In fact, it is a unique investment proposition due to its strategy, competitive position and growth prospects. 
This insight can be also be seen as a Bottom-Up investment case for Cellnex.

On 8 October, Cellnex Telecom Sau (CLNX SM) announced a major acquisition and also announced a rights issue with a dilution of c. 22.5% and proceeds of EUR2.5bn. Given that Cellnex has a varied capital structure, which includes bonds and convertibles, I am aware that clients are using complex strategies to profit from the situation.
These strategies require some comfort with Cellnex's fundamentals and quality of its business model. Below, I discuss Cellnex's fundamentals and provide evidence that indicates Cellnex is a very strong business. In fact, it is a unique investment proposition due to its strategy, competitive position and growth prospects. 
This insight can be also be seen as a Bottom-Up investment case for Cellnex.

Cellnex (CLNX SM): Fundamental Briefing for Those Trading the Current Rights Issue