Morningstar has just published the Spanish dividend calendar for July

https://global.morningstar.com/es/acciones/qu-valores-espaoles-pagan-dividendo-en-julio-de-2026

14 companies are paying dividends this month. Of those in the DividendQuad database, here are the quadrants:

🟢 OPTIMAL

• RED (Redeia) — July 1, €0.60. Quality 58, Opp 85. Yield 5.23%. Natural monopoly in the electricity grid. 💚 I own this one. $RED (-0,26 %)

• ELE (Endesa) — July 10, €1.084. Quality 75, Opp 80. P/FFO 9.6x. The dividend cut was due to a one-time arbitrage. 💚 I own this one. $ELE (+0,33 %)

• IBE (Iberdrola) — July 27, €0.427. Quality 76, Opp 65. Yield 3.22%. Top-tier global utility. $IBE (+2,21 %)

🟣 WATCH

• ANA (Acciona) — July 9, €5.65. Quality 52, Opp 48. Yield 1.59%. Good assets but very low yield. $ANA (+1,27 %)

• VID (Vidrala) — July 15, €0.4687. Quality 75, Opp 40. Yield 2.08%. Impeccable balance sheet, but the yield isn’t high enough. 💚 I own it; waiting. $VID (+1,77 %)

🟠 CAUTION

• REP (Repsol) — July 8, €0.551. Quality 45, Opp 65. Yield 4.9%. Cheap but carries energy transition risk. $REP (-0,54 %)

• CLNX (Cellnex) — July 15, €0.371. Quality 30, Opp 75. Yield ~2.6%. Cut its dividend by 78% in 2025. $CLNX (-1,11 %)

• ENG (Enagás) — July 2, €0.60. Quality 42, Opp 65. Yield 5.64%. 💚 I hold this stock but will eventually sell. It is no longer the stable company we look for at DividendQuad. $ENG (-0,7 %)

🔴 BELOW THRESHOLD

• IDR (Indra) — July 9, €0.30. Quality 25, Opp 20. Yield 0.53%. Not a dividend stock.

Not in the database (ISUR, GEST, AMS, COL, FDR) — no opinion. $IDR (-1,47 %)

Do you have any of these in your portfolio?

$CLNX (-1,11 %) Since the multi-year low at the end of January / see my post (https://getqu.in/vXjL1B/) ) Cellnex $CLNX (-1,11 %) is now up approx. + 19 %. Here is a mini-comic of what has happened in recent years. I hope that next week (Fri.) the quarterly figures will continue to have a positive impact on the share price.

A week ago I presented Cellnex $CLNX (-1,11 %) here a week ago. I have the feeling that I almost hit the bottom. Since then the share has risen by 9%. I'm hoping for a big dividend increase and another run upwards at the quarterly report on February 27. The share has a few years of catching up to do ;-)

In the course of my research on Christopher Hohn, I came across an exciting turnaround story in which 100% is possible in 2 years. I would like to share this with you. I find it exciting. Today I will also be building up the first position in this company. It's about Cellnex $CLNX (-1,11 %) . But first a few words about Chris Hohn:

Who is actually Chris Hohn? First of all: Sir Christopher Hohn is the man behind the hedge fund TCI. He is one of the most successful activist investors in the world. His style: he makes extremely concentrated bets on companies with a "moat" (such as Visa, GE or Alphabet) and forces the management to make radical price changes when necessary. He does not invest in hope, but in hard-hitting cash flow machines.

This is exactly what Cellnex ($CLNX) (-1,11 %) has done.

The back story: Growth at any price

Cellnex $CLNX (-1,11 %) was the darling of growth investors for years. The model: buying up radio masts throughout Europe, financed by cheap debt. But with the turnaround in interest rates, this no longer worked. The share price plummeted and the debt burden put massive pressure on the share price.

Hohn's intervention

Hohn saw the intrinsic value of the infrastructure, but lost patience with the strategy. He increased his stake to around 9% and forced the upheaval:

• Management change: He demanded the resignation of the old management and appointed Marco Patuano as the new CEO.
• Change of strategy: No more expensive acquisitions, focus on the balance sheet and cash flow.
• Asset sales: Sale of peripheral businesses (e.g. in Austria and Ireland) to pay off debt faster.

The turnaround in figures (the cash flow engine)

The key figures for 2025/2026 show that Hohn was right. The focus is no longer on sales figures, but on what remains at the end:

• Operating cash flow (RLFCF): Cellnex now delivers a massive Recurring Levered Free Cash Flow of approx. 1.9 to 1.95 billion euros, which means 17% yield (!)
• Cash flow growth: RLFCF per share is growing at rates of over 13 %.
• Debt: The ratio has been reduced towards 5.0x to 6.0x EBITDA which would have improved the investment grade rating (BBB-) and stabilizing interest costs.
• Shareholder return: The target for 2026 is to generate approx. 1 billion euros to shareholders (divided into dividends and share buy-backs).

Cellnex $CLNX (-1,11 %) will publish its results for the 2025 financial year on February 27, 2026 will be presented. This date is regarded as the "moment of truth" for the strategy driven forward by Chris Hohn (TCI).

Conclusion

The story is simple: Cellnex has stopped being a "perpetual construction site" and is starting to become a "toll booth". Now that Chris Hohn has trimmed the company for efficiency, the focus is on how this massive cash flow increases the value per share. The turnaround is no longer a promise, it is already taking place in the figures.

The share has been oscillating around €25 for several months. It has very probably bottomed out after a few years. I have built up my first position.

#Cellnex
#ChrisHohn
#TCI
#Turnaround
#Cashflow
#ValueInvesting
#Infrastruktur

For years, Cellnex was one of those companies that always seemed to live one step ahead of the market. It was growing fast, integrating assets relentlessly and expanding its European footprint with an ease that bordered on the automatic. It was a story of constant expansion, almost never pausing to look in the rearview mirror. And as is often the case, the market was willing to pay for that ambition... until it wasn't anymore.

The change in the monetary cycle altered everything. The cost of capital went from being a detail to becoming the central focus of analysis, and a model based on debt and future growth began to generate more doubts than enthusiasm. The stock market correction was not so much a surprise as a wake-up call: the business was still good, but the context had changed completely.

Today Cellnex moves in a different terrain. Much less noisy, perhaps more uncomfortable, but also more coherent. The priority is no longer to add towers, but to put the house in order. Selective divestments, capex containment and a clear focus on strengthening cash generation mark a stage that the market is often slow to appreciate, but which is essential to regain financial credibility.

From an operational point of view, few things have changed fundamentally. The structural demand for connectivity is still there, long-term contracts provide visibility, and indexation to inflation continues to work in our favor. It's not a brilliant headline business, but it is remarkably predictable when you look at it calmly. And in infrastructure, predictability is often an underrated virtue.

I have taken a position recently precisely because of that. Not because I expect an immediate turnaround in the share price, but because I believe that in two to three years' time the market will tend to recognize what it is now discounting with excessive skepticism. If the company fulfills its roadmap - debt reduction, progressive improvement in cash flow and operational stability - the story can go from defensive to constructive almost without anyone noticing.

Cellnex no longer needs to prove it knows how to grow. It has already done that. Now it needs to demonstrate that it knows how to capitalize on what it already has. And that transition, less showy but more solid, is what makes me think that the value of the company in a few years may be significantly higher than what the market reflects today. It is not a bet on adrenaline, but on patience. And at this point in the cycle, that nuance changes everything.