European Event-Driven Analyst

Jesus Rodriguez Aguilar

Jesús is an Insight Provider (Event-driven) on the Smartkarma network, where he looks across sectors at opportunities arising from securities mispricing (both credit and equity), share classes, bid announcements, prospective bids, and special situations. He has served as Economic and Business Advisor at the Spanish Congress in Madrid. Prior to that, he has worked in the City of London: as a Credit Analyst at Bloomberg; Event-driven associate at former boutique European Research; and doubled as Special Situations and Equity-linked VP (convertible bonds) at Merrill Lynch. Jesús has an MBA from the London Business School, a BA (Hons.) degree in Economics from the Complutense University in Madrid, and a BA (Hons.) in Law from U.N.E.D., also in Madrid.

Peace Within the Board and Focus on Organic Growth

Event-Driven

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<li>
<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> plans to divest non-strategic assets in Ireland (for around €1.1 billion) and later in Austria in order to reduce its debt.</li>
<li>The new strategy focuses on portfolio rationalisation due to the higher debt costs. Cellnex seeks expansion in certain markets, but without taking on too much debt.</li>
<li>Using multiples EV/EBITDA, my base-case fair value estimate (pro-forma Ireland divestment) is €48.73; a reduction in leverage should drive multiple expansion. Long.</li>
</ul>



Cellnex Telecom Sau (CLNX SM) plans to divest non-strategic assets in Ireland (for around €1.1 billion) and later in Austria in order to reduce its debt.
The new strategy focuses on portfolio rationalisation due to the higher debt costs. Cellnex seeks expansion in certain markets, but without taking on too much debt.
Using multiples EV/EBITDA, my base-case fair value estimate (pro-forma Ireland divestment) is €48.73; a reduction in leverage should drive multiple expansion. Long.


Cellnex Telecom Sau

Focus on Leverage Reduction