Cellnex rises on 800 mln euro buyback commitment

• January 14, 2025

** Shares in Spain's Cellnex CLNX rise 5% after it said it would launch a share buyback programme in 2025

** Cellnex said the programme, worth 800 million euros ($825 million), is to boost shareholder remuneration

** Jefferies says this brings shareholder returns forward by one year, which was expected, but at a scale "significantly" ahead of the 400-500 million euros consensus

** J.P.Morgan also says the 800 million euro buyback commitment is better than expected

** However, Cellnex hasn't provided an update on the possibility of its 0.5 billion euro dividend being pulled forward to 2025 from 2026, JPM adds

** "Whilst a little disappointing ... this upside scenario remains possible, but is entirely dependent on Cellnex's ability to deliver further (near-term) asset sales," JPM says

** Cellnex is among top performers on the pan-European STOXX 600 SXXP index

** The shares are on track for their best day since July 11 if the gains hold

($1 = 0.9697 euros)