I-Cellnex phakathi kweentandokazi zeebhanki zotyalo-mali

Enye yezinto ezimangalisayo ezothusayo kulo nyaka ngokubhekisele kukhuseleko olwenza isalathiso esikhethiweyo sezabelo zaseSpain ngokuqinisekileyo yiTeleco Cellnex. Ayibonisi nje kuphela into engenasiphako. Ukuba akunjalo, kwelinye icala, kunjalo Olunye lwezinto ezibaluleke kakhulu lokuhlaziya ziibhanki zotyalo-mali. Ukuza kuthi ga kwinqanaba lolunye ukhuseleko olukhethiweyo ukwenza ipotifoliyo yomzekelo wotyalo-mali kule minyaka imbalwa izayo.

Ukongeza, awungekhe ulibale ukuba yenye yeendlela ekubhejwe ngayo izitokhwe ezixabise kakhulu kulo nyaka, ngokukhula kwamanani aphindwe kabini ngonyaka okungekho lula kubatyali mali abancinci nabaphakathi. Nangona kunjalo kwabo bavule izikhundla kolu khuseleko lwexeshana kwiimarike ze-equity. Kodwa ngokungathandabuzekiyo ivuliwe umsantsa phakathi kokukhethwa kwenxalenye elungileyo yeearhente zezemali. Ukuba lixabiso elinokwenza ngcono kwimarike yemasheya kunenye.

Ngelixa kwelinye icala, kubalulekile ngolindelo oluqinisekileyo kwimigca yeshishini labo kwaye ke ngenxa yoko inokwamkela ngakumbi ukuyifaka kwi-radar kuyo yonke imiqathango yesigxina: imfutshane, iphakathi kwaye inde. Akumangalisi ukuba ivelise umngcipheko omncinci kwizikhundla ezithathiweyo ukusukela ngoku ngenxa yomgangatho wobugcisa obubalaseleyo ngeli xesha lonyaka. Ngaphaya kokunye ukuqwalaselwa kobuchwephesha bendalo kwaye mhlawumbi nakwindawo yokujonga izinto ezisisiseko. Nokuba yeyiphi na indlela, lixabiso lokugcina engqondweni ukusukela ngoku.

I-Cellnex ekhethwe nguGoldman Sachs

Ixabiso lentengiso yesitokhwe lifumana iindaba ezimnandi kakhulu ezivela kwiibhanki zotyalo-mali zamanye amazwe. Ngale ndlela, iyakubalaselisa oko GoIildman sachs ukhethe amasheya amane aseSpain kuluhlu lwezinto azithandayo zaseYurophu kwiinyanga ezimbalwa ezizayo. Zezi I-Banco Santander, i-Ferrovial, i-Aedas Homes kunye ne-Cellnex ngokuchanekileyo. Zonke zibandakanyiwe kukhetho 'lokugweba' lwebhanki yotyalo-mali yase-US. Ezi ziindaba ezikhuthaze inkampani edwelisiweyo ukuba iqhubeke nokunyuka kwayo kwaye ngendlela ekholisayo kubatyali mali.

Ibhanki yotyalo-mali yamanye amazwe, iGoldman Sachs, Izibonelelo ezingaphezulu kwe50%. Ngamanye amagama, ixabiso eliphantse laphindeka kabini kumaxabiso akhoyo kwiimarike ze-equity. Oko kuthetha into eninzi kwaye ilungile malunga nesi siphakamiso sokwenza ukonga kunenzuzo ukusukela ngoku. Ukuya kwinqanaba lokuba iCellnex ithathwa njengenye yeentandokazi zikaGoldman kwimakethi yaseSpain. Ngalo naluphi na uhlobo lweprofayili yomtyali mali, ukusuka kweyona inochuku ukuya kumodareyitha okanye kulondolozo. Kungenxa yokuba isimilo sayo kwiimarike zemali ukusukela ngoku kunokuba ngcono kakhulu kunakwelinye ukhuseleko.

Ime kakuhle kwicandelo

I-Cellnex Telecom yinkampani yaseSpain yeenkonzo kunye nolwakhiwo lwe zonxibelelwano ngaphandle kwamacingo eneendawo ezingaphezu kwama-27.000 kulo lonke elaseYurophu. Ikwavelisa nezisombululo kwicandelo leeprojekthi “zedolophu ezihlakaniphile”, ezenza ukuba iinkonzo zisebenze ngcono kubemi, ngoqhakamshelwano nangeenkonzo eziququzelela ulawulo lukamasipala. Kule ndawo, iCellnex Telecom ihambisa uthungelwano olunobukrelekrele olunxibelelana oluvumela unxibelelwano phakathi kwezinto kwaye, ke, ukuphuhliswa kwendalo eqinileyo kwi-Intanethi yezinto.

Ngelixa kwelinye icala, inkampani idwelisiwe kwintengiso eqhubekayo yemarike yaseSpain kwaye iyinxalenye yokhetho Ibex 35 kunye ne-EuroStoxx 600 kunye nesalathiso seMSCI saseYurophu. Ikwayinxalenye yezalathiso zokuzinza i-FTSE4GOOD, i-CDP (iProjekthi yokuDiza iCarbon), iSustainalytics kunye ne "Ethics Standard". Abanini zabelo beSellnex babandakanya iConnecT - abaninizabelo yiEdizione (60%), iAdia (20%) kunye neGIC (20%) - nge 29,9% yesabelo kwi-capital capital, kunye ne-Threadneedle Asset Management, iCriteriaCaixa kunye neBlackrock, kunye neqaqobana izikhonkwane.

Ulwabiwo olulinganisiweyo

Ngaphandle kobomi bayo obufutshane kwiimarike ze-equity, sele yenye yezokhuseleko ekwabela izabelo phakathi kwabanini zabelo. Nangona inzuzo yayo ingeyona yezona zinokhuphiswano ngaphakathi kwesalathiso esikhethiweyo sentengiso yesizwe. Ngomdla oqinisekileyo noqinisekisiweyo minyaka le malunga neepesenti ezi-3. Ngaphantsi komndilili we-Ibex 35, nangona ibonwa kwangaphambili ukuba ingayonyusa kwiminyaka ezayo, ubuncinci ukuyizisa kwimida ziphakathi kwe-4% kunye ne-5%. Ngayiphi na imeko, yenye yeendlela ezizezinye zokwenza iphothifoliyo yengeniso esisigxina ngaphakathi kokungafaniyo. Nokuba kwenzeka ntoni kwiimarike zezemali kwaye oko kukuthanda abatyali zimali abancinci nabaphakathi ngenxa yozinzo olunikezelayo kulungelelwaniso lwamaxabiso abo.

Kwelinye icala, inokuba yi ixabiso lokhuselo ukuthatha izikhundla ngamaxesha okungazinzi okukhulu kwiimarike zezabelo. Njengoko kwenzekile kwiinyanga ezidlulileyo apho uxinzelelo lwabo lokuthenga lubekiwe ngokucacileyo kumthengisi. Ngokunyuka okuphezulu kwevolumu yokuthengisa kuzo zonke iiseshoni zokurhweba. Oku kubonisa umdla okhulayo kwicala labatyali mali abancinci nabaphakathi. Ukuya kwinqanaba lokuba le yenye yezona zinto azikhethileyo kulo nyaka.

Thenga iingcebiso

Ngaphandle kokunyuka kweenyanga ezidlulileyo, ingcebiso evela kubameli bezemali kunye nabarhwebi icacile: thenga ngaphezulu kwayo yonke enye into. Awukafiki kwixabiso ekujoliswe kulo kwaye unezinto ezininzi onokuzithetha xa useta amaxabiso akho. Nangona kuyinto eqhelekileyo ukuba ulungiso lobunzulu obuthile lubekho kumaxabiso alo Ukuhambelana nomthetho wonikezelo kunye nebango labatyali mali. Okwangoku kunokuba lithuba leshishini ukuba umnqweno wakho kukwenza ukonga kunenzuzo, ubuncinci kwixesha eliphakathi nelide. Ngobulumko obusengqiqweni kule klasi yokusebenza kwiimarike ze-equity.

Ngelixa kwelinye icala, asinakulibala ukuba iCellnex yenye ye Izitokhwe ezikhulayo kwi-Ibex 35. Ukuza kuthi ga kwinqanaba lokuba limangalise indawo entle yabatyali mali abancinci nabaphakathi, apho abanye bebengazi nobukho bayo kuba ibiyenye yexabiso lesitokhwe lokugqibela kumhlaba wecandelo. Kwelinye icala, ukubeka iliso kwayo kuya kufaneleka ngabahlalutyi bezemali kwaye le nto iyanceda ukuyenza ukuba yaziwe ngcono phakathi kweearhente zeemarike zezemali. Kwicandelo, njengonxibelelwano ngomnxeba, ekukho kulo iTelefonica kuphela.

Nokuba yeyiphi indlela, kufanele ukuba ibe sisindululo sokuba sithathele ingqalelo kwiinyanga ezizayo ngenjongo yokuphucula ibhalansi yeakhawunti yethu yokonga. Ngomngcipheko omncinci kunolunye ukhuseleko, ubuncinci okwangoku. Inyani enika ukuzithemba okwaneleyo ukuvula izikhundla ukusukela ngoku ukuya phambili, eyona nto iphambili ngoku malunga nayo.

Ukukhutshwa kwebhondi eguqulwayo

ICellnex Telecom isete iimeko zokukhutshwa okutsha kweebhendi eziphezulu eziguqukayo nezingakhuselekanga zenkampani. Ukubekwa kufikelele kwi-850 yezigidi ze-euro. Izitokhwe eziphantsi kweebond ilingana ne-5,0% yenkunzi yenkampani. Ixabiso lokuqala lokuguqulwa kweebhondi, elixhomekeke kuhlengahlengiso oluqhelekileyo, libekwe kwi-57,1756 ye-euro, elingana nepremiyamu ye-70% ngaphezulu kwexabiso eliqhelekileyo elilinganiswe ngumthamo wentengiso yesabelo phakathi kokuvula kunye nentengiso vala namhlanje. Ngenxa yexabiso lentlawulelo ekuvunyelwene ngayo (i-108,57%), ixabiso elifanelekileyo lokuguqula liya kuba yi-62,1 euro.

Lo mbandela wongezwa kwi- Umba wokuqala weebhendi eziguqukayo iqhutywe yinkampani, ukusukela nge-IPO yayo kwi2015, iyonke i-800 yezigidi zeerandi, kwaye yenzeka kwimigca emibini: ukubekwa kokuqala kwemali eyi-600 yezigidi zeerandi ngoJanuwari 2018; kulandele ukubekwa okongeziweyo kwezigidi ezingama-200 ngoJanuwari 2019 (enokubakho naleyo kaJanuwari 2018). Kwicandelo, njengonxibelelwano ngomnxeba, ekukho kulo iTelefonica kuphela.

Ngokuhambelana nokubekwa kwalo mbandela mtsha, UJosé Manuel Aisa, uCellnex CFO kunye noMlawuli we-M & A, Iqaqambisile "ukwamkelwa okugqwesileyo kwintengiso kolu hlelo lutsha lweebhendi eziguqukayo. Inqaku elongeza kwimpendulo ebalaseleyo yabanini zabelo kunye nentengiso kunyuso lwamva nje lwenkunzi ye-1.200 yezigidi zeerandi ezenziweyo ngoMatshi ophelileyo. Ngale ndlela, sisebenzisa iimeko ezilungileyo ezinikezelwa yimarike ukomeleza ulwakhiwo lwebhalansi sheet yethu, ukuthengiswa kwenkampani kunye neemeko zetyala lethu ngokweendleko kunye nobomi obuqhelekileyo, ngenxa yepotifoliyo ebalulekileyo yeeprojekthi ezichongiweyo. (mome) kwimisebenzi yokuthenga yeCellnex ”.


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